Laserfiche WebLink
based upon the benefits received by each such lot, tract or parcel, in an aggregate principal <br />amount not less than twenty percent (20%) of the cost of the Improvements. In the event that <br />any such assessment shall be at any time held invalid with respect to any lot, piece or parcel of <br />land, due to any error, defect or irregularity in any action or proceeding taken or to be taken by <br />the City or this Council or any of the City’s officers or employees, either in the making of such <br />assessment or in the performance of any condition precedent thereto, the City and this Council <br />hereby covenant and agree that they will forthwith do all such further acts and take all such <br />further proceedings as may be required by law to make such assessments a valid and binding lien <br />upon such property. The Council presently estimates that the special assessments shall be in the <br />aggregate principal amount of $303,464 payable in not more than 15 installments, the first <br />installment to be collectible with taxes during the year 2017, and that deferred installments shall <br />bear interest at the rate provided in the proceedings therefor from the date of the resolution <br />levying said assessment until December 31 of the year in which the installment is payable. <br /> <br /> 4.05. Ad Valorem Taxes. The full faith and credit and taxing powers of the City are <br />irrevocably pledged for the prompt and full payment of the principal of and interest in the Bonds <br />as the same become respectively due. For the purpose there is hereby levied upon all of the <br />taxable property of the City a direct, annual ad valorem tax, which shall be spread upon the tax <br />rolls prepared in each of the following years and collected with other taxes in the following years <br />and amounts as follows: <br /> <br />Year Levy Year Collection Amount <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />The foregoing tax levies together with special assessments are such that if collected in full they <br />will produce at least five percent (5%) in excess of the amount needed to pay when due the <br />principal of and interest on the Bonds. This tax shall be irrevocably appropriated to the Bond <br />Fund as long as any of the Bonds are outstanding and unpaid, provided that the City reserves the <br />right and power to reduce the levies in the manner and to the extent permitted by Minnesota <br />Statutes, Section 475.61. <br /> <br />33