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levied or agreed to be levied shall be irrevocably appropriated to the Bond Fund in the manner provided by Minnesota Statutes, Section 475.61. 5.04. Levy of Special Assessments. The City hereby covenants and agrees that for payment of the cost of each of the Improvements it will do and perform all acts and things necessary for the full and valid levy of special assessments against all assessable lots, tracts and parcels of land benefited thereby and located within the area proposed to be assessed therefor, based upon the benefits received by each such lot, tract or parcel, in an aggregate principal amount not less than percent (%) of the cost of such Improvement. In the event that any such assessment shall be at any time held invalid with respect to any lot, piece or parcel of land, due to any error, defect or irregularity in any action or proceeding taken or to be taken by the City or this Council or any of the City's officers or employees, either in the making of such assessment or in the performance of any condition precedent thereto, the City and this Council hereby covenant and agree that they will forthwith do all such further acts and take all such further proceedings as may be required by law to make such assessments a valid and binding lien upon such property. The Council presently estimates that the special assessments shall be in the principal amount of $ payable in not more than installments, the first installment to be collectible with taxes during the year following the levy of such assessment, and that deferred installments shall bear interest at the rate of percent (� %) per annum from the date of the resolution levying said assessment until December 31 of the year in which the installment is payable. 5.05. Ad valorem Taxes. The full faith and credit and taxing powers of the City are irrevocably pledged for the prompt and full payment of the principal of and interest in the Bonds as the same become. respectively due. For the purpose there is hereby levied upon all of the taxable property of the City a direct, annual ad valorem. tax, which shall be spread upon the tax rolls prepared in each of the following years and collected with other taxes in the following years and amounts as follows: Levy 103 Collection Year Year Amount 2006 2007 $ 2007 .2008 2008 2009 2009 2010 2010 2011 2011 2012 2012 2013 2013 2014 2014 2015 2015 2016 2016 2017 2017 2018 2018 2019 2019 2020 2020 2021 w 14- 4r 103