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41 <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 $523,454 payable in not more than 15 installments, the first <br />installment to be collectible with taxes during the year 2007, and that deferred installments shall <br />bear interest at the rate of not less than 6.55% per annum from the date of the resolution levying <br />said assessment until December 31 of the year in which the installment is payable. <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 />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 />4.06. Full Faith and Credit Pledged. The full faith and credit of the City are irrevocably <br />pledged for the prompt and full payment of the principal of and the interest on the Bonds, and the <br />Bonds shall be payable from the Bond Fund in accordance with the provisions and covenants <br />Levy Collection <br />Year <br />Year Amount <br />2007 <br />2008 $ <br />2008 <br />2009 <br />2009 <br />2010 <br />2010 <br />2011 <br />2011 <br />2012 <br />2012 <br />2013 <br />2013 <br />2014 <br />2014 <br />2015 <br />2015 <br />2016 <br />2016 <br />2017 <br />2017 <br />2018 <br />2018 <br />2019 <br />2019 <br />2020 <br />2020 <br />2021 <br />2021 <br />2022 <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 />4.06. Full Faith and Credit Pledged. The full faith and credit of the City are irrevocably <br />pledged for the prompt and full payment of the principal of and the interest on the Bonds, and the <br />Bonds shall be payable from the Bond Fund in accordance with the provisions and covenants <br />