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W <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 />principal amount of $ payable in not more than 10 installments, the first installment <br />to be collectible with taxes during the year 2011, and that deferred installments shall bear interest <br />at the rate of % per annum from the date of the resolution levying said assessment until <br />December 31 of the year in which the installment is payable. <br />5.05. 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 />Levy Years <br />Collection Years Amount <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 />2022 <br />2023 <br />2023 <br />2024 <br />2024 <br />2025 <br />2025 <br />2026 <br />2026 <br />2027 <br />The foregoing tax levies are such that if collected in full they will produce at least five <br />percent (5%) in excess of the amount needed to pay when due the principal of and interest on the <br />Bonds. This tax shall be irrevocably appropriated to the Bond Fund as long as any of the Bonds <br />are outstanding and unpaid; provided that the City reserves the right and power to reduce the <br />levies in the manner and to the extent permitted by Minnesota Statutes, Section 475.61. <br />5.06. 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 />contained in this resolution. It is estimated that the taxes and special assessments levied and to <br />be levied for the payment of the Improvements will be collected in amounts not less than five <br />percent (5%) in excess of the annual principal and interest requirements of the Bonds. If the <br />money on hand in the Bond Fund should at any time be insufficient for the payment of principal <br />-13- <br />