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30 <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 />Year Levy Year Collection Amount <br />2016 2017 $181,072.50 <br />2017 2018 185 ,206.88 <br />2018 2019 183,637.13 <br />2019 2020 181,726.13 <br />2020 2021 179 ,337 .38 <br />2021 2022 181 ,789.13 <br />2022 2023 178 ,528.88 <br />2023 2024 175,056.00 <br />2024 2025 176,620.50 <br />2025 2026 177,828.00 <br />2026 2027 173,336.63 <br />2027 2028 173,866.88 <br />2028 2029 173,998.13 <br />2029 2030 173,796.00 <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 />contained in this resolution. It is estimated that the special assessments and ad valorem taxes <br />levied and to be levied for the payment of the Improvements will be collected in amounts not <br />less than five percent (5%) in excess of the annual principal and interest requirements of the <br />Bonds . If the money on hand in the Bond Fund should at any time be insufficient for the <br />payment of principal and interest then due , this City shall pay the principal and interest out of <br />any fund of the City, and such other fund or funds shall be reimbursed therefor when sufficient <br />money is available to the Bond Fund. Ifon October I in any year the sum of the balance in the <br />Bond Fund plus the amount of taxes and special assessments theretofore levied for the <br />Improvements and collectible through the end of the following calendar year is not sufficient to <br />pay when due all principal and interest become due on all Bonds payable therefrom in said <br />following calendar year, or the Bond Fund has incurred a deficiency in the manner provided in <br />this Section 4.06, a direct , irrepealable, ad valorem tax shall be levied on all taxable property <br />-14-