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Improvement Collection <br />Designation Amount Levy Years Years <br />Capital Improvements 21% of the 1991-2005 1992-2006 <br />Project Phase 2, Cost of the <br />Project #1990-1 Improvements <br />At the time the assessments are in fact levied the City <br />Council shall, based on the then -current estimated collections of <br />the assessments, make any adjustments in any ad valorem taxes <br />required to be levied in order to assure that the City continues <br />to be in compliance with Minnesota Statutes, Section 475.61, <br />Subdivision 1. <br />19. Tax Levy: Coverage Test. To provide moneys for <br />payment of the principal and interest on the Bonds there is <br />hereby levied upon all of the taxable property in the City a <br />direct annual ad valorem tax which shall be spread upon the tax <br />rolls and collected with and as part of other general property <br />taxes in the City for the years and in the amounts as follows: <br />Year of Tax <br />Lew <br />1991 <br />1992 <br />1993 <br />1994 <br />1995 <br />1996 <br />1997 <br />1998 <br />1999 <br />2000 <br />2001 <br />2002 <br />2003 <br />2004 <br />2005 <br />Year of Tax <br />Collection <br />1992 <br />1993 <br />1994 <br />1995 <br />1996 <br />1997 <br />1998 <br />1999 <br />2000 <br />2001 <br />2002 <br />2003 <br />2004 <br />2005 <br />2006 <br />S <br />See levy computation on <br />following page <br />The tax levies are such that if collected in full they, <br />together with estimated collections of special assessments and <br />other revenues herein pledged of the payment of the Bonds, will <br />produce at least five percent (5%) in excess of the amount needed <br />to meet when due the principal and interest payments on the <br />Bonds. The tax levies shall be irrepealable so long as any of <br />the Bonds are outstanding and unpaid, provided that the City <br />reserves the right and power to reduce the levies in the manner <br />11676 <br />37 <br />