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At the time all of the assessments are in fact <br />levied the Council shall, based on the then -current estimated <br />collections of the assessments, make any adjustments in any <br />ad valorem taxes required to be levied in order to assure that <br />the City continues to be in compliance with Minnesota <br />Statutes, Section 475.61, Subdivision 1. <br />18. Tax Leyyi 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 <br />tax rolls and collected with and as part of other general <br />property taxes in the City for the years and in the amounts as <br />follows: <br />Year of Tax Year of Tax <br />Levy Collection Amount <br />The tax levies shall be irrepealable so long as any <br />of the Bonds are outstanding and unpaid, provided that the <br />City reserves the right and power to reduce the levies in the <br />manner and to the extent permitted by Minnesota Statutes, <br />Section 475.61, Subdivision 3. <br />19. 105% Debt Service Coverage. It is hereby <br />determined that the estimated collections of special <br />assessments relating to the Improvements and the foregoing ad <br />valorem tax levies will produce at least 5% in excess of the <br />amount needed to meet, when due, the principal of and interest <br />on the Bonds, and that no tax levy is needed at this time. <br />The City Clerk -Treasurer is directed to file a certified copy <br />of this Resolution with the County Auditor of Washington <br />County and to obtain the certificate of the County Auditor <br />required by Minnesota Statutes, Section 475.63. <br />20. General Obligation Pledge. The full faith and <br />credit and taxing powers of the City are hereby pledged to the <br />payment of the principal of and interest on the Bonds, and in <br />the event of any current or anticipated deficiency of funds in <br />21 <br />