1984.11.08 RESO 1984-0018 - Laserfiche WebLink

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general taxes for the years shown below and with interest on the declining balance of all such assessments at a rate per annum not greater than the maximum permitted by law and not less than 10.4% per annum: Improvement Designation Amount Levy Years Birchwood Builders $295,000 1985 - 1994 Plat At the time the assessments are in fact levied the City Council shall, based on the then -current estimated col- lections of the assessments, make any adjustments in any ad valorem taxes required to be levied in order to assure that the City continues to be in compliance with Minnesota Statutes, Section 475.61, Subdivision 1. 17. Tax Levy; Coverage Test. To provide moneys for payment of the principal and interest on the Bonds there is hereby levied upon all of the taxable property in the City a direct annual ad valorem tax which shall be spread upon the tax rolls and collected with and as part of other general property taxes in the City for the years and in the amounts as follows: Year of Tax Year of Tax Levy Collection Amount 1984 1985 0 1985 1986 0 1986 1987 0 1987 1988 0 1988 1989 0 1989 1990 0 1990 1991 0 1991 1992 0 1992 1993 0 1993 1994 0 1994 1995 0 The tax levies are such that if collected in full they, together with estimated collections of special assess- ments and other revenues herein pledged for the payment of the Bonds, will produce at least five percent in excess of the amount needed to meet when due the principal and interest payments on the Bonds. The tax levies shall be irrepealable so long as any of the Bonds are outstanding and unpaid, provided that the City reserves the right and power to reduce the levies in the manner and to the extent permitted by Minnesota Statutes, Section 475.61, Subdivision 3. -15-