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any such assessment be at any time held invalid with respect to <br />any lot, piece or parcel of land due to any error, defect, or <br />irregularity, in any action or proceedings taken or to be taken <br />by the City or this Council or any of the City officers or <br />employees, either in the making of the assessments or in the <br />performance of any condition precedent thereto, the City and <br />this Council will forthwith do all further acts and take all <br />further proceedings as may be required by law to make the <br />assessments a valid and binding lien upon such property. <br />Subject to such adjustments as are required by conditions in <br />existence at the time the assessments are levied, it is•hereby <br />determined that the assessments shall be payable in equal, <br />consecutive, annual installments, with general taxes for the <br />years shown below and with interest on the declining balance of <br />all such assessments at the rate of at least 12.0 % per annum: <br />Improvement <br />Designation Amount Levy Years <br />See attached schedule <br />At the time the assessments.are in fact levied the <br />City Council shall, based on the then current estimated <br />collections of the assessments, make any adjustments in any ad <br />valorem taxes required to be levied in order to assure that the <br />City continues to be in compliance with Minnesota Statutes, <br />Section 475.61, Subdivision 1. <br />10. To provide moneys for payment of <br />the bonds there is hereby levied upon all of the <br />property in the City a direct annual ad valorem <br />be spread upon the tax rolls and collected with <br />other general property taxes in the City for the <br />the amounts as follows: <br />Year of Tax <br />Levy <br />1981 <br />1982 <br />1983 <br />Year of Tax <br />Collection <br />1982 <br />1983 <br />1984 <br />the interest on <br />taxable <br />tax which shall <br />and as part of, <br />years and in <br />Amount <br />I <br />The tax levies shall be irrepealable so long as any <br />of the bonds are outstanding and unpaid, provided that the City <br />reserves the right and power to reduce the levies in the manner <br />and to the extent permitted by Minnesota Statutes, Section <br />475.61(3). <br />For the prompt and full payment of the principal and <br />interest on the bonds, as the same respectively become due, the <br />-7- <br />