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I <br />Any (a) earnings or net profits derived from invest- <br />ment or deposit of ';hc proceeds of said bonds not expended <br />for said Project, (b) accrued interest and premium received <br />upon the sale of said bonds, and (c) any other bond proceeds <br />not expended for :said Project will be applied against interest <br />and/or principal ,iue on said bonds within three years of their <br />date of issue. <br />10. To provide moneys for the payment of said <br />principal and interest there is hereby levied upon all of <br />the taxable property in the City a direct annual ad valorem <br />tax which shall be spread upon the tax rolls and collected <br />with and as part of, other general property taxes in said <br />City for the years and in the amounts as follows: <br />Year of Tax <br />Levy <br />1974 <br />1975 <br />1976 <br />1977 <br />1978 <br />1979 <br />1980 <br />1981 <br />1982 <br />19P3 <br />1984 <br />Year of Tax <br />Collection <br />1975 <br />1976. <br />1977 <br />1978 <br />1979 <br />1980 <br />1981 <br />1982 <br />1983 <br />1984 <br />1985 <br />Amount <br />See Page 8.1 <br />Said tax levies are such that; if collected in full <br />they, together with estimated collections of other revenues <br />pledged for the payment of said bonds, will produce at least <br />five per in excess of the amount needed to meet when <br />due the principal and interest payments on the bonds. <br />Said tax levies shall be irrepealable so long as <br />any of said bonds are outstanding and unpaid, provided that <br />the City reserves the right and powerto reduce the levies <br />in the manner and to the extent permitted by Sec. 475.61(3) <br />M.S.A. <br />For the prompt and full payment of the principal <br />of and interest on said bonds, as the same respectively <br />become due, the full faith, credit and taxing powers of <br />the City shall be and are hereby irrevocably pledged. <br />S <br />