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all funds remainin-, in said Construction Account after completion <br />of the improvement_ and payment of the costs thereof, not <br />so transferred to the fund of another improvement. The Sinking <br />Fund Account shal-' be used solely to pay principal and interest <br />on the bonds issued hereunder and any other general obligation <br />bonds of the City hereafter issued by the City and made payable <br />from said account. <br />Any (a) earnings or net profits derived from <br />investment or deposit of the proceeds of said bonds not <br />expended for said improvements, (b) accrued interest and <br />premium received upon the sale of said bonds, and (c) <br />any other bond proceeds not expended for said improvements <br />will be applied against interest and/or principal due on <br />said bonds within three years of their date of'issue. <br />10. It is hereby determined that no less than <br />$ 576,250 of the cost of improvements shall be paid by <br />special assessments to be levied against every assessable <br />lot, piece and parcel of land benefited by said improvements. <br />The City hereby covenants and agrees that it will do and perform <br />as soon as they may be done, all acts and things necessary <br />for the final and valid levy of such special assessments, <br />and in the event that any such assessment be at any time held <br />invalid with respect to any lot, piece or parcel of land due <br />to any error, defect, or irregularity, in any action or proceedings <br />taken or to be taken by the City or this Council or any of <br />the City officers or employees, either in the making of such <br />assessments or in the performance of any condition precedent <br />thereto, the City and this Council, will forthwith do all such <br />further acts and take all such further proceedings as may <br />be required by law to make such assessments a valid and binding <br />lien upon such property. Said assessments shall be payable <br />in equal, consecutive, annual installments, with general taxes <br />for the years shown below and with interest on the deferred <br />balance of all such assessments at'the rate of 7 % per <br />annum: <br />Improvement <br />Designation Amount Levy Years <br />Sanitary Sewer Improvement 1973-1 $576,250 1974-93 <br />