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�t <br /> Any (a) earnings or net profits derived from invest- <br /> ment or deposit of the 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 due 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 Year of Tax <br /> Levy Collection Amount <br /> 1974 1975 <br /> 1975 1976 <br /> 1976 1977 <br /> 1977 1978 See Page 8.1 <br /> 1978 1979 <br /> 1979 1980 <br /> 1980 1981 <br /> 1981 1982 <br /> 1982 1983 <br /> 1983 1984 <br /> 1984 1985 <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 cent 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 power to 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 intere8t 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 /> —8— <br />