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all funds remaining in said Construction Account after completion <br /> of the improvements and payment of the costs thereof, not <br /> so transferred to the fund of another improvement . The Sinking <br /> Fund Account shall 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 ofissue. <br /> 10 . It is hereby determined that no less than <br /> $ 5769250 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 yearp 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 $5761,250 1974-93 <br /> -8- <br />