77-010 - Laserfiche WebLink

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." /I'. . refunded hereunder, there is hereby levied upon all of the taxable property in the City a direct annual ad valorem tax which shall be spread upon the tax rolls and co~lected with and as part of, other general property taxes in said City for the years and in the amounts as follows: Year of Tax Levy 1177 11. 1171 1180 {:~ 1181 1184 llU 11M 1M' Year of Tax Collection Amount 11. 1171 1110 lMl 1_ lMI 1184 llU 1.. 1M' 111I ...lOG -.... 11.600 13.... 13.... 11.... 11.... H.'" H.... H.... 1..... . Said tax levies are such that if collected in full they, together with the estimated collection of unexpended special assessments heretofore levied and pledged to the payment of said Improvement Bonds and now pledged to the payment of the Refunding Bonds and the balance of said Im- provement Bonds not refunded hereunder and the estimated collections of other revenues pledged for the payment of said Bonds, will, if collected when due, produce at least five percent in excess of the amount needed to meet when due the principal and interest payments on the Refunding Bonds and said Improvement Bonds. Said tax levies shall be irrepealable so long as any of said Refunding Bonds and Improvement Bonds are out- standing and unpaid, provided that the City reserves the right and power to reduce the levies in the manner and to the extent permitted by Minnesota Statutes, Section 475.61(3). For the prompt and full payment of the principal of and interest on said Refunding Bonds and Improvement Bonds as the same respectively become due, the full faith, credit and taxing powers of the City shall be and are hereby irre- vocably pledged. ~- ...9-