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. 10. It is hereby determined that no less than 20% of the cost to the City of each improvement financed hereunder within the meaning of Minnesota Statutes, Section 475.58, Subdivision 1(3) shall be paid by special assessments to be levied against every assessable lot, piece and parcel of land benefited by the improvements. The City hereby covenants and agrees that it will let all construction contracts not here- tofore let within one year after ordering each improvement financed hereunder unless the resolution ordering the improvement specifies a different time limit for the letting of construction contracts and it will hereafter "authorize by resolution" (within the meaning of Minnesota Statutes, Section 475.55(3)), as amended such special assessements and it will do and perform as soon as they may be done, all acts and things necessary for the final and valid levy of such special assessments, and in the event that any such assessment be at any time held invalid with respect to any lot, piece or parcel of land due to any error, defect, or irregularity, in any action or proceedings taken or to be taken by the City or this Councilor any of the City officers or employees, either in the making of the assessments or in the performance of any condition precedent thereto, the City and this Council will forthwith do all further acts and take all further proceedings as may be required by law to make the assessments a valid and binding lien upon such property. 11. To further provide moneys for the prompt and full payment of principal and interest on said temporary improvement bonds, the City shall issue and sell improvement bonds or additional temporary improvement bonds, at or prior to the maturity date of the bonds issued hereunder, in such amounts as are needed to pay the principal and interest then due on said temporary improvement bonds after the application of the assessments and taxes collected, and the appropriation of such other municipal funds as are properly available for such purpose. The Council hereby finds, determines and declares that the estimated collections of special assessments and taxes to be received before the maturity date of said temporary improvement bonds, together with the proceeds of any improve- ment bonds or additional temporary improvement bonds to be issued at or before said maturity date, and other revenues pled~ed for the payment of said temporary improvement bonds and the ~nterest thereon will equal at least 5% in excess of the ~rincipal and interest requirements of said temporary ~mprovement bonds as the same become due. , .