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<br />the Escrow Account shall be purchased simultaneously with the <br />delivery of the Bonds, The City Council has investigated the <br />facts and hereby finds and determines that the Escrow Agent is <br />a suitable bank to act as escrow agent, and ~s qualified within <br />the meaning of the provisions of Minnesota statutes, Section <br />475.67, Subdivision 5. <br /> <br />. <br /> <br />18. To provide moneys for payment of the principal <br />and interest on the Bonds there is hereby levied upon all of <br />the taxable property in the City a direct annual ad valorem tax <br />which shall be spread upon the tax rolls and collected with and <br />as part of other general property taxes in the City for the <br />years and in the amounts as follows: <br /> <br />Year of Tax <br />Levy <br /> <br />Year of Tax <br />Collection <br /> <br />Amount <br /> <br />1986 1987 0 <br />1987 1988 0 <br />1988 1989 0 <br />1989 1990 0 <br />1990 1991 0 <br />1991 1992 0 <br />1992 1993 $15,000 <br />1993 1994 21,500 <br />The tax levies are such that if collected in full <br />they, together with estimated collections of special assess-. <br />ments heretofore levied and pledged to the payment of the <br />Refunded Bonds and now pledged to the payment of the Bonds <br />herein authorized and estimated collections of other revenues <br />herein pledged for the payment of the Bonds, will, if collected <br />when due, produce at least five percent in excess of the &nount <br />needed to meet when due the principal and interest payments on <br />the Bonds. The tax levies shall be irrepealable so lony as any <br />of the Bonds are outstanding and unpaid, provided that the City <br />reserves the right and power to reduce the levies in the manner <br />and to the extent permitted by Minnesota Statutes, Section <br />475.61(3) . <br /> <br />. <br /> <br />For the prompt and full payment of the principal and <br />interest on the Bonds, as the same respectively becolne due, the <br />full faith, credit and taxing powers of the City shall be and <br />are hereby irrevocably pledged. If the balance in the Debt <br />Service Account is ever insufficient to pay all principal and <br />interest then due on the Bonds payable therefrom, the <br />deficiency shall be promptly paid out of any other funds of the <br />City which are available for such purpose, and such other funds <br />may be reimbursed with or without interest from the Debt <br />Service Account when a sufficient balance is available .therein. <br /> <br />17 <br />