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<br />. <br /> <br />. <br /> <br />At the time the assessments are in fact levied the <br />City Council shall, based on the then current estimated <br />collections of the assessments, make any adjustments in any ad <br />valorem taxes required to be levied in order to assure that the <br />City continues to be in compliance with Minnesota Statutes, <br />Section 475.61, Subdivision 1. <br /> <br />. <br /> <br />20. Tax Levy. To provide moneys for payment of the <br />principal and interest on the Bonds there is hereby levied upon <br />all of the taxable property in the City a direct annual ad <br />valorem tax which shall be spread upon the tax rolls and <br />collected with and as part of other general property taxes in <br />the City for the years and in the amounts as follows: <br /> <br />Year of Tax Year of Tax <br />Levy collection Amount <br />1985 1986 0 <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 $25,000 <br />1993 1994 25,000 <br />1994 1995 25,000 <br /> <br />The tax levies are such that if collected in full <br />they, together with estimated collections of special <br />assessments and other revenues herein pledged for'the payment <br />of the Bonds, will produce at least five percent in excess of <br />the amount needed to meet when due the principal and interest <br />payments on the Bonds. . The tax levies shall be irrepealable so <br />long as any of the Bonds are outstanding and unpaid, provided <br />that the City reserves the right and power to reduce the levies <br />in the manner and to the extent permitted by Minnesota <br />Statutes, Section 475.61(3). <br /> <br />For the prompt and full payment of the principal and <br />interest on the Bonds, as the same respectively become 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 />. <br /> <br />19 <br />