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4.02. It is determined that at least 20% of the cost of the Improvements has been specially assessed against benefitted property. For the purpose of paying the principal of and interest on the Bonds, there is hereby levied a direct annual irrepealable ad valorem tax upon all of the taxable property in the City, which will be spread upon the tax rolls and collected with and as part of other general taxes of the City. Such tax will be credited to the Debt Service Fund above provided and will be in the years and amounts as follows (year stated being year of levy for collection the following year): Year l&YY (See Attachment A) 4.03. The Administrator is directed to file a certified copy of this resolution with the Manager of Property Records and Taxation of Anoka County, and to obtain the certificate required by Section 475.63 of the Act. 4.04. It is hereby determined that upon the receipt of proceeds of the Bonds (Proceeds) for payment of the Refunded Bonds that an irrevocable appropriation to the debt service fund for the Refunded Bonds will have been made within the meaning of Section 475.61, Subdivision 3 of the Act and the City Administrator is hereby authorized and directed to certify such fact to and request the Manager of Property Records and Taxation of Anoka County to cancel any and all tax levies made by the resolution authorizing and approving the Refunded Bonds. 4.05. It is hereby determined that the estimated collection of the foregoing Taxes and Assessments will produce at least five percent in excess of the amount needed to meet when due, the principal and interest payments on the Bonds. The tax levy herein provided will be irrepealable until all of the Bonds are paid, provided that the City Administrator may annually, at the time the City makes its tax levies, certify to the Manager of Property Records and Taxation of Anoka County the amount available in the Debt Service Fund to pay principal and interest due during the ensuing year, and the Manager of Property Records and Taxation will thereupon reduce the levy collectible during such year by the amount so certified. 4.06. It is hereby determined that the Improvements financed by the Bonds will directly and indirectly benefit the abutting property, and the City hereby covenants with the holders from time to time of the Bonds as follows: (a) The City has levied Assessments for the improvements and has taken all steps necessary to assure prompt collection thereof. The City Council has caused all actions and proceedings relative to the making and financing of the Improvements financed hereby to have been taken with due diligence that were required for the construction of each Improvement financed wholly or partly from the proceeds of the Bonds, and for the final and valid levy of the Assessments and the appropriation of any other funds needed to pay the Bonds and interest thereon when due. DJK1446S2 CE1SS-14