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1999_0125_packet
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1999_0125_packet
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consecutive, annual installments, with general taxes <br /> for the years shown below and with interest on the <br /> declining balance of all such assessments at a rate per <br /> annum not greater than the maximum permitted by law and <br /> not less than the rate per annum set forth opposite the <br /> collection years specified below: <br /> Improvement Collection <br /> F Years Years Rate <br /> negianatign <br /> 1 97-o2 <br /> ii 97-03 <br /> 97-11 <br /> TOTAL: <br /> At the time the assessments are in fact levied the City <br /> Council shalif based on the then-current estimated collections of <br /> the <br /> assessments male any adjustments in any ad valorem taxes <br /> required to be levied in order to assure that the+ it continues <br /> be in compliance with Minnesota Statutesr Section 475. 61, <br /> t � <br /> Subdivision I. <br /> 17o. Tax Lemy; Coverage Test. To provide moneys for <br /> pa y anent of the principal and interest on the Bonds <br /> there is hereby levied upon all of the taxable property <br /> in the it Y a direct annual ad valorem tax which shall <br /> be spread upon the tax rolls and collected with and as <br /> part of other general property taxes in the City for <br /> the years and in the amounts as f of lows <br /> Year of Tax Year of Tax <br /> Low Collection m nt <br /> The tax levies are such that if collected In full they, <br /> together <br /> with estimated collections of special assessments and <br /> Hues herein pledged for the payment of the Bonds, will <br /> other rave p <br /> produce at least five percent (5%) in excess of the amount needed <br /> to meet when due the principal and interest payments on the <br /> Bonds. <br /> The tax levies shall be irrepealable so long as any of <br /> the Bonds <br /> are outstanding and unpaid, provided that the City <br /> 23 <br /> 1006009.1 <br />
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