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..~" ,. 19. Tax Levy; Coverage Test. To provide moneys for payment of the principal and interest on the Bonds there is hereby levied upon all of the taxable property in the City a direct annual ad valorem tax which shall be spread upon the tax rolls and collected with and as part of other general property taxes in the City for the years and in the amounts as follows :. Year of Tax Year of Tax Levy Collection Amount 1989 1990 $352,208 1990 1991 248,626 1991 1992 249,600 1992 1993 255,232 1993 1994 260,095 1994 1995 264,178 1995 1996 267,471 1996 1997 275,037 1997 1998 276,365 1998 1999 281,941 1999 2000 286,388 2000 2001 294,835 2001 2002 301,854 2002 2003 307,365 2003 2004 316,430 2004 2005 321,425 The tax levies are such that if collected in full they, together with estimated collections of special assess- ments and other revenues herein pledged for the payment of the Bonds, will produce at least five percent (5%) in excess of the amount needed to meet when due the principal and interest payments on the Bonds. The tax levies shall be irrepealable so long as any of the Bonds are outstanding and unpaid, provided that the City reserves the right and power to reduce the levies in the manner and to the extent permitted by Minnesota Statutes, Section 475.61, Subdivision 3. 20. General Obligation Pledge. For the prompt and full payment of the principal and interest on the Bonds, as the same respectively become due, the full faith, credit and taxing powers of the City shall be and are hereby irrevocably pledged. If the balance in the Debt Service Account is ever insufficient to pay all principal and interest then due on the Bonds and any other bonds payable therefrom, the deficiency shall be promptly paid out of any other funds of the City