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<br />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 /> <br />Improvement Collection <br />Designation Amount Levy Years Years ~ <br />(i) 97-02 975,108 98-012 99-013 7% <br />(ii) 97-03 843,963 98-012 99-013 7% <br />(iii) 97-11 570.473 98-012 99-013 7% <br /> TOTAL: S2.389.544 <br /> <br />At the time the assessments are in fact levied the City <br />Council shall, based on the then-current estimated collections of <br />the assessments, make any adjustments in any ad valorem taxes <br />required to be levied in order to assure that the City continues <br />to be in compliance with Minnesota Statutes, Section 475.61, <br />Subdivision 1. <br /> <br />17. Tax Levy; Coverage Test. To provide moneys for <br />payment of the principal and interest on the Bonds <br />there is hereby levied upon all of the taxable property <br />in the City 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 follows: <br /> <br />Year of Tax <br />Levy <br /> <br />Year of Tax <br />Collection <br /> <br />Amount <br /> <br />See Schedule A <br /> <br />The tax levies are such that if collected in full they, <br />together with estimated collections of special assessments and <br />other revenues herein pledged for the payment of the Bonds, will <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. The tax levies shall be irrepealable so long as any of <br />the Bonds are outstanding and unpaid, provided that the City <br /> <br />1006009.1 <br /> <br />23 <br />