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improvements, from the date of such bonds to the date of levy of special assessments. In the event that any such assessment shall be at any time held invalid with respect to any lot or tract of land, due to any error, defect or irregularity in any action or proceeding taken or to be ta.'lten by the Village or the Councilor any of the Vil... lage's officers or employees, in the making of the assessment or the performance of any condition precedent thereto, the Village shall do all such further acts and things and shall take all such further proceedings as shall be required by law to make such assessments a valid and binding lien upon said property. All collections of special assessments and taxes levied for each improvement prior to the retirement of said Temporary Improvement Bonds shall be paid into the fund of the improvement and shall be used, with money received from said Bond Fund and from any other source appropriated for the purpose, solely to defray expenses of the improvement until the same is completed and all costs thereof have been paid; whereupon such fund may be discontinued. and any money remaining therein, and all subsequent collections of special assessments and taxes levied for the improvement, shall be credited and paid into the Series 3 Temporary Improvement Bond Fund. 7. At or before the maturity of the Temporary Improvement Bonds, Series 3, the Council shall provide by resolution for the issuance, sale and delivery of defini ti ve improvement bonds for the purpose of providing money to pay the principal of and interest on said Temporary Improvement Bonds, so far as the same cannot be paid out of money then on hand in the Series 3 Temporary Improvement Bond Fund. Be- fore the issuance of such definitive bonds, the Council shall by resolution deter- mine the cost of said improvements which has been paid from the respective funds thereof, the amount of money remaining on hand in said improvement funds and avail- able for transfer to the Series 3 Fund for the payment of said bonds, and the amount of definitive improvement bonds necessary to be issued to retire said Temporary Bonds. In the event that such issuance occurs before the levy of all special assess- ments for said improvements, the Council may estimate the amount of the cost thereof to be assessed, and the amount of definitive bonds necessary to be issued. The Council shall also estimate the principal amount remaining unpaid of the special assessments levied or to be levied for said improvements, and the interest payable thereon, and shall levy upon all taxable property in the Village a direct, annual, irrepealable tax for the years and in the amounts, if any, which will be required. together with the collections of such remaining special assessments and interest thereon. to produce sums not less than 5% in excess of the principal and interest payments when due upon the definitive improvement bonds. and shall appropriate all such remaining special assessments and taxes to the fund to be designated for the payment of such definitive improvement bonds and interest thereon. The proceeds of the definitive improvement bonds shall be simultaneously credited to the Series 3 Temporary Improvement Bond Fund, to the amount required so that the bonds herein authorized may be paid from said fund and redeemed and canceled. 8. No tax is presently levied for the payment of the bonds herein author- ized, it being estimated that the proceeds of the definitive improvement bonds here-. in covenanted and agreed to be issued, together with special assessments to be levied for said improvements, will provide funds adequate for the payment of said bonds and interest in full in accordance with Minnesota Statutes, Section 475.61. -6-