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properties benefited by the improvement and, if so determined by the Council, taxes upon all taxable property within the corporate limits of the Village by reason of the benefits which the Village at large will derive therefrom. 2. In accordance with Minnesota Statutes, Section 475.61 the Council shall, before the delivery of each issue of bonds payable from the Water Improvement Bond Sinking Fund, levy by resolution, if such levy is required, a direct, general, ad valorem tax upon all taxable property in the Village, to be spread upon the tax rolls for each year of the term of the bonds, in specified amounts such that if col- lected in full they, together with estimated collections of all special assessments and taxes then or theretofore appropriated to the Sinking Fund, will produce sums at least 5~ in excess of the amount needed to meet each year when due the principal and interest payments on all bonds payable from the Sinking Fund, including the bonds then issued, and the Clerk shall file a certified copy of each such resolution in the office of the County Auditor of Ramsey County, together with full information regarding the bonds for which the tax is levied or, if no tax is then levied, full information regarding the special assessments and other moneys appropriated to the Sinking Fund in lieu of such tax levy. No further action by the Village shall be required to authorize the extension, assessment and collection of the tax, but the Village's liability on the bonds shall not be limited thereto, and the Council shall levy and cause to be extended, assessed and collected any additional taxes found necessary for full payment of the principal and interest, when due, of all bonds payable from the Water Improvement Bond Sinking Fund. All tax levies so made and filed shall be irrevocable, except to the extent and in the manner specified in Sec- tion 475.61, and the Water Improvement Bond Sinking Fund shall be administered and invested in accordance with Section 475.66. 3. To the Improvement Fund created for each improvement financed by Water Improvement Bonds shall be credited, in addition to moneys appropriated from the proceeds of the bonds, all collections of special assessments and taxes levied for the improvement, and any other moneys appropriated thereto by the Council, and the fund shall be used solely to defray expenses of the improvement, including payment of principal and interest due on the bonds, until completion and payment of all costs of the improvement. Thereupon the Improvement Fund shall be discontinued, and any balance of the proceeds of bonds remaining therein may be transf'erred, if 60 de- termined by the Council, to the fund of any other improvement instituted pursuant to Chapter 429; but all moneys not so transferred and all subsequent collections of special assessments and taxes levied for the improvement shall be credited and paid into the Water Improvement Bond Sinking Fund. 4. The full faith and credit of the Village shall be pledged for the prompt and full payment of the principal of and interest on all bonds made payable from the Water Improvement Bond Sinking Fund, and if at any time the balance therein should be insufficient to pay all such principal and interest due, the Council shall provide sufficient moneys therefor out of ariy fund of the Village, and shall each year levy a sufficient amount to take care of any accumulated or anticipated defi- ciency, without limitation as to rate or amount. The Village further covenants and agrees with all holders of such bonds that upon or prior to the completion of each improvement financed thereby, it will do and perform all acts and things necessary -2-