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At the time the assessments are in fact levied the <br /> • City Council shall, based on the then current estimated col- <br /> lections of the assessments, make any adjustments in any ad <br /> valorem taxes required to be levied in order to assure that the <br /> City continues to be in compliance with Minnesota Statutes, <br /> Section 475.61, Subdivision 1. <br /> 17. To provide moneys for payment of the principal <br /> and interest on the Bonds there is hereby levied upon all of <br /> the taxable property in the City a direct annual ad valorem tax <br /> which shall be spread upon the tax rolls and collected with and <br /> as part of other general property taxes in the City for the <br /> years and in the amounts as follows: <br /> Year of Tax Year of Tax <br /> Levy Collection Amount <br /> 1984 1985 <br /> 1985 1986 <br /> 1986 1987 <br /> 1987 1988 <br /> 1988 1989 <br /> 1989 1990 <br /> 1990 1991 <br /> 1991 1992 <br /> 1992 1993 <br /> 1993 1994 <br /> The tax levies are such that if collected in full <br /> they, together with estimated collections of special assess- <br /> ments and other revenues herein pledged for the payment of the <br /> Bonds, will produce at least five percent in excess of the <br /> amount needed to meet when due the principal and interest <br /> payments on the Bonds. The tax levies shall be irrepealable so <br /> long as any of the Bonds are outstanding and unpaid, provided <br /> that the City reserves the right and power to reduce the levies <br /> in the manner and to the extent permitted by Minnesota <br /> Statutes, Section 475.61(3) . <br /> For the prompt and full payment of the principal and <br /> interest on the Bonds, as the same respectively become due, the <br /> full faith, credit and taxing powers of the City shall be and <br /> are hereby irrevocably pledged. If the balance in the Debt <br /> Service Account is ever insufficient to pay all principal and <br /> • <br /> 17 <br />