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10. The full faith and credit and taxing powers of the City <br />are hereby pledged to the payment of the principal of and interest <br />on the Certificate, and in the event of any current or anticipated <br />deficiency of funds in the Debt Service Account of amounts needed <br />to make any such payment, when due, the City Council shall levy ad <br />valorem taxes on all taxable property in the City in the amount of <br />such deficiency. <br /> <br /> 11. To provide moneys for payment of the principal of and <br />interest on the Certificate there is hereby levied upon all of the <br />taxable property in the City a direct annual ad valorem tax which <br />shall be spread upon the tax rolls and collected with and as part <br />of other general property taxes in the City for the years and in <br />the aDounts as follows: <br /> <br />Year of Tax <br /> Levy <br /> <br />Year of Tax <br />Collection <br /> <br />Amount <br /> <br />1997 1998 $132,438 <br />1998 1999 84,978 <br />1999 2000 81,283 <br />2000 2001 77,588 <br /> <br /> The foregoing tax levies shall be irrepealable so long <br />as the Certificate is outstanding and unpaid, provided that the <br />City reserves the right and power to reduce the levies in the <br />manner and to the extent permitted by Minnesota Statutes, Section <br />475.61, Subdivision 3. <br /> <br /> 12. It is hereby determined that the funds available to the <br />Debt Service Account pursuant to this Resolution (including from <br />the foregoing ad valorem tax levies) will be in amounts not less <br />than 5% in excess of the amount needed to meet, when due, the <br />principal of and interest on the Certificate. The City Finance <br />Director is directed to file a certified copy of this Resolution <br />with the County Auditor of Sherburne County and to obtain the <br />certificate of the County Auditor required by Minnesota Statutes, <br />Section 475.63. <br /> <br /> 13. The officers of the City are hereby authorized and <br />directed to prepare and furnish upon request to the Purchaser and <br />to the attorneys approving the Certificate, certified copies of <br />proceedings and records of the City relating to the Certificate <br />and to the financial condition and affairs of the City, and to <br />furnish such other certificates, affidavits, and transcripts as <br />may be required to show facts within their knowledge or as shown <br />by the books and records in their custody and under their control <br />relating to the validity and marketability of the Certificate, <br />and such instruments, including any heretofore furnished, shall <br /> <br />349595.1 7 <br /> <br /> <br />