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<br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />is otherwise discharged as hereinafter provided, there shall be <br />credited to and maintained in the Debt Service Account (1) first, <br />the proceeds of the general ad valorem taxes hereinafter or <br />hereafter levied by the City for the purpose of paying the <br />principal of and interest on the Certificate; (2) second, the <br />proceeds of the $30,000 ad valorem taxes levied for the Certificate <br />pursuant to Resolution No. 92-121, adopted by the Council on <br />December 14, 1992 ; and (3) third, any other funds which are <br />properly available and are appropriated by the Council to the Debt <br />Service Account. The aforesaid funds, when deposited in the Debt <br />Service Account, shall be used only and exclusively for, and are <br />hereby pledged to, the payment of the principal of and interest on <br />the Certificate, when due, and such other obligations of the City <br />as may be made payable therefrom. If any payment of principal or <br />interest shall become due when there are not sufficient funds in <br />the Debt Service Account to pay the same, the City Finance Director <br />shall pay such principal or interest from the general fund or other <br />available fund of the City, and such fund shall be reimbursed for <br />such advances from the proceeds of the ad valorem taxes levied for <br />such purpose, when collected. <br /> <br />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 amounts as follows: <br /> <br />Year of Tax Year of Tax <br />Levv Collection Amount <br />1993 1994 $34,884 <br />1994 1995 21,853 <br />1995 1996 20,882 <br />1996 1997 19,911 <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 />245850 <br /> <br />7 <br />