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'. . . . Improvement Bonds Construction Account after completion of the Improvements and payment of the cost thereof (not transferred by the Council to the payment of the costs of any other improvement). Such separate account shall be used solely to pay principal and interest on the Bonds and any other general obligation bonds of the Issuer heretofore or hereafter issued by the Issuer and made payable from such separate account as permitted by law. If moneys in such separate account should at any time be insufficient to pay principal and interest due on the Bonds, such amount shall be paid from the general fund of the Issuer, which shall be reimbursed therefor when sufficient money becomes available in such separate account. Any sums from time to time held in such separate account (or any other fund of the Issuer which will be used to pay principal or interest to become due on the Bonds) in excess of amounts which under Section 148 of the Internal Revenue Code (the Code), may be invested without regard to yield, shall not be invested at a yield in excess of applicable yield restrictions imposed by such provisions of the Code and regulations. 4.02. Special Assessments. The City hereby covenants and agrees that, for the payment of the cost of Improvements, the City will do and perform all acts and things necessary for the final and valid levy of special assessments in an amount not less than 20 percent of the cost of each of the Improvements, and the City estimates that it will levy assessments in the aggregate amount of $1,123,277. The principal of said assessments shall be payable in equal, consecutive annual installments, with estimated interest on unpaid installments thereof from time to time at the rate of 7.75 percent per annum. It is presently estimated that the principal and interest on such special assessments will be collected in the years and amounts as follows: Collection Year Amount 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 $301,756 264,875 249,935 177,238 166,775 76 , 313 72,050 67,788 63,525 59,263 In the event that any such assessment shall at any time be 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 taken by the Issuer or by this Councilor by any of the officers or employees of the Issuer, either in the making of such assessment or in the performance of any 14.