86-047 RES - Laserfiche WebLink

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. 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 condition precedent thereto, the Issuer hereby covenants and agrees that it will forthwith do all such further things and take all such further proceedings as shall be required by law to make such assessment a valid and binding lien upon said property. 4.03. Tax Levy. In addition to said special assessments, in order to produce aggregate amounts not less than five percent in excess of the amounts needed to meet when due the principal and interest payments on the Bonds, ad valorem taxes shall be levied and collected on all taxable property in the City in the following years and amounts: Levy Year Collection Year Amount . 1986 1987 $ -0- 1987 1988 -0- 1988 1989 -0- 1989 1990 4,562 1990 1991 10,374 1991 1992 12,598 1992 1993 14,524 1993 1994 16,159 1994 1995 12,250 1995 1996 13,676 1996 1997 16,016 1997 1998 16,445 1998 1999 16,758 1999 2000 16,955 2000 2001 11,788 2001 2002 17,642 said taxes shall be irrepealable so long as any of the Bonds are outstanding and unpaid provided the Issuer reserves the right to reduce said levies in accordance with the provisions of Minnesota Statutes, Section 475.61. The Issuer also recognizes and reaffirms its pledge of the full faith and credit of the Issuer to the payment of the Bonds and, in the event that said taxes and special assessments do not prove sufficient to pay principal and interest on the Bonds, the Issuer will promptly levy additional taxes as necessary for . such payment without limitation as to rate or amount. 15.