4.0. SR 09-07-1993 - Laserfiche WebLink

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e e e 17. Tax Levies. To provide moneys for payment of the principal of and interest on the Series 1993B Improvement Bonds there is hereby levied upon all of the taxable property in the City a direct annual ad valorem tax which shall be spread upon the tax rolls and collected with and as part of other general property taxes in the City for the years and in the amounts as follows: Year of Tax Levv Year of Tax Collection Amount The tax levies shall be irrepealable so long as any of the Bonds are outstanding and unpaid, provided that the City reserves the right and power to reduce the levies in the manner and to the extent permitted by Minnesota Statutes, section 475.61, Subdivision 3. 18. Assessments. It is hereby determined that no less than twenty percent (20%) of the cost to the City of the Assessment Improvements financed hereunder within the meaning of Minnesota Statutes, section 475.58, Subdivision 1(3), shall be paid by special assessments heretofore levied or to be levied hereafter against every assessable lot, piece and parcel of land benefitted by any of the Assessment Improvements. The City hereby covenants and agrees that it will let all construction contracts not heretofore let within one (1) year after ordering each Assessment Improvements financed hereunder unless the resolution ordering said Assessment Improvement specifies a different time limit for the letting of construction contracts. The City hereby further covenants and agrees that it will do and perform as soon as they may be done, all acts and things necessary for the final and valid levy of such special assessments, and in the event that any such assessment be at any time held invalid with respect to any lot, piece or parcel of land due to any error, defect, or irregularity in any action or proceedings taken or to be taken by the City or the Councilor 2~5 21