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Improvement Amount Levy Collection <br />Desi anon Years Years <br />5th Street Area <br />Quiet Zone <br />2008-2017 <br />2008-2017 <br />2009-2018 <br />2009-2018 <br />At the time the assessments are in fact levied the City Council shall, based on the <br />then-current estimated collections of the assessments, make any adjustments in any ad valorem <br />taxes required to be levied in order to assure that the City continues to be in compliance with <br />Minnesota Statutes, Section 475.61, Subdivision i. <br />17. Tax Levy; Coverage Test. To provide moneys for payment of the <br />principal and interest on the Bonds there is hereby levied upon all of the taxable property in the <br />City a direct annual ad valorem tax which shall be spread upon the tax rolls and collected with <br />and as part of other general property taxes in the City for the years and in the amounts as <br />follows: <br />Year of Tax Year of Tax Amount <br />Levy Collection <br />2008 2009 <br />2009 2010 <br />2010 2011 <br />2011 2012 <br />2012 2013 <br />2013 2014 <br />2014 2015 <br />2015 2016 <br />2016 2017 <br />2017 2018 <br />The tax levies are such that if collected in full they, together with other revenues <br />herein pledged for the payment of the Bonds, will produce at least five percent (S%) in excess of <br />the amount needed to meet when due the principal and interest payments on the Bonds. The tax <br />levies shall be irrepealable so long as any of the Bonds are outstanding and unpaid, provided that <br />the City reserves the right and power to reduce the levies in the manner and to the extent <br />permitted by Minnesota Statutes, Section 475.61, Subdivision 3. <br />18. General Obligation Pledge. For the prompt and full payment of the <br />principal and interest on the Bonds, as the same respectively become due, the full faith, credit <br />and taxing powers of the City shall be and are hereby irrevocably pledged_ If the balance in the <br />Debt Service Account is ever insufficient to pay all principal and interest then due on the Bonds <br />and any other bonds payable therefrom, the deficiency shall be promptly paid out of any other <br />funds of the City which are available for such purpose, and such other funds may be reimbursed <br />with or without interest from the Debt Service Account when a sufficient balance is available <br />therein. <br />2086247v1 1 8 <br />