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ARTICLE V <br />CREATION OF FUNDS; ESTABLISHMENT AND PLEDGE OF TAX LEVIES; <br />INVESTMENTS <br />Section 5.01. General Obligation Capital Improvement Bonds, Series 2021A Debt <br />Service Fund. The principal of and the interest on the Bonds shall be paid from a "General <br />Obligation Capital Improvement Bonds, Series 2021A Debt Service Fund" (the "Debt Service <br />Fund") which shall be created and maintained on the books of the City as a separate debt payment <br />fund until the Bonds, and all interest thereon, are fully paid. All ad valorem taxes levied and <br />collected as hereinafter specified shall be credited to the Debt Service Fund, as well as any other <br />funds appropriated by the City for the payment of the Bonds. If any payment of principal of or <br />interest on the Bonds shall become due when there is not sufficient money in the Debt Service <br />Fund to make such payment, the City Treasurer shall pay the same from any other available fund <br />of the City, and such other fund shall be reimbursed for such advances out of the proceeds of such <br />revenues and the taxes levied for the payment of the Bonds when available. <br />The moneys and investments in the Debt Service Fund shall be used for no other purpose <br />than to pay principal and interest on the Bonds until such principal and interest shall have been <br />paid in full. <br />Section 5.02. General Obligations; Establishment and Pledge of Tax Levies. The <br />Bonds shall be direct, general obligations of the City, and the City irrevocably pledges the full <br />faith and credit and the tax power of the City to the prompt payment of the principal of, premium, <br />if any, and the interest on the Bonds as the same become due. As required by Minnesota Statutes, <br />Section 475.61, Subdivision 1, there is hereby levied on all taxable property in the City a direct, <br />annual ad valorem tax which shall be spread upon the tax rolls for collection in the years and <br />amounts as follows, as a part of other general taxes of the City, as follows: <br />Levy Year <br />Collection Year <br />Amount <br />2022 <br />2023 <br />$ 759,196 <br />2023 <br />2024 <br />760,666 <br />2024 <br />2025 <br />756,256 <br />2025 <br />2026 <br />756,676 <br />2026 <br />2027 <br />756,466 <br />2027 <br />2028 <br />760,876 <br />2028 <br />2029 <br />759,196 <br />2029 <br />2030 <br />756,886 <br />2030 <br />2031 <br />759,196 <br />2031 <br />2032 <br />760,666 <br />2032 <br />2033 <br />760,981 <br />2033 <br />2034 <br />761,086 <br />2034 <br />2035 <br />760,981 <br />2035 <br />2036 <br />760,666 <br />2036 <br />2037 <br />760,141 <br />2037 <br />2038 <br />759,406 <br />2038 <br />2039 <br />758,461 <br />13 <br />4854-7635-7637.2 <br />