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13 <br />4854-7635-7637.1 <br />2026 2027 <br />2027 2028 <br />2028 2029 <br />2029 2030 <br />2030 2031 <br />2031 2032 <br />2032 2033 <br />2033 2034 <br />2034 2035 <br />2035 2036 <br />2036 2037 <br />2037 2038 <br />2038 2039 <br />2039 2040 <br />2040 2041 <br />2041 <br />2042 <br />2043 <br />2044 <br />2045 <br />2046 <br />2047 <br />2048 <br />2049 <br />2050 <br />2042 <br />2043 <br />2044 <br />2045 <br />2046 <br />2047 <br />2048 <br />2049 <br />2050 <br />2051 <br /> <br /> <br />Such tax shall be in excess of and in addition to all other taxes now or hereafter authorized <br />to be levied by the City. The special tax described herein and all receipts therefrom are pledged to <br />the payment of debt service on the Bonds. Such tax shall be irrepealable as long as any of the <br />Bonds are outstanding and unpaid; provided that the City reserves the right and power to reduce <br />the levies in the manner and to the extent permitted by Minnesota Statutes, Section 475.61. It is <br />hereby found and determined that the foregoing taxes, if collected in full, will produce at least five <br />percent (5%) in excess of the annual principal and interest requirements of the Bonds; but the <br />Bonds are general obligations of the City to which the full faith, credit and unlimited taxing powers <br />of the City have been and are hereby pledged; and the City Council shall levy additional general <br />ad valorem taxes on all taxable property in the City, if necessary, to pay the principal of and interest <br />on the Bonds when due. If, as of the date tax levies are certified in any year, the sum of the balance <br />in the Debt Service Fund plus estimated collections of pledged special assessments and any ad <br />valorem taxes theretofore levied for the payment of Bonds payable therefrom and collectible <br />through the end of the following calendar year is not sufficient to pay when due all principal and <br />interest to become due on all Bonds payable therefrom in said following calendar year, or the Debt <br />Service Fund has incurred a deficiency in the manner provided in Section 5.02 hereof, an additional <br />direct, irrepealable, ad valorem tax shall be levied on all taxable property within the corporate <br />limits of the City for the purpose of restoring such accumulated or anticipated deficiency in <br />accordance with the provisions of this Resolution.