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• <br />• <br />• <br />the Development District in accordance with the Program and the Plan, as they may from time to <br />time be amended. <br />17 Reservation of Rights. Notwithstanding any provisions herein to the contrary, <br />the City reserves the right to terminate, reduce, or apply to other lawful purposes the Tax <br />Increments herein pledged to the payment of the Bonds and interest thereon to the extent and in <br />the manner permitted by law. <br />18 Tax Levy; Coverage Test. To provide moneys for payment of the principal and <br />interest on the Bonds there is hereby levied upon all of the taxable property in the City a direct <br />annual ad valorem tax which shall be spread upon the tax rolls and collected with and as part of <br />other general property taxes in the City for the years and in the amounts as follows: <br />The tax levies are such that if collected in full they, together with estimated <br />collections of Tax Increments and other revenues herein pledged for the payment of the Bonds, <br />will produce at least five percent (5 %) in excess of the amount needed to meet when due the <br />principal and interest payments on the Bonds. The tax levies shall be irrepealable so long as any <br />of the Bonds are outstanding and unpaid, provided that the City reserves the right and power to <br />reduce the levies in the manner and to the extent permitted by Minnesota Statutes, Section <br />475.61, Subdivision 3. <br />19 Defeasance. When all Bonds have been discharged as provided in this <br />paragraph, all pledges, covenants and other rights granted by this resolution to the registered <br />holders of the Bonds shall, to the extent permitted by law, cease. The City may discharge its <br />obligations with respect to any Bonds which are due on any date by irrevocably depositing with <br />the Bond Registrar on or before that date a sum sufficient for the payment thereof in full; or if <br />any Bond should not be paid when due, it may nevertheless be discharged by depositing with the <br />Bond Registrar a sum sufficient for the payment thereof in full with interest accrued to the date <br />of such deposit. The City may also discharge its obligations with respect to any prepayable <br />Bonds called for redemption on any date when they are prepayable according to their terms, by <br />depositing with the Bond Registrar on or before that date a sum sufficient for the payment <br />1160734.1 <br />Year of Tax Year of Tax <br />Levy Collection Amount <br />2000 2001 $58,832 <br />2001 2002 58,832 <br />2002 2003 58,832 <br />2003 2004 58,832 <br />2004 2005 58,832 <br />2005 2006 -0- <br />2006 2007 -0- <br />2007 2008 -0- <br />20 <br />