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" '- from time to time, of the Bonds and the City from any loss due to any such casualty and will apply the proceeds of such insurance to make good any such loss. (f) The City and each and all of its officers will punctually perform all duties with reference to the water system as required by law. (g) The City will impose and collect charges of the nature authorized by Minnesota Statutes, Section 444.075 at the times and in the amounts required to produce, Net Revenues adequate to pay all principal and interest when due on the Water Revenue Bonds portion of the Bonds and to create and maintain such reserves securing said payments as may be provided in this resolution. (h) The City Council will levy general ad valorem taxes on all taxable property in the City, when required to meet any deficiency in Net Revenues. 3.03. For the purpose of paying the principal of and interest on the Improvement Bonds portion of the Bonds, there is hereby levied a direct annual irrepealable ad valorem tax upon all of the taxable property in the City, which will be spread upon the tax rolls and collected with and as part of other general taxes ofthe City. Such tax will be credited to the Improvement Account ofthe Debt Service Fund above provided and will be in the years and amounts as follows (year stated being year of levy for collection the following year): Year Levy (See Attachment A) The tax levy herein provided will be irrepealable until all of the Improvement Bonds portion of Bonds are paid, provided that the City Manager may annually, at the time the City makes its tax levies, certify to the County Auditor the amount available in the Improvement Account ofthe.Debt Service Fund to pay principal and interest due during the ensuing year on the Improvement Bonds portion of the Bonds, and the County Auditor will thereupon reduce the levy collectible during such year by the amount so certified. 3.04. The City Administrator is directed to file a certified copy of this resolution with the Auditor of Ramsey County and to obtain the certificate required by Section 475.63 of the Act. 3.06. It is hereby determined that the estimated collection of the foregoing Taxes and Assessments will produce at least five percent in excess of the amount needed to pay when due, the principal and interest payments on the Improvement Bonds portion of the Bonds, and that the estimated collection of Net Revenues will produce at least five percent in excess of the amount SJB-225775vl NE136-184