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City's. share of the cost of the IlIIprovements, there is hereby levied a direct, annual, irrepealable ad valorem tax levy against all taxable properties in the City, which tax, levy shall be in the years and amounts a8 follows (year stated being year of levy for collection the following year): YEAR LEVY YEAR LEVY ~ LEVY 1986 $147.060. 1991 $281.109 1996 $229.525 1987 147.060 1992 275.777 1997 212.076 1988 310.608 1993 264.689 1998 204.998 1989 306.555 1994 248.181 1999 192.394 1990 296.594 1995 241.739 2000 179.660 It is hereby determined that the estimated collection of special assessments for the payment of the Bonds and the foregoing ad valorem tax levy (if any) will produce at least 5\ in excess of the amount needed to meet, when due, the pr incipal and interest payments on the Bonds. The Ci ty Finance Director/City Clerk is directed to file a certified copy of this Resolution with the Ramsey County Director of Property Taxation, and to obtain said Director's certificate required by Minnesota statutes, Section 475.63. 10. It is hereby determined that the Improvements to be financed by the Bonds will directly and indirectly benefit the abutting or other property, and the City hereby cove- nants with the holders from time to time of the Bonds as follows: Ca) The Citl' has duly ordered the making of the Improvements as contemprated in Minnesota Statutes, Section 429.031, will cause the assessments for the Improvements to be promptly levied so that the first installment will be collectible not later than 1987, and will take all steps necessary to assure prompt collec- tion. The City Council shall with due diligence take or cause to be taken all turther actions which may be necessary for the making, constructing, and financing of the Improvements financed by the Bonds, for the final and valid levy of special assessments against property benefited by the Improvements, and for the appropriation of any other funds needed to pay the Sonds and interest thereon when due. (b) The f~ll faith and credit and taxing powers of the City are hereby pledged to the payment of the prin- cipal of and interest on the Bonds, and in the event of any current or anticipated deticiency in any funds pledged or appropriated tor payment of the principal of and interest on the Bonds, the City Council will levy ad valorem taxes in the amount of said current or antici- pated deficiency. - 11 -