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3. The proceeds of sale of the Bonds shall be applied to the payment of the costs of the public improvement projects described below in substantially the mounts set forth opposite the descriptions of the respective projects: Purpose Amount Drainage and Street Improvements $1,150,000.00 Education 250,000.00 Industrial and Economic Development 2,000,000.00 Leisure Services 390,000.00 Public Safety 350,000.00 Miscellaneous 295,000.00 Municipal Facilities 1,205,000.00 Total $5,640,000.00 provided that if any such project shall require less than the entire respective amount set forth above, the difference may be applied to pay the cost of any other project so set forth. 4. In anticipation of the issuance of the Bonds and the receipt of the proceeds thereof, there are hereby authorized to be issued and sold five million six hundred forty thousand dollars ($5,640,000.00) aggregate principal amount of general obligation public improvement bond anticipation notes of the City (the "Notes"). The proceeds of the Notes shall be applied for the same purpose as is specified in Paragraph 1 with respect to the application of the proceeds of the Bonds. The Notes may be issued in their entirety at one time, or in part from time to time, at any time; shall mature and be payable within five (5) years from their date; and shall be sold at competitive or negotiated sale at not less than par plus interest accrued thereon from the date thereof to the date of the delivery thereof and payment therefor and on such other terms and conditions as shall be determined by the City Manager and the Chief Financial Officer of the City. The City Manager and the Chief Financial Officer of the City are hereby authorized to approve the sale of the Notes as provided herein; provided that (i) in no event shall the stated rate of interest for any Note be in excess of ten per centum (10%) per annum; (ii) in no event shall any redemption premium payable upon the redemption of any Note exceed three percent (3%) of the principal amount thereof; and (iii) in no event shall the maturity of any Note be in excess of the maturity permitted under Section 15.2-2628 of the Code of Virginia, 1950. The City may sell all or part of the Notes alone or contemporaneously with any other general obligation notes or with any general obligation bonds of the City. There may be prepared and distributed a preliminary and a final Official Statement relating to any Notes in such form as shall be approved by the Chief Financial Officer of the City. The issuance and details of such Notes shall be governed by the provisions of Section I5.2-2628 of Title 15.2, Chapter 26, Article 2 of the Code of Virginia, 1950. The City Manager and the Clerk of the City are authorized and directed to execute the Notes and to affix the seal of the City thereto and to deliver the Notes to the purchaser thereof upon payment of the purchase price. The manner of execution and affixation of the seal may be by facsimile, provided, however, that if the signatures of the City Manager and the Clerk are both by facsimile, the Notes shall not be valid until signed at the foot thereof by the manual signature of the Registrar. The provisions of Paragraph 2 shall apply to the Notes