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not exceeding the maximum rate of interest authorized by law at the <br />time of the sale of such bonds, be sold in such manner and have such <br />other details as are deemed necessary or advisable. The City may <br />sell all or part of the Bonds along or contemporaneously with any <br />other general obligation bonds or with any general obligation bond <br />anticipation notes of the City. <br /> <br /> 2. The full faith and credit of the City shall be and hereby <br />is irrevocably pledged to the payment of the principal of and <br />interest on the Bonds as the same become due. In each year while <br />the Bonds, or any of them, are outstanding and unpaid, there shall <br />be assessed, levied and collected, upon all property within the City <br />subject to taxation by the City a tax sufficient to provide for the <br />payment of the principal of and interest on the Bonds as the same <br />become due. <br /> <br /> 3. The proceeds of sale of the Bonds shall be applied to the <br />payment of the costs of the public improvement projects described <br />below in substantially the amounts set forth opposite the <br />descriptions of the respective projects: <br /> <br /> PROJECTS AMOUNT <br /> <br /> Drainage, Curb, Gutters and <br /> Street Improvements $1,310,000.00 <br /> Education 4,000,000.00 <br /> Leisure Services 389,363.00 <br /> Public Safety 923,790.00 <br /> Municipal Facilities 751,847.00 <br /> <br /> Total $7,375,000.00 <br /> <br />provided, that if any such project shall require less than the <br />entire respective amount set forth above, the difference may be <br />applied to pay the cost of any other project so set forth. <br /> <br /> 4. In anticipation of the issuance of the Bonds and the <br />receipt of the proceeds thereof, there are hereby authorized to be <br />issued and sold Seven Million Three Hundred Seventy Five Thousand <br />Dollars ($7,375,000.00) aggregate principal amount of general <br />obligation public improvement bond anticipation notes of the City <br />(the "Notes"). The proceeds of the Notes shall be applied for the <br />same purposes and in the same respective amounts as are specified in <br />paragraph 3 with respect to the application of the proceeds of the <br />Bonds. The Notes may be issued in their entirety at one time, or in <br />part from time to time, at any time; shall mature and be payable <br />within five years from their date; and shall be sold at competitive <br />or negotiated sale at not less than par plus interest accrued <br />thereon from the date thereof to the date of the delivery thereof <br /> <br /> <br />