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2. The full faith and credit of the City shall be and hereby <br />ms irrevocably pledged no 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 proper5y within the City <br />subjecc no taxation by the City a tax sufficien5 ~o provide for 5he <br />paymenm 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 mhe cosEs of the public improvemenn projects described <br />below in subsmantially the amounts sem forth opposite the <br />descriptions of the respective projects: <br /> <br />PROJECTS AMOUNT <br /> <br />Drainage, Curb, Gutters and <br /> Streem Improvemenns <br />Education <br />Industrial and Economic Development <br />Leisure Services <br />Public Safety <br />Municipal Facilities <br /> <br />$2,357,500 <br />5,000,000 <br />1,200,000 <br />200,000 <br />905,000 <br />1,537,500 <br /> <br />Total Sll,200,000 <br /> <br />provided, that if any such project shall require less mhan the <br />entire respective amount see forth above, the difference may be <br />applied co pay the cosn of any other project so sen forth. <br /> <br /> 4. In anticipamion of the issuance of the Bonds and the <br />receipt of the proceeds nhereof, there are hereby authorized to be <br />issued and sold Eleven Million Two Hundred Thousand ($11,200,000) <br />aggregate principal amount of general obligation public <br />improvement bond anticipation homes of the City (the "Notes"). The <br />proceeds of the Notes shall be applied for the same purposes and mn <br />the same respective amounns as are specified in paragraph 3 with <br />respecn ~o the application of the proceeds of the Bonds. The Notes <br />may be issued in their entirety at one time, or in part from time to <br />tmme, at any time; shall mature and be payable within five years <br />from their date; and ~hall be sold am compe5itive or negotiated sale <br />at nom less than par plus interes5 accrued thereon from the date <br />thereof to the date of the delivery thereof and paymen5 therefor and <br />on such other merms and conditions as are determined by the Direcnor <br />of Finance of the City. The City may sell all or part of the Notes <br />alone or contemporaneously with any other general obligation notes <br />or with any general obligation bonds of the City. There may be <br />prepared and distributed a preliminary and a final Official <br />Statement relating to any Notes in such form as shall be approved by <br />the Director of Finance. The issuance and details of such Notes <br /> <br /> <br />