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2. The full faith and credit of the City shall be and <br />hereby is irrevocably pledged to the payment of the principal <br />of and interest on the Bonds as the same become due. In each <br />year while the Bonds, or any of them, are outstanding and <br />unpaid, there shall be assessed, levied and collected, upon <br />all property within the City subject to taxation by the City <br />a tax sufficient to provide for the payment of the principal <br />of and interest on the Bonds as the same become due. <br /> <br /> 3. The proceeds of sale of the Bonds shall be applied <br />to the payment of the costs of the public improvement <br />projects described below in substantially the amounts set <br />forth opposite the descriptions of the respective projects: <br /> <br />PROJECTS AMOUNT <br /> <br />Drainage, Curb, Gutters and <br /> Street Improvements <br />Education <br />Industrial and Economic Development <br />Parks and Recreation <br />Public Safety <br />Municipal Facilities and Community <br /> Services <br /> <br />$ 150,000 <br />8,295,519 <br />400,000 <br />83,571 <br /> <br /> 1,070,910 <br /> <br />TOTAL $10,000,000 <br /> <br />provided, that if any <br />the entire respective <br />may be applied to pay <br />forth. <br /> <br />such pro3ect shall require less than <br />amount set forth above, the difference <br />the cost of any other project so set <br /> <br /> 4. In anticipation of the issuance of the Bonds and <br />the receipt of the proceeds thereof, there are hereby <br />authorized to be issued and sold Ten Million Dollars <br />($10,000,000) aggregate principal amount of general <br />obligation bond anticipation notes of the City (the "Notes"). <br />The proceeds of the Notes shall be applied for the same <br />purposes and in the same respective amounts as are specified <br />in paragraph 3 with respect to the application of the <br />proceeds of the Bonds. The Notes may be issued in their <br />entirety at one time, or in part from time to time, at any <br />time; shall mature and be payable within five years from <br />their date; and shall be sold at competitive or negotiated <br />sale at not less than par plus interest accrued thereon from <br />the date thereof to the date of the delivery thereof and <br />payment therefor and on such other terms and conditions as <br />are determined by the Director of Finance of the City. The <br />City may sell all or part of the Notes alone or <br />contemporaneously with any other general obligation notes or <br />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 <br /> <br /> <br />