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are deemed necessary or advisable. The City may sell all or <br />part of the Bonds along or contemporaneously with any other <br />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 <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 />Urban Renewal and Priority Action <br /> Program <br />Industrial and Economic Development <br />Parks and Recreation <br />Public Safety <br />Municipal Facilities and Community <br /> Services <br /> <br />$1,304,300 <br />6,461,500 <br /> <br /> 400,000 <br /> 924,500 <br /> 2,884,000 <br /> 335,000 <br /> <br /> 640,700 <br /> <br />provided, that if any <br />the entire respective <br />may be applied to pay <br />forth. <br /> <br /> TOTAL $12,950,000 <br /> <br />such project 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 twelve million, nine hundred <br />fifty thousand dollars ($12,950,000) aggregate principal <br />amount of general obligation bond anticipation notes of the <br />City (the "Notes"). The proceeds of the Notes shall be <br />applied for the same purposes and in the same respective <br />amounts as are specified in paragraph 3 with respect to the <br />application of the proceeds of the Bonds. The-Notes may be <br />issued in their entirety at one time, or in part from time to <br />time, at any time; shall mature and be payable within two <br />years from their date; and shall be sold at competitive or <br />negotiated sale at not less than par plus interest accrued <br />thereon from the date thereof ko the date of the delivery <br /> <br /> <br />