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6. Execution of the Bonds. The Mayor or Vice Mayor and the Clerk or any Deputy Clerk of the Council are authorized and directed to execute and deliver the Bonds in an aggregate principal amount not to exceed $243,915.41 and to affix the seal of the City thereto. 7. Use of Avaiiabi~'M0fl~;'~iedge-0~Puli'FAikh'and Credit. (a) The Council hereby appropriates and directs that all income realized from the investment and reinvestment of the proceeds of the Bonds and not required to be rebated to the United States pursuant to the provisions of the Internal Revenue Code of 1986, as amended ("Investment Income"), shall be credited to a sinking fund for the Bon~s. The Council hereby further directs that, as directed by a designated representative of VPSA, on each Interest Payment Date, the Director of Finance shall apply, or cause to be applied, such Investment Income to the payment of interest due on the Bonds. (b) The Council further appropriates and directs that immediately after the application of the Investment Income as provided in subparagraph (a) above, the Director of Finance shall apply, or cause to be applied, so much, if any, of the funds appropriated by the General Assembly from the Literary Fund or otherwise for such purpose to, or for the benefit of, the City to the payment of principal and interest due on the Bonds on the next Principal Payment Date and Interest Payment Date. (c) The full faith and credit of the City are hereby irrevocably pledged for the payment of principal of and interest on the Bonds as the same become due and payable. There shall be levied and collected annually on all locally taxable property in the City an ad valorem tax sufficient to pay such principal and interest as the same respectively become due and payable unless other funds, including, without limitation, those funds referred to in subparagraphs (a) and (b) above, are lawfully available and appropriated for the timely payment thereof. 8. School Board Approval. The Clerk of the Council is hereby authorized and directed to cause a certified copy of this Resolution ho be presented to the School Board of the City. The Bonds hereby authorized shall not be issued by the Council until the School Board of the City shall have adopted an appropriate resolution consenting to the issuance of the Bonds. 9. Non-a~bikrage Certificate'and Tax Covenants. The appropriate officers and agents of the City are hereby authorized and directed to execute a Non-Arbitrage Certificate and Tax Covenants setting forth the expected use and investment of~ the proceeds of the Bonds and containing each covenants as may be necessary in order to show compliance with