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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 pro3ects: <br /> <br />PROJECTS AMOUNT <br /> <br />Drainage, Curb, Gutters and <br /> Street Improvements <br />Education <br />Urban Renewal and Priority Action <br /> Program <br />Parks and Recreation <br />Municipal Facilities and Community <br /> -Services <br /> <br />Sl,821,000 <br />2,848,250 <br /> <br /> 2,620,000 <br /> 70,750 <br /> <br /> 560,000 <br /> <br />TOTAL $7,920,000 <br /> <br />provided, that if any such pro3ect shall require less than <br />the entire respective amount set forth above, the difference <br />may be applied to pay the cost of any other project so set <br />forth. <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 seven million nine hundred <br />twenty thousand dollars ($7,920,000) 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 to the date of the delivery <br />thereof and payment therefor and on such other terms and <br />conditions as are determined by the Director of Finance of <br />the City. The City may sell all or part of the Notes alone <br />or contemporaneously with any other general obligation notes <br />or with any general obligation bonds of the City. There may <br />be prepared and distributed a preliminary and a final <br />Official Statement relating to any Notes in such form as <br /> <br /> <br />