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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, t~ere 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 <br /> <br /> AMOUNT <br /> <br />S 1,665,000 <br /> <br />$ 1,665,000 <br /> <br />Drainage, Curbs, Gutters and <br /> Street Improvements <br /> <br />TOTAL <br /> <br />provided, that if any such project 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 $1,665,000 aggregate <br />principal amount of general obligation bond anticipation <br />notes of the City (the "Notes"). The proceeds of the Notes <br />shall be applied for the same purposes and in the same <br />respective amounts as are specified in paragraph 3 with <br />respect to the application of the proceeds of the Bonds. The <br />Notes may be issued in their entirety at one time, or in part <br />from time to time, at any time; shall mature and be payable <br />withi'h-~wo years from their date; and shall be sold at <br />competitive or negotiated sale at not less than par plus <br />interest accrued thereon from the date thereof to the date of <br />the delivery thereof and payment therefor and on such other <br />terms and conditions as are determined by the Director of <br />Finance of the City. The City may sell all or p~rt of the <br />Notes alone or contemporaneously with any other general <br />obligation notes or with any general obligation bonds of the <br />City. There may-be~prepared and distributed a preliminary <br /> <br /> <br />