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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 <br />each year while the Bonds, or any of them, are outstanding <br />and unpaid, there shall be assessed, levied and collected, <br />upon all property within the City subject to taxation by the <br />City, a tax sufficient to provide for the payment of the <br />principal of and interest on the Bonds as the same become <br />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 pro- <br />jects described below in substantially the amounts s~t <br />forth opposite the descriptions of the respective projects: <br /> <br />PROJECTS ~OUNT <br /> <br />Community Services <br />Education <br />Parks and Recreation <br />Public Safety <br />Drainage, Curbs, Gutters and <br /> Street Improvements <br />Urban Transportation <br />Urban Renewal and Priority Actions Programs <br />Industrial and Economic Redevelopment <br /> <br /> 550,000 <br />3,815,627 <br /> 230,000 <br /> 238,412 <br /> <br />190,000 <br />230,961 <br /> <br /> 50.000 <br /> <br />TOTAL $5,305,000 <br /> <br />provided, that if any <br />the entire respective <br />may be applied to pay <br />forth. <br /> <br />such pro~ect shall reauire 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 <br />and the receipt of the proceeds thereof, there are hereby <br />authorized to be issued and sold $5,305,000 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 resoective <br />amounts as are specified in paragraph 3 with respect to <br />the application of the proceeds of the Bonds. The Notes <br />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 />within two 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 <br />of the delivery thereof and payment therefor and on such <br />other terms and conditions as are determined by the Director <br />of Finance of the City. The City may sell all or part of <br /> <br /> <br />