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2. The full faith and credit of the City shall be <br />and hereby is irrevocably pledged to the payment of the <br />principal of and interest on the Bonds as the same become <br />due. 'In e~h'year'while'~he B~nds, or any ~f them,-are' '' <br />outstanding and unpaid, there shall be assessed, levied and <br />collected, upon all property within the City subject to <br />taxation by the City, a tax sufficient to provide for the <br />payment of the principal of and interest on the Bonds as <br />the same become due. <br /> <br /> 3. The proceeds of sale of the Bonds sh]~ll be applied <br />to the payment of the costs of the public improvement pro-~ <br />jects described below in substantially the amounts set <br />forth opposite the descriptions of the respective projects: <br /> <br />PROJECTS AMOUNT <br /> <br />Co--.unity Services <br />Ed-~cation <br />parks and Recreation <br />Public Safety <br />Drainage, Curbs, Gutters and <br /> Street Improvements <br />Urban Transportation <br />Urban Renewal <br /> <br />~ $ <br /> <br />and Priority Action Programs <br /> <br /> 49,926. <br />671,070. <br /> 87,275. <br /> <br />-0- <br />957,489. <br /> 59,1'16. <br /> <br />TOTAL $1,824,876. <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 <br />and the receipt of the proceeds thereof, there are hereby <br />authorized to be issued and sold $1,824,876 aggregate <br />principal amount of general obligation bond anticipation <br />notes of the City (-~he "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. <br />The Notes may be issued in their entirety at one time, or <br />-in part fro~. time to time, at any time; shall mature and <br />be payable within two years from their date; and shall be <br />sold at competitive or negotiated sale at not less than <br />par plus interest accrued thereon from the date thereof <br />to the date of the delivery thereof and payment therefor <br />and on such other ter/~s and conditions as are determined <br />by the Director of Finance of the City. The City may sell <br /> <br /> <br />