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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 each year while the Bonds, or any of them, are <br />outstanding and upaid,~~~here shall be assessed, levied and <br />collected, upon all property within the City subject to <br />taxation by th~ City, a-tax sufficient to provide for the <br />payment of the principal of and interest on the Bonds as <br />the s~ebecome due. <br /> <br /> 3. The proceeds of sale 6f the Bonds shall be applied <br />to the pavement of the costs of the public improvement pro- <br />jedtS described below in substantially the amounts set <br />forth opposite the descriptions of the respective projects: <br /> <br /> PROJECTS AMOUNT <br /> <br />community Services <br />Education <br />Parks and Recreation <br />Public Safety <br />Drainage~ Curbs, Gutters, and <br /> Street Improvements <br />Urban Transportstion <br />Urban Renewal <br />Crawford Harbor-$~a%erfront <br /> <br />$ 195,000. <br /> 600,000. <br /> 50,000. <br /> 170,0OO. <br /> <br />250,000. <br />720,000. <br /> 85,000. <br />250,000. <br /> <br />TOTAL <br /> <br />$2,320,000. <br /> <br />provided, that if any such project shall require less than <br />the entire respective ~mount set forth above, t~e difference <br />may be applied to pay ~he 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 $2,320,000 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 pruposes 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 from t~e 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 terms and conditions as are determined <br />by the Director of Finance of the City. The City may sell <br /> <br />2 <br /> <br /> <br />