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private debts. If any Bond shall not then be registered as <br />to both principal and interest, the interest thereon payable <br />prior to maturity shall be payable at the principal office <br />of Virginia National Bank, in Norfolk, Virginia, or, at the <br />option of the holder of such Bond, at the principal office <br />of The Chase Manhattan Bank (National Association), in New <br />York, New York, as the paying agents for the Bonds. The <br />interest on any Bond while registered as to both principal <br />and interest shall be payable by the City by check or draft <br />mailed to the registered owner at such owner's address as <br />shown on the books of registry. The principal of and <br />premium, if any, on the Bonds are payable at the principal <br />office of either of such paying agents for the Bonds.' <br /> <br /> 3. The full faith and credit of the City shall <br />be and hereby is irrevocably pledged to the payment of the <br />princ%pa! 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 unpaid~ there shall be assessed, levied and <br />collected, at the same time and in the same manner as other <br />taxes in the City are assessed, levied and collected, upon <br />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 /> 4. The proceeds of the sale of the Bonds shall <br />be applied to the payment of the costs of the following <br />public improvement projects in substantially the following <br />respective amounts: <br /> <br />Community Services <br />Education <br />Parks and Recreation <br />Public Safety <br />Urban Transportation <br />Drainage, Curbs, Gutters and <br /> Street Improvements <br />Urban Renewal Construction <br />Crawford Harbor Waterfront <br /> Improvements: <br /> Harbor Street Parking Garage <br /> Contribution for Urban Renewal <br /> Project <br /> Street Imrpovements <br /> Purchase of former Coast Guard <br /> Base <br /> Bulkhead Extension <br /> Other <br /> <br />$2,100,000 <br /> 1,200,000 <br /> 1,100,000 <br /> 1,000,000 <br /> 3,500,000 <br /> <br />1,400,000 <br />1,600,000 <br /> <br />5,371,543 <br /> <br />1,927,000 <br />1,166,000 <br /> <br />690,000 <br />500,000 <br />445,457 <br /> <br />Total <br /> <br />S22,000,000 <br /> <br />- 4 - <br /> <br /> <br />