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2. The full faith and credit of the City shall be and hereby is irrevocably pledged to the payment of the principal of and interest on the Bonds as the same become due. In each year while the Bonds, or any of them, are outstanding and unpaid, there shall be assesse~ levied and collected~ upon all property within the City s~ject to taxation by the City, a tax sufficient to provide for the payment of the principal of and interest on the Bonds as the same bec~me due. 3. TPfe proceeds of sa!e of the Bonds shall be applied to the payment of the costs of the public improvement pro- jects' deScribed~el~.es~bs~ntially th~amou~ts set forth opposite the descriptions of the respective projects: .Pro j ects . Amount Capital Improvements, extensions and additions to the water and sewer system $ 3,217,964 TOTAL $ 3,217,964 provided, that if any such project shall require less than the entire respective amount set forth above, the difference may be applied to pay the cost of any other project so set forth. 4. In anticipation of the issuance of the Bonds and the receipt of the proceeds thereof, there are hereby authorized to be issued and sold $3,217,964 aggregate principal a~ount of general obligation bond anticipation notes of the City (the "Notes"). The proceeds of the Notes shall be applied for ~he same purposes and in the sa~e respective amounts as are specified in paragraph 3 with respect to the application of the proceeds of the Bonds. The Notes may be issued in their entirety at one time, or in part from time to time, at any time; shall mature and be payable within two years from their date; and shall be sold at competitive or negotiated sale at not less than par plus interest accrued thereon from the date thereof to the date of the delivery thereof ~and payment therefor and on such other terms and. conditions as are determined. by the Director ~f Finance of. the City. The City may sell