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2. 5~ne principal of and premiura, if ~ny, and interest on the Bonds shall be payable in such coin or currency of the United States of America as at the respective dates of payment is legal tender for public and private debts. If any Bond shall ~ot then be registered as to both principal and interest, the interest thereon payable prior to maturity shall be payable at the principal office of Virginia National Bank, in Norfolk, Virginia, or, at the option of the holder of such Bond, at the principal office of The C21ase ~ahattan Bank (National Association), in the City of New York, New York, as the paying agents for the Bonds. The interest on any Bond while registered ss to both principal and intere~t shall be payable by the City by check or draft mailed to the registered owner at such owner's address as shown on the books of registry. The prir~cipal of and premix, if any, on the Bonds are payable at the principal office of either of said paying agents for the Bonds. 3. The full faith and credit of the City shall be and here~y is irrevoc~mbly pledged to the payment of the principal of and interest on the Bonds as the same become due. /n each year while the Bonds, or any of th~m, are outstending and unpaid, there shall be assessed, levied and collected, at the s~me tL.~=~ and in the same m~nner as other taxes in the City are assessed, levied and collected, upon all protm=~rty wit_b/n the City subject to taxation by the City, a tax sufficient to provide for the Day- ment of %~he principal of and interest on the Bonds as the same become-due. 4. The proceeds of the sale of the Bonds shall be ~tied to the payment of the costs of the following public improv~nent projects in substantially the following respective amounts: Community Services Education Parks and Recreation Public Safety Urban Transportation Drainage, Odrbs, Gutters and Street L~r ~eTents Urban Renewal Crawford Harbor L~proveme_nts: Parking Garage Construc~ien ~dnicipal ~ilding Improvements Street Improvements 417,000. 1,609,137. 28,0CO. 116,475. 923,680. 562,481. 431,227. 1,220,000. 872,000. 820,000. Total ~ 7,000 ,CO0. provided %~hat if any su~n project shall require less than the entire amount set forth above opposite such project, the difference maybe applied to any other such project. 5. The City shall make no use of the proceeds Of the sale of the Bonds ~ich would cause the Bonds to be "industrial development bonds" or arbitrage bends" under Section 103 of the U. S. Internal Revenue Code ~3