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2. The principal of and premium, if any, and interest on the <br />Bonds shall be payable in such coin or currency of the United <br />States of ~erica as at the respective dates of payment is legal <br />tender for the payment of public and private debts. If any Bond <br />shall not then be registered as to both principal and interest <br />the interest thereon payable prior to maturity shall be payable <br />at the principal office of The Chase Manhattan Bank [National <br />Association) in the City of New York, New York, as the paying <br />agent for the Bonds. The interest on any Bond while registered <br />as to both principal and interest shall be payable by the City <br />by check or draft mailed to the registered owner at such o%~er's <br />address as shown on the books of registry. The principal of and <br />pr~ium, if any, on the Bonds are payable at the principal office <br />of the said paying agent for the Bonds. <br /> <br /> 3. The full faith and credit of the City shall be and here- <br />by is irrevocably pledged to the payment of the principal of an~ <br />interest on the Bonds as the same become due. In each year while_ <br />the Bonds, or any of them, are outstanding and unpaid, there shal~~ <br />be assessed, levied and collected, at the same time and in the <br />same manner as other taxes in the City are assessed, levied an~ <br />collected, upon all property of the City subject to taxation by <br />the City, a tax sufficient to provide for the payment of the <br />principal of and interest on the Bonds as the same become due. <br /> <br /> 4. The p~oceeds of the sale of the Bonds shall be applied <br />to the payment of the costs of the following public improvement <br />projects in substantially the following respective amounts: <br /> <br />Community S~rvice$ <br />Education <br />Parks and R~creation <br />Public Safety <br />Urban ~ransportation <br />Drainage, Curbs and Gutters <br />Urban Rene%~al <br />Seawall and Waterfront Improve- <br /> ments <br /> Total <br /> <br />$ 336,820.00 <br />610,112.00 <br />439,512.00 <br />97,150.00 <br />1,043,600.00 <br />469,581.00 <br />849,154.00 <br /> <br />3,154,071.00 <br /> <br />$7,000,000.00 <br /> <br />provided that if any such project shall require less than the en- <br />tire amount set forth above opposit~ such project, the difference <br />may be'app!ied to any other such project4 <br /> <br /> 5. The City shall make no use of the proceeds of the sale <br />of the Bonds which would cause the Bonds to be "arbitrage bonds" <br /> <br />-3- <br /> <br /> <br />