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the United States of America as at the respective dates of <br />payment is legal tender for the payment of public and private <br />debts. If any Bond shall not then be registered as to both <br />principal and interest the interest thereon payable prior to <br />maturity shall be payable at the principal office of The <br />Chase Manhattan Bank (National Association) in the City of <br />New York, New York, as the paying agent 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 premium, <br />if any, on the Bonds are payable at the principal office of <br />the said paying agent for the Bonds. <br /> <br /> 3. 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 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 of the City subject to taxation by the City, <br />a tax sufficient to provide for the payment of the principal <br />of and interest on the Bonds as the same become due. <br /> <br /> 4. The proceeds of the sale of the Bonds shall be <br />applied to the payment of the costs of the following public <br />improvement projects in substantially the following respective <br />amounts: <br /> <br />Urban Renewal <br />Acquisition of Land <br />Construction, Improvement and <br /> Repair of Public Buildings <br /> Other than Schools <br />For the Construction and im- provement of School Buildings <br />Street, Highway and Bridge <br /> Improvements <br />Purchase and Installation of <br />Traffic Control Equipment <br />Construction and Equipping of <br /> Parks and Recreation Facilities <br />Purchase of Public Transportation <br /> Equzpment <br />Purchase of Fire Protection <br /> Equipment <br />Dredging and Repairs to Bulkheads' <br />Total <br /> <br />$ 2,639,538. <br /> 697~299. <br /> <br /> 811,900. <br />3,122,200. <br />1,947,333. <br />153,100. <br />223,100. <br />104j694. <br /> <br /> 161,350. <br /> 1'39t486. <br /> <br />$tO,O00,000. <br /> <br />-3- <br /> <br /> <br />