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- 5 - • 6. The City covenants and agrees to comply with the applicable provisions of Sections 103 and 141-150 of the Internal Revenue Code of 1986, as amended, and the applicable Treasury Regulations promulgated under such Sections 103 and 141-150 so long as any Bond is outstanding. 7. The proceeds of the sale of the Bonds shall be applied to the payment of the cost of the following public improvements projects in substantially the following respective amounts: Projects Amounts School renovations $ 3,500,000 Downtown Mall extension 1,500,000 Parks and recreation 400,000 Transportation 650,000 Drainage 350,000 General government 600,000 If any project set forth above shall require less than the entire respective amount so set forth, the difference may be applied to • any of the other projects so set forth. 8. The Bonds shall be sold in one or more series in accordance with the provisions of paragraph 1 at competitive sale at such price plus accrued interest and on such other terms and conditions as shall be determined at the time of the sale of the Bonds. The sale and the definitive details of the Bonds shall be approved, ratified and confirmed by resolution of this Council. The City Manager is authorized to cause to be published and distributed a notice of sale of each series of the Bonds (the "Notice of Sale"), such publication to be made in either or both of The Bond Buyer, a financial newspaper published in the City of New York, New York, and in The Daily Progress, a newspaper of general circulation in the City, with the date of publication to be at least seven (7) days prior to the date of sale of such series of Bonds, and the City Manager is further authorized to cause to be prepared and distributed a Preliminary and a Final Official Statement relating to each series of Bonds. In lieu of publishing the full text of the Notice of Sale in accordance with the provisions of the immediately preceding sentence, the City Manager may cause to be published a Summary Notice of Sale in such form as he shall approve. 9. The Bonds, the certificate of authentication of the Registrar, and the assignment endorsed on the Bonds, shall be in substantially the following forms set forth below with such changes • in format as may be appropriate to conform with customs and practices applicable to comparable securities: