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the benefit of the owners of the Bonds to assist the Underwriter for the Bonds in complying with <br /> the provisions of Section (b)(5) of Securities and Exchange Commission Rule 15e2-12. <br /> <br /> 14. Escrow Agreement. The City Manager and the Chief Financial Officer, or either <br /> of them, are authorized to enter into an escrow agreement with such escrow agent as the Chief <br /> Financial Officer shall select providing for the payment of the 2001 Note. <br /> <br /> 15. Further Actions. The City Manager and the Chief Financial Officer and such <br /> officers and agents of the City as either of them may designate are authorized and directed to <br /> take such further action and to execute and deliver such additional agreements, documents and <br /> certificates as they deem necessary regarding the Bonds and all actions taken by such officers <br /> and agents in connection with the Bonds are ratified and confn'med. <br /> <br /> 16. Effective Date' Applicable Law. In accordance with Section 15.2-2601 of the <br />Public Finance Act of 1991, Chapter 26, Title 15.2, 1950 Code of Virginia, as amended, (the <br />"Act"), the City Council elects to issue the Bonds pursuant to the provisions of the Act. This <br />Resolution shall take effect immediately. <br /> <br /> ADOPTED by the Council of the City of Portsmouth, Virginia at a meeting held on May <br />22, 2001. <br /> <br />TESTE: <br /> <br />City Clerk <br /> <br /> <br />