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16. Election to Proceed Under Public Finance Act of 199t. The City Council <br />hereby elects to issue the Bonds under the provisions of the Public Finance Act of 1991, Chapter <br />26 of Title 15.2 of the Virginia Code, without regard to the requirements, restrictions or other <br />provisions contained in the Code of the City. <br /> <br />17. Effective Date. This Resolution shall take effect immediately. <br /> <br /> The undersigned City Clerk of the City Council of the City of Portsmouth, <br />Virginia, hereby certifies that the foregoing constitutes a true and correct extract from the <br />minutes of a meeting of the City Council held on August 28, 2001, and of the whole thereof so <br />far as applicable to the matters referred to in such extract. I hereby further certify that such <br />meeting was a regularly scheduled meeting and that, during the consideration of the foregoing <br />resolution, a quorum was present. The from page of this Resolution accurately records (i) the <br />members of the City Council present at the meeting, (ii) the members who were absent from the <br />meeting, and (iii) the vote of each member, including any abstentions. <br /> <br /> WITNESS MY HAND and the seal of the City Council of the City of Portsmouth, <br />Virginia, this 28th day of August, 2001. <br /> <br />TESTE: <br /> <br />City Clerk <br /> <br />5 <br /> <br /> <br />