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5. Non-Arbitrage Certificate and Tax Covenants. The Chief Finaucial Officer of the <br />City and such officers and agents of the City as she may designate are authorized and directed to <br />execute a Non-Arbitrage Certificate and Tax Covenants setting forth the expected use and <br />investment of the proceeds of the Note and containing such covenants as may be necessary in <br />order to comply with the provisions of the Intemat Revenue Code of 1986, as amended ("Code"), <br />including the provisions of Section 148 of the Code and applicable regulations relating to <br />"arbitrage bonds." <br /> <br /> 6. Further Actions. The City Manager and the Chief Financial Officer of the City <br />and such officers and agents of the City as either of them may designate are authorized and <br />directed to take such further action as they deem necessary regarding the issuance and sale of the <br />Note and all actions taken by such officers and agents in connection with the issuance and sale of <br />the Note are ratified and confirmed. <br /> <br /> 7. Effective Date: Applicable Law. This Resolution shall take effect immediately. <br />The Council elects to issue the Note pursuant to the provisions of the Public Finance Act of <br />1991, Chapter 26, Title 15.2, Code of Virginia of 1950, as amended, in accordance with Section <br />15.2-2601 of such Act. <br /> <br /> ADOPTED by the Council of the City of Portsmouth, Virginia, at a meeting held on <br />December 11, 2001. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br />-2- <br /> <br /> <br />