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3. Reimbursement. The City Council adopts this declaration of official intent under <br />Treasury Regulations Section 1.150-2. The City Council reasonably expects to reimburse any <br />advances made or to be made by the City to pay the costs of the Facility from the proceeds of its <br />debt or other financing. The maximum amount of debt or other financing expected to be issued <br />for the Facility is $13,000,000 (thirteen million). <br /> <br />4. Filing of Resolution. The City Attorney shall file a copy of this resolution, <br />certified by the City Clerk of the City to be a true copy thereof, with the Circuit Court of the City <br />of Portsmouth, Virginia. in accordance with Section t5.2-2607 of the Code of Virginia of 1950. <br /> <br /> 5. Applicable Law. In accordance with Section 15.2-2601 of the Public Finance Act <br />of 1991 (Chapter 26, Title 15.2, Code of Virginia of 1950, as amended) the City Council elects <br />to enter into the Lease pursuant to the provisions of such Act. <br /> <br />6. Effective Date. This Resolution shall take effect immediately. <br /> <br /> The undersigned Clerk of the City Council of the City of Portsmouth, Virginia certifies <br />that the foregoing resolution was duly adopted at meeting of the City Council duly called and <br />held on June 27. 2000. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br /> <br />