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mount not in excess of $4,950,764.00, and (ii) to take such actions as may be necessary or desirable to or for the issuance of valid QZABs under Section 1397E of the Tax Code and Virginia law; and WHEREAS, in the School Board Resolution the School Board also (I) designated and established all of the schools listed in Attachment A hereto as qualified zone academies (the "Portsmouth QZAs") and (ii) specified the type and quality of contributions acceptable to be counted as qualified contributions for purposes of the private business contribution requirement; NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia as follows: The Council hereby determines that it is advisable to contract a debt and issue and sell general obligation QZABs of Portsmouth in a principal amount not to exceed $4,950,764.00 to f'inance "qualified purposes" with respect to the proposed projects for the Portsmouth QZAs being considered by the School Board and the Council as part of the Long-Term Capital Improvement Program for the Portsmouth Public Schools. All of the terms and provisions of the QZABs, including all provisions for the sale thereof, shall be subject to approval by subsequent resolution or resolutions of the Council. The City Manager is authorized and directed to prepare and publish and/or distribute in such manner as is authorized or permitted by Virgflfia law and he determines to be in the best interests of Portsmouth a request for proposals for the purchase of the QZABs by banks and other qualified purchasers. The City Manager is authorized and directed to take such actions as may be necessary or appropriate to publish notice and to hold a public hearing on the QZABs at an upcoming meeting of the Council. The notice and the public hearing shall satisfy the requirements of Section 15.2- 2606 of the Code of Virginia of 1950, as amended (the "Virginia Code"). The appropriate officers of the City of Portsmouth are authorized and directed to take such further actions as they deem necessary or appropriate regarding the issuance of the QZABs by Portsmouth. These actions may encompass the preparation, execution and delivery of instruments, agreements and documents related to the issuance and sale of the QZABs, including documents necessary to demonstrate compfiance with Section 1397E of the Tax Code. All actions previously taken by such officers in connection with the issuance and sale of the QZABs are hereby ratified and confirmed. The City Attorney is hereby authorized and directed to file a certified copy of this resolution with the Circuit Court of the City of Portsmouth pursuant to Sections 15.2-2607 and 15.2-2627 of the Virginia Code. The Council hereby elects pursuant to Section 15.2-2601 of the Virginia Code to issue the QZABs