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obligation public improvement bond anticipation notes of the City in an aggregate principal amont equal to the principal amount of the bonds authorized for issuance thereunder, the sale of any such general obligation public improvement bond anticipation notes and the form and other details thereof to be approved, ratified and confirmed by this Council; and WHEREAS, the City has determined to issue and sell $5,000,000 principal amount of the general obligation public improvement bond anticipation notes authorized for issuance by the Authorizing Resolutions in anticipation of the issuance of the bonds authorized for issuance thereunder and has requested this Council to approve the sale of such general obligation public improvement bond anticipation notes and the form and other details thereof; NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia: 1. In accordance with and pursuant to Paragraph 4 of each of the Authorizing Resolutions, this Council hereby accepts the proposal of Crestar Bank to purchase and approves the sale to Crestar Bank of $5,000,000 principal amount of City of Portsmouth, Virginia, General Obligation Public Improvement Bond Anticipation Notes (the "Notes") at a purchase price equal to the principal amount of the Notes. The Notes shall be dated June 28, 1995, shall mature on January 15, 1996 and shall bear interest payable at maturity at the rate of four and 12/100 per centum (4.12%) per annum. The form of the Note attached to this resolution as Exhibit A is hereby approved, ratified and confirmed by this Council. 2. The City covenants that it shall comply with the provisions of Sections 103 and 141-150 of the Internal Revenue Code of 1986, and the Treasury Regulations promulgated or proposed to be promulgated thereunder, applicable to the Notes, throughout the term of the Notes. 3. The City hereby designates the Notes as "qualified tax-exempt obligations" within the meaning of Section 265(b) (3) of the Internal Revenue Code of 1986. 4. The City Manager, the Director of Finance and the City Treasurer are authorized and directed to take all such actions as shall be contemplated by the Authorizing Resolutions and this resolution and as shall otherwise be required in connection with the issuance, sale and delivery of the Notes. The City Treasurer is authorized and directed to execute the Notes on behalf of the City.