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-12 and Finance, based on the advice of the City's financial advisors and legal counsel (including Bond Counsel), deem necessary or appropriate; and the Council hereby authorizes the Official Statement and the information contained therein to be used by the Underwriters in connection with the sale of the Series 1987 Bonds. 11. (a) The form of the Escrow Deposit Ag~.ement, dated as of May 1, 1987 (the "Escrow Deposit Agreement"), by and between the City and the Escrow Agent to be hereinafter designated by the Council (the "Escrow Ag ent"~), presented to and filed with the minutes of the meeting of the Council at which this resolution is being adopted, and the terms, conditions and provisions thereof, are hereby approved, ratified and confirmed by the Council, and the City Manager is hereby authorized and directed to execute and deliver to the Escrow Agent the Escrow Deposit Agreement in substan- tially such form, together with such changes as shall be approved by the City Manager upon the advice of counsel (including Bond Counsel), such approval to be conclusively evidenced by his execution thereof. (b) The City Manager and the Assistant City Manager for Administration and Finance of the City, or either of them, are hereby authorized to execute, on behalf of the City, subscriptions for United States Treasury Obligations - State and Local Government Series, to be purchased by the Escrow Agent from moneys deposited in the 1987 Refunding Trust Fund created and established under the Escrow Deposit Agreement. Suck United States Treasury Obligations - State and Local Government Series so purchased shall be held by the Escrow Agent under and in accordance with the provisions of the Escrow Deposit Ag reemens. (c) The City Manager is hereby ~authorized to designate the 1975 Refunded Port ImProve~nt~Bonds for redemption on a date as soon as practicable after the sale of the Bonds, but not later than August 1, 1987, in accordance with the provisions of the aforementioned ordinance and resolution authorizing the issuance of the 1975 Port Improvement Bonds adopted by the Council on September 29, 1970 and October 10, 1975 and Eo take all such actions as he shall deem to be necessary or desirable to effect the redemption of the 1975 Refunded Port Improvemen~ Bonds on such date. 12. The action of the City Manager, the Assistant City Manager for Administration and Finance and other officials, employees, agents and attorneys of the City in negotiating the sale of the Bonds, and all actions and proceedings heretofore taken by the Council, the City Manager, the Assistant City Manager for Administration and