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14. Continuing_Disclosure. The City Manager and the ChiefFinancial Officer, or <br />either of them, are authorized and directed to enter into a Continuing Disclosure Agreement for <br />the b~nefit of the owners of the Bonds to assist the Underwriter for the Bonds in complying with <br />the provisions of Section (b)(5) of Securities and Exchange Commission Rule 15c2-12. <br /> <br /> 15. Further Actions. The City Manager and the Chief Financial Officer and such <br />officers and agents of the City as either of them may designate are authorized and directed to <br />take such further action and to execute and deliver such additional agreements, documents and <br />certificates as they deem necessary regarding the Bonds and all actions taken by such officers <br />and agents in connection with the Bonds are ratified and confirmed. <br /> <br /> 16. Effective Date; Applicable Law. In accordance with Section 15.2-2601 of the <br />Public Finance Act of 1991, Chapter 26, Title 15.2, 1950 Code of Virginia, as amended, (the <br />"Act"), the City Council elects to issue the Bonds pursuant to the provisions of the Act. This <br />Resolution shall take effect mediately. <br /> <br /> ADOPTED by the Council of the City of Portsmouth, Virgin/a, at a meeting held on <br />August 12, 2003. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br />-8- <br /> <br /> <br />