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redemption of the Prior Bonds and (b) enter ii]to ~th EgcrOw Agreement with an escrow agent to <br />be selected by the Chief Financial Officer providing for the deposit and investment of such <br />portion of the proceeds of the Bonds to be applied to the redemption of the Prior Bonds on the <br />earliest redemption date. <br /> <br /> 5. Further Actions. The City Manager and the Chief Financial Officer and such <br /> <br />officers and agents of the City as either of them may designate are authorized and directed to <br />take such further action as they deem necessary regarding the issuance and sale of the Bonds and <br />all actions taken by such officers and agents in connection with the issuance and sale of the <br />Bonds are ratified and confirmed. <br /> <br /> 6. Effective Date; Applicable Law. In accordance with Section 15.2-2601 of the <br /> <br />Code of Virginia of 1950, as amended, (the "Act"), the City Council elects to issue the Bonds <br />pursuant to the provisions of the Act. This Resolution shall take effect immediately. <br /> <br /> ADOPTED by the Council of the City of Portsmouth, Virgima, at a meeting held on <br />September 9, 2003. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br /> <br />