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be in the City's best interests, on the terms set forth in the Resolutions. The principal mount of <br />Refunding Bonds authorized to be issued Under the Resolutions is hereby increased to <br />$104,000,000. <br /> <br /> 4. 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 as they deem necessary regarding the Amendment and the Refunding <br />Bonds and all actions taken by such officers and agents in connection with the Amendment and <br />the Refunding Bonds are ratified and confirmed. <br /> <br /> 5. Effective Date: Applicable Law. This Resolution shall take effect immediately. <br />The City Council elected to issue the Note pursuant to the provisions of the Public Finance Act <br />of 1991, Chapter 26, Title 15.2, Code of Virginia of 1950, as amended (the "Act"), in accordance <br />with Section 15.2-2601 of such Act. The Act shall also govern the Amendment. <br /> <br /> ADOPTED by the Council of the City of Portsmouth, Virginia at a meeting held on <br />November 25, 2003. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br /> <br />