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3. Authorization of Basic Documents. The execution and delivery of and performance by the City of its obligations under the Basic Documents to which it is a party are authorized. The Basic Documents and the Bond shall be in such form and contain such provisions as the Chief Financial Officer of the City and the City Manager, or either of them, shall approve, provided that the maximum principal amount of the Bond shall not exceed $5,200,000 and the true interest cost on the Bond shall not exceed 6%, such approval to be evidenced conclusively by the execution and delivery of the Lease. 4. Execution of Documents. The Chief Financial Officer of the City and the City Manager, or either of them, are authorized to execute on behalf of the City the Basic Documents to which the City is a party, and, if required, to affix or to cause to be affixed the seal of the City to the Basic Documents and to attest such seal. Such officers or their designees are authorized to execute and deliver on behalf of the City such instruments, documents or certificates, including but not limited to such loan or financing agreements, tax certificates and continuing disclosure agreements as may be required by the Industrial Development Authority of the County of Stafford and the City of Staunton, Virginia, as purchaser of the Authority's Bond, and to do and perform such tlfings and acts, as they shall deem necessary or appropriate to cm'ry out the transactions authorized by this Resolution or contemplated by the Basic Documents; and all of the foregoing, previously done or performed by such officers or agents of the City, are in ail respects approved, ratified and confirmed. 5. Reimbursement. The City Council adopts this declaration of official intent under Treasury Regulations Section 1.150-2. The City Council reasonably expects to reimburse any advances made or to be made by the City m pay the costs of the Project from the proceeds of its debt or other financing. The maximum amount of debt or other financing expected to be issued for the Project is $5,200,000. 6. Effective Date; Applicable Law. This Resolution shall take effect on the date of its adoption. The City Council elects to enter into the Lease pursuant to the provisions of the Public Finance Act of 1991, Chapter 26, Title 15.2, Code of Virginia of 1950, as amended, in accordance with Section 15.2-2601 of such Act. ADOPTED by the Council of the City of Portsmouth, Virginia at a meeting held on June 8, 2004. Teste: City Clerk -2-