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<br />. <br /> <br />. <br /> <br />. <br /> <br />provisions of Section 148 of the Code and applicable regulations relating <br />to "arbitrage bonds." The City Council covenants on behalf of the City <br />that the proceeds from the issuance and sale of the Note will be invested <br />and expended as set forth in the City's Non-Arbitrage Certificate and Tax <br />Covenants, to be delivered simultaneously with the issuance and delivery <br />of the Note and that the City shall comply with the other covenants and <br />representations contained therein. <br /> <br />8. <br /> <br />Reimbursement. The City Council adopts this declaration of official intent <br />under Treasury Regulations Section 1.150-2. The City Council reasonably <br />expects to reimburse advances made or to be made by the City to pay the <br />costs of the Project from the proceeds of its debt. The maximum amount <br />of debt expected to be issued for the Project is $3,600,000. <br /> <br />9. <br /> <br />Further Actions. The City Manager and the Chief Financial Officer, and <br />such officers and agents of the City as any of them may designate, are <br />authorized and directed to take such further action as they deem necessary <br />regarding the issuance and sale of the Bonds and the Note and all actions <br />taken by such officers and agents in connection with the issuance and sale <br />of the Bonds and Note are ratified and confirmed. <br /> <br />10. <br /> <br />Effective Date: Applicable Law. This Resolution shall take effect <br />immediately. The City Council elects to issue the Bonds and Note <br />pursuant to the provisions of the Public Finance Act of 1991, Chapter 26, <br />Title 15.2, Code of Virginia of 1950, as amended, in accordance with <br />Section 15.2-2601 thereof. <br /> <br />ADOPTED by the Council of the City of Portsmouth, Virginia at a meeting held on <br />August 23,2005. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br />-3- <br />