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<br />authorized to take such action as the City Manager or Chief Financial Officer may consider <br />necessary or desirable in connection with the issuance and sale of the Bonds and any such action <br />previously taken is hereby ratified and confirmed. <br /> <br />16. Election to Proceed Under Public Finance Act of 1991. The City Council <br />hereby elects to issue the Bonds under the provisions of the Public Finance Act of 1991, Chapter <br />26 of Title 15.2 of the Virginia Code, without regard to the requirements, restrictions or other <br />provisions contained in the Code of the City. <br /> <br />17. Effective Date. This Resolution shall take effect on the date of its <br /> <br />adoption <br /> <br />ADOPTED by the Council of the City of Portsmouth, Virginia at a meeting held <br />on September 12,2006. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br />-5- <br />