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simultaneously with the issuance and delivery of the Notes and that the City shall comply with the other covenants and representations contained therein. 8. Deed of Trust. If required under the Development Agreement, the execution and delivery of the Deed of Trust is authorized. The Deed of Trust shall be in such form and contain such provisions as the City Manager and the City Attorney shall approve, such approval to be evidenced conclusively by the execution and delivery of the Deed of Trust. The City Manager is authorized to execute the Deed of Trust on behalf of the City and the City Clerk is authorized to affix the seal of the City on the Deed of Trust and to attest such seal. 9. Reimbursement. The City Council adopts this declaration of official intent under Treasury Regulations Section 1.150-2. The City Council reasonably expects to reimburse advances made or to be made by the City to make Payments from the proceeds of its debt. The maximum amount of debt expected to be issued such purpose is $76,000,000. 10. Further Actions. The City Manager, the Chief Financial Officer and the City Attorney and such officers and agents of the City as any of them may designate are authorized and directed to take such further action as they deem necessary regarding the issuance and sale of the Bonds and the Notes and the execution and delivery of the Deed of Trust. All actions taken by such officers and agents in connection with the issuance and sale of the Bonds and Notes are ratified and confirmed. 11. Effective Date: Applicable Law. This Resolution shall take effect immediately. The City Council elects to issue the Bonds and Notes 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 thereof. ADOPTED by the Council of the City of Portsmouth, Virginia at a meeting held on September 8, 2009. Teste: City Clerk -3-