Laserfiche WebLink
Bonds. If appropriate, such disclosure documents shall be distributed in such manner and at such <br />times as any of them shall determine. The City Representative is authorized and directed to take <br />whatever actions are necessary or appropriate to aid VRA in ensuring compliance with Securities <br />and Exchange Commission Rule 15c2 -12. <br />12. SNAP Investment Authorization. The City Council authorizes the Chief Financial <br />Officer to have the option to utilize the State Non - Arbitrage Program of the Commonwealth of <br />Virginia ( "SNAP ") in connection with the investment of the proceeds of the Bonds. The City <br />Council acknowledges that the Treasury Board of the Commonwealth of Virginia is not, and shall <br />not be, in any way liable to the City in connection with SNAP, except as otherwise provided in the <br />contract creating the investment program pool. <br />13. Refunding of Prior Obligations. The City Representative is hereby authorized and <br />directed to execute one or more escrow agreements (each an "Escrow Agreement ") with an escrow <br />agent (the "Escrow Agent ") to be appointed by the City Representative, with respect to the <br />Refunded Obligations. The Escrow Agreement shall be in the form approved by the City <br />Representative. The execution of an Escrow Agreement by the City Representative shall constitute <br />conclusive evidence of such official's approval of the Escrow Agreement. The Escrow Agent is <br />hereby authorized and directed to execute initial and final subscription forms for the purchase of <br />noncallable, direct obligations of the United States and such other contracts and agreements <br />necessary to provide for the refunding of the Refunded Obligations and payment of the applicable <br />interest on the Bonds as are approved by the City Representative. The City Representative is <br />hereby authorized and directed to determine, which maturities (or portions thereof) of the Prior <br />Obligations are to be refunded by the proceeds of the Refunding Bonds. The City Representative <br />is further authorized to call the Refunded Obligations for redemption. The Escrow Agreements <br />-8- <br />