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<br />AUQust 23. 2005 <br /> <br />6. Execution of Note. The City Manager and the Clerk of the City Council are <br />authorized and directed to execute an appropriate Note and to affix the seal of the City <br />thereto and to deliver the Note to the purchaser thereof upon payment of the purchase <br />price. The manner of execution and affixation of the seal may be by facsimile, provided, <br />however, that if the signatures of the City Manager and the Clerk are both by facsimile, <br />the Note shall not be valid until signed at the foot thereof by the manual signature of the <br />Note Registrar. <br /> <br />7. Non-Arbitraqe Certificate and Tax Covenants. The City Manager and the Chief <br />Financial Officer, or either of them, and such officers and agents of the City as they may <br />designate are authorized and directed to execute a Non-Arbitrage Certificate and Tax <br />Covenants setting forth the expected use and investment of the proceeds of the Note <br />and containing such covenants as may be necessary in order to comply with the <br />provisions of the Internal Revenue Code of 1986, as amended ("Code"), including the <br />provisions of Section 148 of the Code and applicable regulations relating to "arbitrage <br />bonds." The City Council covenants on behalf of the City that the proceeds from the <br />issuance and sale of the Note will be invested and expended as set forth in the City's <br />Non-Arbitrage Certificate and Tax Covenants, to be delivered simultaneously with the <br />issuance and delivery of the Note and that the City shall comply with the other <br />covenants and representations contained therein. <br /> <br />8. Reimbursement. The City Council adopts this declaration of official intent under <br />Treasury Regulations Section 1.150-2. The City Council reasonably expects to <br />reimburse advances made or to be made by the City to pay the costs of the Project from <br />the proceeds of its debt. The maximum amount of debt expected to be issued for the <br />Project is $3,600,000. <br /> <br />9. Further Actions. The City Manager and the Chief Financial Officer, and such <br />officers and agents of the City as any of them may designate, are authorized and <br />directed to take such further action as they deem necessary regarding the issuance and <br />sale of the Bonds and the Note and all actions taken by such officers and agents in <br />connection with the issuance and sale of the Bonds and Note are ratified and confirmed. <br /> <br />10. Effective Date: Applicable Law. This Resolution shall take effect immediately. <br />The City Council elects to issue the Bonds and Note pursuant to the provisions of the <br />Public Finance Act of 1991, Chapter 26, Title 15.2, Code of Virginia of 1950, as <br />amended, in accordance with Section 15.2-2601 thereof." <br /> <br />Ayes: Heretick, Moody, Psi mas, Randall, Whitehurst, Holley <br />Nays: None <br /> <br />05 - 389 - Adoption of a resolution authorizing the City Manager to convey any and all <br />right, title and interest in the streets closed and vacated by Ordinance May 10, 2005 to <br />Portsmouth Venture One, LLC. Vision Principle: Bold New Directions. <br /> <br />Background: <br />. Council adopted an Ordinance on May 10,2005 that closed and vacated almost <br />all the street right of way located in the former Fairwood Homes. <br />. A question has been raised by the Attorney about title to the streets that were <br />closed and vacated because of the manner by which the streets were dedicated and <br />monumented on the plans for Fairwood Homes. <br />. In order to insure that all right of way that was closed and vacated has passed to <br />Portsmouth Venture One, LLC, a quit claim deed should be provided to them for any <br />possible interest the City might have, so that the Ordinance closing and vacating the <br />streets might have the desired effect. <br /> <br />Discussion: <br />. The Proposed Resolution will eliminate any question as to title in the closed and <br />vacated streets. <br />. The proposed resolution will authorize the City Manager to convey without <br />warranty only any interest which may remain with the City as a result of closure of the <br />streets. <br />. There will be no financial impact as a result of the proposed conveyance. <br />