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<br />479
<br />
<br />The City will not be responsible or liable for sending
<br />~n statements or for maintaining, supervising or
<br />recorus maintained by DTC, its~participants or persons
<br />Tough such participants or for transmitting payments to,
<br />5lng with, notifying, or otherwise dealing with any
<br /> owner of the Bonds. So long as the Bonds are in book-
<br /> form, the Director of Finance will .serve as Registrar
<br /> Agent for the Bonds. The City reserves the right to
<br /> a successor Registrar and Paying Agent for the Bonds if
<br /> at any time cease to be in book-entry only form.
<br />
<br />So long as the Bonds are in book-entry only form, any
<br />redemption will be given only to DTC'or its nominee.
<br />;hall not be responsible for providing any beneficial
<br />~he Bonds any notice of redemption.
<br />
<br />SECTION 5. E×ecutlon and Delivery of the Bond~. The
<br /> City Clerk, the Director of Finance and other
<br /> officers, employees and agents of the City are
<br /> and directed to take all such action and to execute
<br /> as shall be deemed by them to be necessary or
<br /> to effect the printing, execution and issuance of the
<br />
<br /> the delivery of the Bonds to th~ Purchaser in
<br /> with the terms of the Proposal, the ~etailed Notice of
<br /> resolution, upon receipt of the purchase price
<br />as set fort~ in Section 2 hereof, and for the proper
<br />on and use of the proceeds of such sale. ~
<br />
<br /> SECTION 6. Preliminary Official Statement; Officis~
<br /> Concernin~ Official Statement. The City
<br /> the Director of Finance of the City are hereby
<br /> and directed to execute and deliver to the Purchaser
<br /> :ial Statement of the City relating to th~
<br />substantially the form of the Preliminary Official
<br />(the "Preliminary Official Statement"), after the same
<br />=ompleted by the insertion of the interest rates to be
<br />the Bonds and by making such other insertions, changes
<br />tions as the City Manager, based on the advice of the
<br /> advisors and legal counsel, deems necessary or
<br /> and this Council hereby authorizes such Official
<br /> and the information con=ained therein no be used by the
<br /> in connec=ion with the sale of the Bonds. The city
<br /> Direc=or of Finance and the City Attorney are hereby
<br /> and directed to execute on behalf of the City and
<br /> the Purchaser the respective certificates referred to
<br /> Statemen= under the caption "Certificates
<br /> Official Statement".
<br />
<br /> SECTION 7. Ratification. The action of the City
<br /> causing the Summary Notice of Sale to be published as
<br /> Section 1 hereof, and in causing the Detailed Notice
<br /> Proposal Form, and the Preliminary Official
<br />to be distributed, and the form and contents of the
<br /> of Sale, the Detailed Notice of Sale, the Proposal
<br /> Preliminary Official Statement, and all actions and
<br /> heretofore taken by this Council, the City Manager,
<br /> of Finance and the other officers, employees, agents
<br /> of the City in connection with the issuance and
<br /> Bonds, are hereby ratified and confirmed. All
<br /> proceedings heretofore taken by this Council, the
<br /> the Director of Finance and the other officers,
<br /> agen=s and attorneys of the City in connection with
<br /> and sale of $9,000,000 principal amounn of general
<br /> bond anticipation no=es issued in anticipation of and
<br /> from the proceeds of sale of the Public Improvement
<br />hereby approved, ratified and confirmed.
<br />
<br />SECTION 8. Filinu of This Resolution. The City
<br /> hereby authorized and direc=ed =o file a copy of this
<br /> certified by the City Clerk to be a true asd correct
<br /> with the Circuit Court of the City of Portsmouth.
<br />
<br />SECTION 9. Invalidity of Sections, Paraqraphs, Clausn~
<br /> If any section, paragraph, clause or provision-of
<br />ution shall be held invalid or unenforceable for anv
<br />
<br /> invalidity or unenforceability of such section,
<br />, clause or provision shall no= affect any of the
<br />portions of this resolution.
<br />
<br /> SECTION 10. Headincs of Sections. The headings of the
<br />Df this resolution shall be solely for convenience of
<br /> and shall no= affect the meaning, construction,
<br /> effect of such sections or of this resolution.
<br />
<br /> SECTION 11. Effective Date. This resolution shall upon its adoption.
<br />
<br /> Adopted by the Council of the City of Portsmouth,
<br /> a= a special mee=ing held on Jgnuary 8, 1991.
<br />
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