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49 the date fixed for redemption, plus a premium of one-quarter (1/4) of one percent (1%) of the principal amount of each Bond to be redeemed for each twelve (12) month period or fraction thereof from and excluding the date fixed for redemption to and including the stated maturity of such Bond; provided, however, that in no event shall such premium shall exceed two percent (2%) of such principal amount. If any Bond (or any portion of the principal amount thereof in installments of $5,000) shall be called for redemption~ notice of the redemption thereof, specifying the date, number and maturity of such Bond, the date and place or places fixed for its redemption, the premium, if any, payable upon such redemption, and if less than the entire principal amount of such Bond is to be redeemed, that such Bond must be surrendered in exchange for the principal amount thereof to be redeemed and a new Bond or Bonds issued equaling in principal amount that portion of the principal amount thereof not to be redeemed, shall be mailed not less than thirty (30) days prior to the date fixed for redemption by first class mail, postage prepaid, to the registered owner of such Bond at his address as it appears on the books of registry kept by the Registrar for the Bonds as of the close of business on the forty-fifth (45th) day next preceding the date fixed for redemption. If notice of the redemption of any Bond shall have been given as aforesaid, and payment of the principal amount of such Bond (or the portion of the principal amount thereof to be redeemed) and of the accrued interest and premium, if any, payable upon such redemption shall have been duly made or provided for, interest on such Bond shall cease to accrue from and after the date so specified for redemption thereof. 5. The Bonds are hereby designated as "qualified tax- exempt obligations', for purposes of Section 265 of the Code. 6. The Bonds shall, as soon as practicable, be prepared, executed and delivered at the expense of the City to the Purchaser in accordance with the provisions of the Bond Ordinances, the Detailed Notice of Sale and this resolution and upon payment of the balance of the purchase price for the Bonds. 7. The appointment of Crestar Bank in the City of Richmond, Virginia, as Registrar and Paying Agent for the Bonds, is hereby approved, ratified and confirmed. 8. a) The form of the Escrow Deposit Agreement, dated as of May 1, 1993 (the "Escrow Deposit Agreement"), by and between the City and Crestar Bank, as Escrow Agent (the "Escrow Agent"), presented to and filed with the minutes of the meeting of the council at which this resolution is being adopted, and the terms, conditions and provisions thereof, are hereby approved, ratified and confirmed by the Council, and the City Manager or the Deputy City Manager or the Director of Finance is hereby authorized and directed to execute and deliver to the Escrow Agent the Escrow Deposit Agreement in substantially such form, together with such changes as shall be approved by the City Manager or the Deputy City Manager or the Director of Finance upon the advice of counsel (including the City AttorneY and Bond Counsel), such approval to be conclusively evidenced by his execution thereof. b) The appointment of Crestar Bank, as Escrow Agent under the Escrow Deposit Agreement, is hereby approved, ratified and confirmed by the Council. c) The City Manager or the Deputy City Manager or the DireCtor of Finance of the City are hereby authorized to execute, on behalf of the City, subscriptions for United States Treasury Time Deposit Securities - State and Local Government Series, to be purchased by the Escrow Agent from