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- 13 - • Manager or the Deputy City Manager and the Director of Finance, based on the advice of the City's financial advisors and legal counsel (including the City Attorney and Bond Counsel), deem necessary or appropriate; and the Council hereby authorizes the Official Statement and the information contained therein to be used by the Purchaser in connection with the sale of the Bonds. The Preliminary Official Statement is "deemed final" for purposes of Rule 15c2-12 promulgated by the Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934. The City Manager or the Deputy City Manager and the Director of Finance are hereby authorized and directed to execute on behalf of the City and deliver to the Purchaser the respective certificate referred to in the Official Statement under the caption "Certificate Concerning Official Statement". SECTION 11. Escrow Deposit Agreement; Appointment of Escrow Aaent• Authorization of Subscriptions for SLGS• Designation of Refunded Bonds for Redemption. (a) The form of the Escrow Deposit Agreement, dated as of July 1, 1992 (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 ordinance 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 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 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 and the Director of Finance of the City, or either of them, 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 moneys deposited in the 1992 Escrow Deposit Fund created and established under the Escrow Deposit Agreement. Such United States Treasury Time Deposit Securities - State and Local Government Series so purchased shall be held by the Escrow Agent under and in accordance with the provisions of the Escrow Deposit Agreement. The City Manager or the Deputy City Manager and the Director of Finance, or either of them, are authorized to execute, on behalf of the City, the instruments required to be executed on behalf of the City in connection with any other investments contemplated by the Escrow Deposit Agreement. • (d) The Council hereby designates the Refunded 1985 Public Improvement Bonds for redemption on August 1, 1995 in