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11. (a) The City Manager is hereby authorized to appoint an escrow agent • (the "Escrow Agent") for the City in connection with the refunding of the Refunded Bonds. (b) The City Manager is hereby authorized and directed to execute and deliver an Escrow Deposit Agreement by and between the City and the Escrow Agent in such form as shall be approved by the City Manager upon the advice of counsel (including the City Attorney or Bond Counsel), such approval to be conclusively evidenced by the execution of the Escrow Deposit Agreement by the City Manager. (c) The City Manager and the Director of Finance, or either of them, are hereby authorized to execute, on behalf of the City, subscriptions for United States Time Deposit Securities - State and Local Government Series, if any, to be purchased by the Escrow Agent from moneys deposited in the Escrow Deposit Fund created and established under any Escrow Deposit Agreement. Such United States Time Deposit Securities - State and Local Government Series, if any, so purchased shall be held by the Escrow Agent under and in accordance with the provisions of the related Escrow Deposit Agreement. The City Manager and Director of Finance, or either of them, are hereby authorized to enter into such purchase agreements, including forward supply agreements, if any, as shall be required in connection with the purchase by the Escrow Agent, from moneys deposited in the Escrow Deposit Fund created and established under any Escrow Deposit Agreement, of Government Securities (as defined in the Escrow Deposit Agreement) other than United States Time Deposit Securities - State and Local Government Series. The City Manager and the Director of Finance, or either of them, are hereby authorized from time to time to take all such action as shall be necessary or desirable to effect the • redemption or sale of the Government Securities held in the Escrow Deposit Fund and to purchase Substitute Government Securities (as defined in the Escrow Deposit Agreement) in substitution therefor. 12. Subject to the issuance, sale and delivery of the Bonds pursuant to this resolution and receipt of the proceeds of the Bonds, the City Manager is hereby authorized to designate the Refunded Bonds for redemption on such date or dates as shall be determined by the City Manager and is hereby further authorized to direct the Escrow Agent to cause notices of the redemption of the Refunded Bonds on such date or dates to be given in accordance with the provisions of the proceedings authorizing the issuance of the Refunded Bonds. 13. There is hereby delegated to the Chief Operating Officer/Chief Financial Officer the authority to take any action the City Manager is authorized to take under this resolution in the absence or unavailability of the City Manager. 14. The City Attorney of the City is directed to file a copy of this resolution, certified by the Clerk of Council of the City to be a true and correct copy hereof, with the Circuit Court of the City in accordance with Section 15.2-2607 of the Code of Virginia, 1950. 15. All ordinances, resolutions and proceedings in conflict herewith are, to the extent of such conflict, repealed. 16. This resolution shall take effect upon its adoption. • Approved by Council November 1, 2004 -8- CQelk of City Council 461132.3 027341 RES