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232 <br /> <br /> 11. The City shall make no use of the proceeds of <br />the sale of the Bonds which would cause the Bonds to be <br />"arbitrage bonds" under Section 103(c) of the U.S. Internal <br />Revenue Code of 1954, as amended, and the City shall comply <br />with the appliable Treasury Regulations adopted under such <br />Section 103(c) so long as any Bond is outstanding. <br /> <br /> The City hereby covenants and agrees to comply with <br />the provisions of H.R. 3838, as passed by the United States <br />House of Representatives on December 17, 1985, that relate <br />to the Bonds if and to the extent required to maintain the <br />exemption of interest on the Bonds from federal income <br />taxation. It is to be understood, however, that the City <br />shall not be required to comply with the provisions of H.R. <br />3838 to the extent that the City receives an opinion from <br />any nationally recognized bond counsel that non-compliance <br />will not make the interest on the Bonds subject to federal <br />income taxation. <br /> <br /> 12. The Bonds shall, as soon as practicable, be <br />prepared, executed and delivered at the expense of the City <br />to the Purchaser in accordance with the provisions of the <br />Bond Ordinane, the Notice of Sale and this resolution and <br />upon payment of the balance of the purchase price for the <br />Bonds. <br /> <br /> 13. The apointment of United Virginia Bank in the <br />City of Richmond, Virginia, as Registrar and Paying Agent <br />for the Bonds, is hereby approved, ratified and confirmed. <br /> <br /> 14. The City Attorney of the City is hereby directed <br />to file a copy of this resolution, certified by the Clerk <br />of Council of the City to be a true and correct copy <br />hereof, with the Clerk of the Circuit Court of the City. <br /> <br /> 15. This resolution shall take effect upon its <br />adoption. <br /> <br />LUNCHEON MEETING WITH SCHOOL BOARD <br /> <br /> Dr. Vincent Cibbarelli, Superintendent of City <br />Schools, announced the sudden death of Julian King, <br />Johnson Elementary School principal. <br /> <br /> Mr. Buck requested that the program being partially <br />funded by CDBG funds with Monticello Area Community Action <br />Agency (MACAA), Piedmont Virginia Community College <br />(PVCC), and the City schools be discussed. <br /> <br /> Dr. Cibbarelli stated that the City schools would <br />handle the finances for the program which was being <br />expanded as a result of the recommendations of the Race <br />Relations and Education Task Force and would include: <br />MACAA working with parents of children at-risk and <br />operating Project Discovery, and PVCC and City schools <br />sharing guidance counselors. <br /> <br /> Mrs. Gleason asked whether the schools were prepared <br />to take over the expense of the expanded program in the <br />future when CDBG funds are not available. <br /> <br /> Dr. Cibbarelli stated that the program was a high <br />priority with the schools and priorities would be <br />rearranged in future years in order to provide the <br />funding. <br /> <br /> Mr. Buck stated that he supported the program but <br />noted that in future years the program would need to be <br />funded as part of the school's budget. <br /> <br /> Mr. Ken Ackerman, Director of MACAA, stated that he <br />was investigating and was optimistic about obtaining State <br /> <br /> <br />