19681001 1968-12ORDINANCE NO. 1968-12
"AN ORDINANCE AUTHORIZING THE ISSUANCE
OF GENERAL OBLIGATION BONDS IN AN AG-
GREGATE PRINCIPAL AMOUNT NOT EXCEEDING
$2,600,000, OF THE CITY OF FAIRFAX,
VIRGINIA, FOR THE PURPOSE OF PROVID-
ING FUNDS, TO PAY THE CAPITAL COSTS AL-
LOCABLE TO THE CITY OF FAIRFAX IN THE
CONSTRUCTION AND ACQUISITION OF TRANSIT
FACILITIES IN THE WASHINGTON METROPOLITAN
AREA." and
WHEREAS, it is necessary that transit facilities be con-
structed and acquired in the Washington metropolitan area by the
Washington Metropolitan Area Transit Authority pursuant to the
provisions of the Washington Metropolitan Area Transit Authority
Compact and the City Council has determined that for the purpose
of providing funds to pay the capital costs allocable to the City
of Fairfax for such capital improvements the City of Fairfax should
issue its general obligation bonds in an aggregate principal amount
not exceeding $2,600,000; now, therefore,
THE COUNCIL OF THE CITY OF FAIRFAX HEREBY ORDAINS:
Section 1. Pursuant to the Charter of the City of Fair-
fax and the Constitution and laws of Virginia, there shall be is-
sued general obligation bonds of the City of Fairfax, Virginia,
in an aggregate principal amount not exceeding $2,600,000 for the
purpose of providing funds to pay the capital costs allocable to
the City of Fairfax in the construction and acquisition of transit
facilities in the Washington metropolitan area by the Washington
Metropolitan Area Transit Authority pursuant to the provisions of
the Washington Metropolitan Area Transit Authority Compact.
Section 2. The debt limit as prescribed by said Charter
and by the Constitution of Virginia will not be exceeded by the
issuance of said general obligation bonds.
Section 3. The full faith and credit of the City of
Fairfax is hereby pledged for the payment of the principal of and
the interest on such general obligation bonds and the City shall
be unconditionally and irrevocably obligated to levy ad valorem
taxes on all taxable property in said City without limitation as
to rate or amount to the full extent necessary for the payment of
such principal and interest on such general obligation bonds.
Section 4. Following the second reading and final adop-
tion of this ordinance, the City Clerk shall forthwith certify
a copy hereof to the Circuit Court of Fairfax County, Virginia,
or to the judge thereof, in vacation, and it is hereby requested
that the Circuit Court order a special election of the qualified
voters of the City upon the question of contracting a debt, bor-
rowing money and issuing general obligation bonds of the City of
Fairfax, Virginia, in an aggregate principal amount not exceeding
$2,600,000 for the purpose of providing funds to pay the capital
costs allocable to the City of Fairfax in the construction and ac-
quisition of transit facilities in the Washington metropolitan area
by the Washington Metropolitan Area Transit Authority pursuant to
the provisions of the Washington Metropolitan Area Transit Authority
Compact, all pursuant to the provisions of this ordinance.
Section 5. The City Clerk shall cause this ordinance
to be published in the Northern Virginia Sun, a newspaper of gen-
eral circulation in the City of Fairfax, promptly following its
introduction, together with a notice containing the date, time and
place for a public hearing which shall not be less than three days
after such introduction. The Clerk of the City Council shall note
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the date of introduction and first reading, the date of publica-
tion, the date of public hearing, and the date of the second read-
ing and final adoption in the minutes of the meeting. As provided
by Section 8.4 of the Charter of the City of Fairfax, this ordinance
shall take effect immediately upon its approval in a special elec-
tion of the qualified voters of the City of Fairfax.
Introduced: September 26, 1968.
Adopted: October 1, 1968.
Attest:
City'clerk
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