19680521 1968-8ORDINANCE NO. 1968-8
AN ORDINANCE PROVIDING FOR THE ISSUANCE OF
THE $400,000 GENERAL OBLIGATION BONDS OF
THE CITY OF FAIRFAX AUtHOrIZED BY ORDINANCE
NO. 1967-4, ADOPTED BY TIlE CITY CO[~CIL ON
SEPTEMBER 26, 1967 AND APPROVED BY A MAJOPITY
OF THE QUALIFIED VOTERS OF THE CITY VOTING ON
THE QUESTION OF ISSUING SAID BONDS AT AN
ELECTION HELD ON NOVEMBER 7, 1967
WHEREAS, the City Council of the City of Fairfax on
September 26, 1967 duly adopted Ordinance No. 1967-4 authorizing
the issuance of $400,000 general obligation bonds of the City
for the purpose of providing funds, with any'other available funds,
to pay the cost of a capital improvement project consisting of the
construction and acquisition of school improvements including the
purchase of sites, additions and improvements of sites, the acquisi-
tion or construction of new buildings, the acquisition of existing
buildings, additions ad alterations to existing buildings, and the
furnishing and equipping of buildings or additions to buildings;
and
WHEREAS, at an election duly called and held on November
7, 1967, a majority of the qualified voters of the City of Fairfax,
Virginia, voting on the question approved contracting a debt, borrow-
ing money and issuing general obligation bonds of the City of Fair-
fax, Virginia, in the aggregate principal amount of $400,000 for
the purpose of providing funds, with any other available funds, to pay
the cost of a capital improvement project consisting of the construc-
tion and acquisition of school improvements including the purchase
of sites, additions and improvements of sites, the acquisition or
construction of new buildings, the acquisition of existing buildings,
additions and alterations to existing buildings, and the furnishing
and equipping of buildings or additions to buildings, all pursuant
to the provisions of Ordinance No. 1967-4, adopted by the City
Council on September 26, 1967; and
WHEREAS, the Circuit Court of Fairfax County, Virginia,
has duly entered its Final Order authorizing the City Council of
the City of Fairfax, Virginia, to proceed to carry out the wishes
of the voters as expressed at said election and to contract a debt,
borrow money and issue general obligation bonds of the City of Fair-
fax, Virginia, in the aggregate principal amount of $400,000 for the
purpose of providing funds, with any other available funds, to pay
the cost of a capital improvement project consisting of the construc-
tion and acquisition of school improvement~ including the purchase of
sites, additions and improvements of sites, the acquisition or con-
struction of new buildings, the acquisition of existing buildings,
additions and alterations to existing buildings, and the furnishing
and equipping of buildings or additions to buildings, all pursuant
to the provisions of Ordinance No. 1967-4, adopted by the City
Council on September 26, 1967; and
WHEREAS, the City Council deems it advisable to authorize
the issuance of said bonds at this time; nov,, therefore,
THE COUNCIL OF THE CITY OF FAI~FAX HEREBY ORDAINS:
Section 1. For the purpose of providing funds, with any
other available funds, to pay the cost of a capital improvement
project consisting of the construction and acquisition of school
improvements including the purchase of sites, additions add i~prove-
ments of sites, the acquisition or construction of new buildings,
the acquisition of existing buildings, additions and alterations
to existing buildings, and the furnishing and equipping of build-
ings or additions to buildings in the City, there, shall be issued
the negotiable coupon bonds of the City of Fairfax, Virginia, in
the aggregate principal amount of $400,000. Said bonds shall
consist of 80 bonds of the denomination of $5,000 each, numbered
1 to 80, inclusive, shall be designated "School Bonds", shall be
dated as of the 1st day of March, 1968, shall be stated to mature
(without right of prior redemption), in numerical order, lowest
numbers first, on the 1st day of March in the following years and
in the following amounts, respectively:
Year of Principal Year of Principal
Maturity Amount Maturity Amount
1970 $10,000 1991 $20,000
1971 10,000 1982 20,000
1972 10,000 1983 20,000
1973 10,000 1984 20,000
1974 15,000 1985 20,000
1975 15,000 1986 25,000
1976 15,000 1987 25,000
1977 15,000 1988 25,000
1978 15,000 1989 25,000
1979 15,000 1990 25,000
1980 15,000 1991 30,000
and shall bear interest until their payment at a rate or rates not
exceeding six per centum (6%) per annum as shall hereafter be deter-
mined by the City Council by resolution, such interest to the
respective maturities of the bonds being payable semi-annually on
1st days of March and September in each year. Both the principal of
and the interest on said bonds shall be payable at National
Bank of Fairfax , in Fairfax , virginia, or at
Chase Manhattan Bank , in the Bb'rough of Manhattan,
City an~d State of New York, at th'~ option of the holder or registered
owner, in any coin or currency of the United States of America which
on the respective dates of payment thereof is legal tender for the
payment of public and private debts.
Section 2. Said bonds shall be executed with the facsimile
signature of the Mayor of the City and shall be signed by the City
Treasurer and the corporate seal of the City shall be impressed on
said bonds and attested by the City Clerk. The interest coupons
to be attached thereto shall be executed with the facsimile s~gna-
ture of said Mayor. Said bonds and coupons and the provisions for
registration to be endorsed on the bonds shall be, respectively,
substantially in the following forms:
No. $5,000
United States of America
State of Virginia
CITY OF FAIRFAX
School Bond
The City of Fairfax, Virginia~ is justly indebted ~.nd for
value received hereby promises to pay to the bearer or, if this bond
be registered, to the registered owner hereof, on the 1st day of
March, 19__, upon the presentation and surrender hereof, the principal
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sum of
FIVE THOUSAND DOLLARS
and to pay interest thereon from the date hereof at the rate of
per centum ( %) per
annum until payment of"'said~'principal sum, such-interest to the
maturity hereof being payable semi-annually on the 1st days of
~!arch and September in each year upon the presentation and surrender
of the coupons representing such interest as the same respectively
become due. Both the principal of and the interest on this bond
are payable at National Bank of Fairfax , in
Fairfax , Virginia, or at Chase Manhattan Bank
~ , in the Borough of Ma'nh~n,
City ana State bf New York, at t~e option of the holder or registered
owner, in any coin or currency of the United States of ~erica which
on the respective dates of payment thereof is legal tender for the
payment of public and private debts.
This bond and the bonds of the series of which it is one
are issued for~ the purpose of providing funds, with any other avail-
able funds, to pay the cost of a capital improvement project con-
sisting of the construction and acquisition of school improvements
incluGing the purchase of sites, additions and improvements of sites,
the acquisition or construction of new buildings, the acquisition of
existing buildings, additions and alterations to existing buildings,
and the furnishing and equipping of buildings or additions to build-
i~gs in the City of Fairfax, Virginia, and the full faith and credit
of said~Cityse hereby irrevocably pledged for their payment.
This bond is one of a series issued under the authority
of and in full compliance with the Constitution and laws of
Virginia, and pursuant to the vote of a majority of the qualified
voters of the City of Fairfax, Virginia,voting at an election duly
called and held under the provisions of the City Charter and the
Code of Virginia, 1950, as amended, and under an order of the Circuit
Court of Fairfax County, Virginia, authorizing the City Council of
said City to carry out the wishes of the voters as expressed at said
election, and pursuant to ordinances and a resolution duly adopted
Dy the City Council.
This bond may be registered as to principal alone in
accordance with the provisions endorsed hereon.
It is hereby certified and recited that all acts, condi-
tions and things required by the Constitution and laws of Virginia,
including the Charter of the City of Fairfax, to happen, exist and
be performed precedent to and in the issuance of this bond have
t]appened, exist and have been performed in due time~ form and
manner as so required, that the total indebtedness of th~ City of
Fairfax, Virginia, including this bond, does not exceed any constitu-
tional or statutory limitation thereon, and that provision has been
made for the levy of~ad valorem taxes on all taxable property in said
City without limitation as to rate or amount to the full extent neces-
sary to provide' for the payment of the principal of and the interest
on this bond as the same shall become due.
IN WITNESS WHEREOF, the City Council of the City of Fair-
fax, Virginia, nas caused this bond to be issued in the name cf the
City of Fairfax, Virginia~ and has caused this bond to be executed with
the facsimile signature of the Mayor of the City and to be signed by
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the City Treasurer and the corporate seal of the City to be
impressed hereon and attested by the City Clerk, and the inter-
est coupons attached hereto to be executed with the facsimile
signature of said Mayor, all as of the 1st day of March, 1968.
Mayor of'the C~tY of Fairfax~'Virginia'
(Seal)
Attest:
~ity T~asurer of the City of Fairfax~Virginia
City Clerk o'f" the" C~Y of' F--~~a
(Endorsement upon Bonds)
PROVISIONS FOR REGISTRATION
This bond may be registered as to principal alone on books
kept by the City Treasurer of the City of Fairfax, Virginia, as Bond
Registrar, or by such other Bond Registrar as may be legally appointed
by the City Council of the City of Fairfax, upon presentation hereof
to such Bond Registrar who shall make notation of such registration
in the registration blank below, and this bond may thereafter be
transferred only upon an assignment duly executed by theregistered
o~ner or his attorney or legal representative in such form as shall
be satisfactory to the Bond Registrar, such transfer to be made on
such books and endorsed hereon by the Bond Registrar. Such transfer
may be to bearer and thereby transferability by delivery shall be
restored, but this bond shall again be subject to successive registra-
tions and transfers as before. The principal of this bond, if regis-
tered, unless registered to bearer, shall be payable only to or upon
the order of the registered owner or his legal representative. Not-
withstanding the registration of this bond as to principal alone, the
coupons shall remain payable to bearer and shall continue to be
transferable by delivery.
Date of Registration
Name of
Registered
lgn~.t u.~ e of
Bond ~ecfistrar
(Form of Coupons)
On I, 19
the--City"'Of ~ai-9-a~, Virg~E~ia, will pay to bearer at
National Bank of Fairfax , in Fairfax
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Virginia, or at Chase Manhattan Bank~ ' ,
in the Borough of M'a~hattan, ~¥tY and--State of New Y6-rk, at
option of the bearer, upon the presentation and surrender hereof,
the sum of .......... Dollars in any
coin or currency of--the' Un'ited States oz America-~hich at the time
of payment is legal tender for the payment of public and private
debts, as provided in and for the semi-annual interest then due
upon its School Bond, dated March 1, 1968, No. .
Mayor of"the"City °~--Fairfax, Vfrgini~'
Section 3. Said bonds shall be subject to registration
as to principal alone in accordance with the provisions for regis-
tration set forth in the bonds, and the City Treasurer of the City
of Fairfax, Virginia, is hereby appointed~ and designated Bond
Registrar for the purpose of registering said bonds. No charge
shall be made to any bondholder for the privilege of registration
and transfer herein granted.
Section 4. For the prompt payment of the princiDal of
and the interest on the bonds authorized by Ordinance No. 1967-4,
adopted on September 26, 1967, and provided to be issued hereby
as the same shall become due, the full faith and crea_t of the
City of Fairfax, Virginia, are hereby irrevocably pledged, and the
City shall be unconditionally and irrevocably obligated to levy ad
valorem taxes on all taxable property in said City without limita-
tion as to rate or amount to the full extent necessary to provide
for the payment of the principal of and the interest on said bonds
as~such principal and interest shall become due.
Section 5. Following the second reading and final
adoption of this ordinance, the City Clerk is hereby authorized
and directed to file a certified copy of this ordinance with the
Circuit Court of Fairfax County, Virginia.
Section 6. The City Clerk shall cause this ordinance to
be published in the Fairfax City Times, a newspaper of 9~enera!
circulation in the City of Fairfax, promptly fo!io~^~ing its intro-
duction, together with a notice containing the date, time and place
for a public hearing which shall be not less than three days after
. Counc~ shall note the
such introduction The Clerk of the City ~
date of introduction and first reading, the date of publication,
the date of public hearing,and the da'he of the second reading and
final adoption in the minutes of the meeting.
Introduced: May 7, 1968.
Adopted: May 21, 1968.
Approved:
Mayor
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