19661004 1996-10ORDINANCE NO.
1~966-10
AN ORDINANCE declaring the expediency of bor-
rowing money by the City of Fairfax, Virginia,
and the issuance of revenue bonds in evidence
thereof for the purpose of extending and im-
proving the municipal water system of said City.
WEEREAS, the City of Fairfax is a duly incorporated and
existing municipal corporation of the Commonwealth of Virginia
operating under the provisions of a Charter granted by the General
Assembly of Virgin%a, being Chapter 319 of the Acts of the Assembly
of 1966; and
WHEREAS, said City of Fairfax presently owns and oper-
ates the water system supplying water for public, commercial and
domestic purposes in and to said City and its inhabitants, and in
that connection said City presently has outstanding:
$4,350,000 principal amount of ~-3/~% - 3-7/8%
Water ReVenue Bonds dated June l, 1956 pursuant
to an ordinance adopted September 3, 1958, matur-
ing serially on June I of each of the years 1967
to 1991, inclusive, and which by their terms are
payable only from the net revenues to be derived
from the operation of said municipal water system;
and
$950,000 principal amount of 3-3/4% ~ater Revenue
Bonds, Series 1965, dated June l, 1965 pursuant
to an ordinance adopted June 8, 1965, maturing
serially on June I of each of the years 1990 to
1994, inclusive, and which by their terms are
payable only from the net revenues to be derived
from the operation of said municipal water system
on a parit~ with said Water Revenue Bonds dated
June l, 1956;
and
WHEREAS, the existing municipal water system of the City
of Fairfax, Virginia, is Inadequate,'making it necessary that ex-
tensions and improvements be constructed so as to assure said City
and its inhabitants of an adequate supply of water for public,
commercial and domestic purposes; and
WHEREAS, a detailed report covering such extensions and
improvements, which are generally described as consisting of an
earthen dam across Beaver Dam creek and~-necessary ~%~tenances
thereto, has been prepared by Aivord, Burdick & Howson, Engineers,
of Chicago, Illinois~ and is n~ on file with the City Clerk~ and
from which it appears that the cost thereof will necessitate the
expenditure of $700,000 for which purpose it will be necessary to
borrow funds and issue revenue bonds of said City~ the interest on
and principal of which bonds are ~to be paid exclusively from the
receipts and revenues of said municipal water system of said City;
and
WHEREAS, in and by said ordinances adopted September ~
1958 and June 8~ 1965, the right and privilege were reserved by said
City under conditions and restrictions therein set out of issuing
additional bonds from time to time payable from the net revenues of
said municipal water system and ranking on a parity with said Water
Revenue Bonds dated June l, 1956 and Water Revenue Bonds~ Series
1965, dated June l, 1965, which conditions and restrictions are
found to exist and prevail currently so as to permit the issuance
of such additional bonds to the amount of $?00,000 as hereinafter
provided and ranking on a parity with said presently outstanding
Water Revenue Bonds dated June l, 1956 and Water Revenue Bonds,
Series 1~65, dated June l, 1~65; and
WHEREAS, said municipal water system of said City of
Fair,ax is a specific undertaking from which the City presently
derives a revenue and'will continue to derive a revenue so that
under the provisions of Paragraph (b) of Section 127 of the Con-
stitution of Virginia and Sections 15.1~170 et seq. of the Code
of Virginia 1950, as amended, and Chapter 8 of the Charter of said
City, said City is authorized to borrow money and issue revenue
bonds for the purpose of paying the cost of such extensions and
improvement s;
NOW, THEREFORE~ Be It and It Is Hereby Ordained by the
Council of the City of Fairfax~ Virginia, as .follows:
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Section 1. That it is hereby declared to be expedient
that the City of Fairfax, Virginia, borrow the sum of Seven Hundred
Thousand Dollars ($700,000) for the purpose of constructing exten-
sions and improvements to the municipal water system of said City,
and that in evidence thereof there shall be issued Water Revenue
Bonds, Series 1966, of said City in the principal amount of $700,000;
to be dated December l, 1966; of the denomination of $5,000 each;
to be numbered from i to 140, inclusive; bearing interest at the
rate of six per cent (6%) per annum (or at such lesser rate or
rates am may be determined and fixed by the Council as a result of
competitive bidding and public sale of said bonds), which interest
shall be payable semiannually on ~une I and December i of each year;
and maturing serially and in numerical order on June I of the
respective years aS follows:
Year
1995
1996
Am ount
$340,000
360,000
provided, however, all of said bonds shall be optional for redemp-
tion prior to maturity in whole or from time to tiT~in part in
the inverse order of their maturities (less than all of a single
maturity to be selected by lot) at any time on or after June l,
1976, at the redemption pri'ces set forth below, together with the
interest accrued thereon to the date fixed for redemption.
' If Redeemed Redemption Price
- ( Percentage of
Principal Amount)
On or after June l, 1976,
to and including June 1, 1981
'Thereafter to and including June l, 1986
Thereafter to and including June l, 1991
Thereafter to maturity
1O -lZ %
lO3-lZ2%
lO2-1/2%
lOl%
Section 2. That the money realized from the issuance
and sale of said bonds shall be used for the purpose of paying the
cost of constructing the extensions and improvements to the municipal
water system of said City of Fairfax, Virginia, as hereinbefore
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recited, and that said money be borro~ed and said revenue bonds
be issued in evidence thereof under the provisions of Paragraph (b)
of Section 127 of the Constitution of Virginia and Sections 15.1-
l?O et seq. of the Code of Virginia 1950, as amended, and Chapter 8
of the Charter of said City; and said bonds are not to be included
within the otherwise authorized indebtedness of said City, but are
to be payable as to both princiPal and interest exclusively from
the receipts and revenues derived from the municipal water system
of said City, same.being the specific revenue undertaking for
which said money is to be borrowed and said bonds are to'be issued.
Section 5. That the revenue bonds for which provision
is hereinbefore made shall not be issued unless and until the ques-
tion of whether such bonds shall be issued is submitted to the
qualified voters of said City and approved by the affirmative vote
of a majority of such qualified voters voting upon the question
at a special election to be called and held for that purpose.
Section 4. That upon the adoption of this ordinance
the City Clerk is hereby authorized and directed to present a cer-
tified copy hereof to the Circuit Court of Fairfax County, Virginia,
if in session, and if not, then to the Judge of said Circuit Court
in vacation, and that same shall constitute a request and applica-
tion for and on behalf of said City that the court or Judge by
appropriate order and action provide for said special election
on the proposition a~oresaid.
Section 5. That all ordinances, resolutions or orders,
insofar as Same may be~ in conflict herewith, are hereby repealed,
· andthat this Ordinance become effective immediately upon its
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adoption and approval by the Mayor.
Adopted by the Council
Approved October 4
October 4 ..... ; 1966
966.
Mayor
Attest:
Cigy Clerk
The abov~ ordinance is hereby certified to and approved
by me as to legality and correctness of form this ~th day of
October , 1966.
City Attorney.
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I, Dorothy L. Wilkinson, · do hereby certify
that I am the duly qualified and acting City Clerk of the City
of Fairfax~ Virginia· and that as such I have in my possession or
have access to the complete corporate records of said City and
of its Council and that I have carefully compared the transcript
hereto attached with the aforesaid corporate records and that said
transcript hereto attached is a true~ correct and complete copy
of all the corporate records in relation to the adoption of an
ordinance entitled:
"AN ORDINANCE declaring the expediency of bor-
rowing money by the City of Fairfax· Virginia·
and the issuance of revenue bonds in evidence
thereof for the purpose of extending and im-
proving the municipal water system of said City."
and a t~ue, correct and complete copy of said ordinance as adopted
appears in the attached transcript.
WITNESS my official signature and the corporate seal
of said City at Fairfax, Virginia~ this 4th day of October
1966.
COMMONWEALTH OF VIRGINIA
COUNTY OF FAIRFAX
City Clerk
SS.
Subscribed .and sworn to before me by said
~$/~"//~'~o~ .... this Z~/~ day of .67c/o/~¢~ · 1966.
Notary ~ l~i ~
My Commls,ion Expires March 8, ~969