19700421 1970-5ORDINANCE NO. 1970-5
AN ORDINANCE PROVIDING FOR THE ISSUANCE OF $5,000,000
OF THE $6,500,000 GENERAL OBLIGATION BONDS OF THE CITY
OF FA IRFAX AUTHORIZED BY ORDINANCE NO. 1968-15, ADOPTED
BY THE CiTY COUNCIL ON NOVEMBER 12, 1968 and APPROVED
BY A HAJORITY OF THE QUALIFIED VOTERS OF THE CITY VOTING
ON THE QUESTION OF ISSUING SAID BONDS AT AN ELECTION HELD
ON DECEMBER 17, 1968 AND REPEALING ORDINANCE NO. 1970-3 ,
ADOPTED ON HARCH 17, 1970.
WHEREAS, the City Council of the City of Fairfax on November 12,
1968 duly adopted Ordinance No. 1968-15 authorizing the issuance of $6,500,000
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 includ-
ing the purchase of sites, additions and improvements of sites, the acquisi-
tion 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; and
WHEREAS, at an election duly called and held on December 17, 1968,
a majority of the qualified voters of the City of Fairfax, Virginia, voting
on the question approved contracting a debt, borrowing money and issuing
general obligation bonds Of the City of Fairfax, Virginia, in the aggregate
principal amount of $6,500,000 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 in-
cluding 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 furnish-
ing and equipping of buildings or additions to buildings, all pursuant to
the provisions of Ordinance No. 1968-15, adopted by the City Council on
November 12, 1968; 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 Fairfax, Virginia, in the aggregate principal amount of
$6,500,000 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 ad-
ditions to buildings, all pursuant to the provisions of Ordinance No. 1968-15,
adopted by the City Council on November 12, 1968; and
WHEREAS, the City Council has determined to repeal Ordinance No.
1970-~ adopted on March 17, 1970 providing for the issuance of the $6,500,000
general obligation bonds and now'dee~s it advisable to provide for the issu-
ance of $5,000,000 in aggregate principal amount of salad bonds at this time,
the balance of said bonds to be issued at a later date; now therefore,
THE COUNCIL OF THE CITY OF FAIRFAX HEREBY ORDAINS:
Section i. For the purpose of providing funds, with any other
available funds, to pay the cost of a capital improvement project consist-
ing of the construction 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 in the City, there shall
be issued the negotiable coupon bonds of the City of Fairfax, Virginia, in
1970-5
the aggregate principal amount of $5,000,000. Said bonds shall consist of
1,O00 bonds of the denomination of $5,000 each, numbered i to l,O00, in-
clusive, shall be designated 'School Bonds (Series 1970),'~ shall be dated
as of the 1st day of May, 1970, shall be stated to mature (without right
of prior redemption), in numerical order, lowest numbers first, on the 1st
day of May, in the following years and in the following amounts, respectively:
Year of Principal Year of Principal
Maturity Amount Maturity Amount
1972 $ 75,000 1982 $360,000
1973 75,000 1983 360,000
1974 115,000 1984 360,000
1975 135,000 1985 360,000
1976 140,000 1986 360,000
1977 190,000 1987 360,000
1978 200,000 1988 360,000
1979 220,000 1989 360,000
1980 250,000 1990 360,000
198l 360,000
and shall bear interest until their payment at a rate or rates not exceeding
eight per centum (8%) per annum as shall hereafter be determined by the City
Council by resolution, such interest to the respective maturities of the bonds
being payable semi-annually on the 1st days of May and November in each year.
Both the principal of and the interest on said bonds shall be payable at The
National Bank of Fairfax, in the City of Fairfax, Virginia, or at the Chase
Manhattan Bank (National Association), in the Borough of Manhattan, City and
State of New York, at the 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 pri-
vate debts.
Section 2. Said bonds shall be executed with the facsimile sig-
nature 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 attaOhed thereto
shall be executed with the facsimile signature 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.
United States of America
State of Virginia
$5,000
.CITY OF FA IRFAX
School Bond (Series 1970)
The City of Fairfax, Virginia, is justly indebted and for value
received hereby promises to pay to the bearer or, if this bond be registered,
to the registered owner hereof, on the ist day of May, 19 , upon the pre-
sentation and surrender hereof, the principal 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 May and November 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 ~he National
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1970-5
Bank of Fairfax, in the City of Fairfax, Virginia, or at The Chase Manhat-
tan Bank (National Association), in the Borough of Manhattan, City and State
of New York, at the 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.
This bond and the bonds of the series of which it is one are issued
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 acquisition or construction of new buildings,
the acquisition of existing buildings, additions and alterations to exist-
ing buildings, and the furnishing and equipping of buildings or additions
to buildings in the City of Fairfax, Virginia, and the full faith and credit
of said City are 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, Vir=
ginia, 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 resoiution duly adopted
by 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, conditions 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 happened, exist and have been per-
formed in due time, form and manner as so required, that the total indebted-
ness of the City of Fairfax, Virginia, including this bond, does not exceed
any constitutional 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 necessary
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 Fairfax,
Virginia, has caused this bond to be issued in the name of 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 the City
Treasurer and the corporate seal of the City to be impressed hereon and
attested by the City Clerk, and the interest coupons attached hereto to be
executed with the facsimile signature of said Mayor, all as of the 1st day
of May, 1970.
Mayor of the City of Fairfax, Virginia
(Sea 1 )
Attest:
City Treasurer of the City of Fairfax,
Virginia
City Clerk of the City of Fairfax, Virginia
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1970-5
(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
b~ank below, and this bond may thereafter be transferred only upon an assign-
ment duiy executed by the registered owner or his attorney or legal represen-
tative 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 registrations
and transfers as before. The principal of this bond, if registered, unless
registered to bearer, shall be payable only to or upon the order of the
registered owner or his lega! representative. Notwithstanding the regis-
tration 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 Owner
Signature of
Bond Reqistrar
(Form of Coupons)
No.
On l, 19
,
the City of Fairfax, Virginia, will pay to bearer at The National
Bank of Fairfax, in the City of Fairfax, Virginia, or at The Chase Manhattan
Bank (National Association), in the Borough of Manhattan, City and State of
New York, at the option of the bearer, upon the presentation and surrender
hereof, the sum of Dollars in any coin or cur-
rency of the United States of America which 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 (Series 1970), dated
May 1, 1970, No. .
Mayor of the City of Fairfax, Virginia
Section 3. Said bonds shall be subject to registration as to
principal alone in accordance with the provisions for registration 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 principal of and the
interest on the bonds authorized by Ordinance No. 1968-15, adopted on November
12, 1968, and provided to be issued hereby as the same shall become due, the
full faith and credit of the City of Fairfax, Virginia, are hereby irrevocably
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, 1970-5
pledged, and the City shall be unconditionally and irrevocably obligated
to levy ad valorem taxes on all taxable property in said City without limi-
ration 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. Ordinance No.
March 17, 1970 providing for the issuance of the $6,500,000 general obli-
1970-3~, adopted by the City Council on
9ation bonds of the City of Fairfax authorized by Ordinance No. )968-15,
adopted by the City Council on November 12, 1968, is hereby repealed.
Section 6. Fo]lowing 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 7. The City Clerk shall cause this ordinance to be pub-
lished in the Virginia Sentinel, a newspaper of general circulation in
the City of Fairfax, promptly following its introduction, together with a
notice containin9 the date, time and place for a public hearing which shall
be not less than three days after such introduction. The Clerk of the City
Council shall note the date of introduction and first reading' the date of
publication the date of public hearing, and the date of the second reading
and final adoption in the minutes of the meeting.
Introduced: April 14, 1970.
Adopted:
April 2], 1970 .
I approve the foregoing bond ordinance.
Attest:
/Mayo~ - ~
ci~Y Clerk
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