19700317 1970-3ORDINANCE NO. 1970-3
AN ORDINANCE PROVIDING FOR THE ISSUANCE OF
THE $6,500,000 GENERAL OBLIGATION BONDS OF
THE CITY OF FAIRFAX AUTHORIZED BY ORDINANCE
NO. 1968-15, ADOPTED BY THE CITY COUNCIL ON
NOVEMBER 12, 1968 AND APPROVED BY A MAJORITY
OF THE QUALIFIED VOTERS OF THE CITY VOTING
ON THE QUESTION OF ISSUING SAID BONDS AT AN
ELECTION HELD ON DECEMBER 17, 1968
WHEREAS, the City Council of the City of Fairfax on
November 12, 1968 duly adopted Ordinance No. 1968-15 authoriz-
ing the issuance of $6,500,000 general obligation bonds of the
City for the purpose of providing funds, with any other avail-
able funds, to pay the cost of a capital improvement project
consisting of the construction and acquisition of school improve-
ments 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; and
WHEREAS, at an election duly called and held on Decem-
ber 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 improve-
ments 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. 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 avail-
able funds, to pay the cost of a capital improvement project con-
sisting 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 ac-
quisition 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. 1968-15, adopted by the City Council on Novem-
ber 12, 1968; and
1970-3
WHEREAS, the City Council deems it advisable to
authorize the issuance of said bonds at this time; now, there-
fore,
THE COUNCIL OF THE CITY OF FAIRFAX HEREBY ORDAINS:
Section 1. For the purpose of providing funds, with
any other available funds, to pay the cost of a capital improve-
ment 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 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 the aggregate principal amount of
$6,500,000. Said bonds shall consist of 1,300 bonds of the
denomination of $5,000 each, numbered 1 to 1,300, inclusive,
shall be designated "School Bonds (Series 1970)", shall be dated
as of the 1st day of April, 1970, shall be stated to mature
(without right of prior redemption), in numerical order, lowest
numbers first, on the 1st day of April in the following years
and in the following amounts, respectively:
Year of Principal Year of Principal
Maturity Amount Maturity Amount
1972 $100,000 1982 $470,000
1973 100,000 1983 470,000
1974 150,000 1984 470,000
1975 175,000 1985 470,000
1976 180,000 1986 470,000
1977 240,000 1987 470,000
1978 260,000 1988 470,000
1979 280,000 1989 470,000
1980 315,000 1990 470,000
1981 470,000
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 April and October 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
private debts.
Section 2. Said bonds shall be executed with the fac-
simile signature of the Mayor of the City and shall be signed by
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1970-3
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 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. $5,000
United States of America
State of Virginia
CITY OF FAIRFAX
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
1st day of April, 19 ...... upon the presentation 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 April and
October in each year upon the presentation and surrender of the
coupons representing such interest as the same respectively be-
come due. Both the principal of and the interest on this bond
are 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 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 im-
provements of sites, the acquisition or construction of new build-
ings, the acquisition of existing buildings, additions and alter-
ations to existing 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.
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· ' 1970-3
This bond is one of a series issued under the authority
of and in full compliance with the Constitution and laws of
Virgina, and pursuant to the vote of a majority of the quali-
fied voters of the city of Fairfax, Virginia, voting at an elec-
tion 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 by the city Council.
This bond may be registered as to principal alone in
accordance with the provisions endorsed hereon.
It is hereby certifed and recited that all acts, con-
ditions and things required by the Constitution and laws of
Virginia, including the Charter of the City of Fairfax, to hap-
pen, exist and be performed precedent to and in the issuance of
this bond have happened, exist and have been performed in due
time, form and manner as so required, that the total indebtedness
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 April, 1970.
Mayor of the
ty of ~airfax, vir9
(Seal)
Attest:
City Treasurer of the City of Fairfax,
Virginia
City Clerk of the City of Fairfax, Virginia
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1970-3
(Endorsement upon Bonds)
PROVISIONS FOR REGISTRATION
This bond may be registered as to principal alone
on the 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 the registered owner 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 de-
livery shall be restored, but this bond shall again be subject
to successive registrations and transfers as before. The prin-
cipal of this bond, if registered, unless registered to bearer,
shall be payable only to or upon the order of the registered
owner or his legal 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 or Reqistration
Name of
Reqistered Owner
Signature of
Bond Reqistrar
(Form of Coupons)
No. $
On 1, 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 currency
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 April 1, 1970, No.
Mayo~ of th~ ~ity of Fairfax, ~i-'rginia
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Section 3. Said bonds shall be subject to registra-
tion 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 desig-
nated 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 pledged,
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 neces-
sary to provide for the payment of the principal of and the
interest on said bonds as such principal and interest shall be-
come 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 Globe, a newspaper of general
circulation in the City of Fairfax, promptly following its in-
troduction, together with a notice containing 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: March 3, 1970.
Adopted:
March 17, 1970.
Attest:
City ~lerk