19710216 1971-4ORDINANCE NO. 1971
AN ORDINANCE PROVIDING FOR THE ISSUANCE OF
THE $1,500,000 BONDS OF THE CITY OF FAIRFAX
AUTHORIZED BY ORDINANCE NO. 1970-25, ADOPTED
BY THE CITY COUNCIL ON OCTOBER 27, 1970 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 8,
1970.
WHEREAS, the City Council of the City of Fairfax on
October 27, 1970 duly adopted Ordinance No. 1970-25 authorizing the
issuance of $1,500,000 bonds of the City for the purpose of providing
funds to pay the cost of extending and improving the sanitary sewerage
system of the City by constructing extensions and replacements of
trunk main sanitary sewers located within and partly within and partly
without the City; and
WHEREAS, at an election duly called and held on December 8,
1970, 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 bonds of the City of Fairfax, Virginia, in the
aggregate principal amount of $1,500,000 for the purpose of providing
funds to pay the cost of extending and improving the sanitary sewerage
system of the City by constructing extensions and replacements of
trunk main sanitary sewers located within and partly within and partly
without the City, all pursuant to the provisions of Ordinance No. 1970-
25, adopted by the City Council on October 27, 1970; and
WHEREAS, the Circuit 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 bonds of the City of Fairfax, Virginia, in the aggre-
gate principal amount of $1,500,000 for the purpose of providing funds
to pay the cost of extending and improving the sanitary sewerage system
of the City by constructing extensions and replacements of trunk main
sanitary sewers located within and partly within and partly without
the City, all pursuant to the provisions of Ordinance No. 1970-25,
adopted by the City Council on October 27, 1970; and
WHEREAS, the sanitary sewerage system is an undertaking
from which the City will derive revenue and said bonds are to be
issued under the provisions of Section 127(b) of the Constitution
of Virginia and are not to be included within the otherwise author-
ized indebtedness of the City; now, therefore,
THE COUNCIL OF THE CITY OF FAIRFAX HEREBY ORDAINS:
Section 1. For the purpose of providing funds, to pay
the cost of extending and improving the sanitary sewerage system of
the City by constructing extensions and replacements of trunk main
sanitary sewers located within and partly within and partly without
the City, there shall be issued the negotiable coupon bonds of the
City of Fairfax, Virginia, in the aggregate principal amount of
$1,500,000. Said bonds shall consist of 300 bonds of the denomina-
tion of $5,000 each, numbered 1 to 300, inclusive, shall be designated
"Sewer Bonds", shall be dated as of the 1st day of April, 1971, shall
Year of
Maturit¥
be stated to mature (subject to 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:
Principal Year of Principal
Amount Maturity Amount
1974 $ 30,000 1986 $ 65,000
1975 35,000 1987 70,000
1976 35,000 1988 70,000
1977 40,000 1989 75,000
1978 40,000 1990 80,000
1979 45,000 1991 85,000
1980 45,000 1992 90,000
1981 50,000 1993 95,000
1982 50,000 1994 100,000
1983 55,000 1995 llO,O00
1984 60,000 1996 115,000
1985 6O,OOO
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.
Said bonds may be made redeemable at such times and prices
and under such conditions as the City Council shall determine by
resolution adopted prior to the sale of said bonds.
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 int-
erest 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:
$5,ooo
No.
United States of America
State of Virginia
CITY OF FAIRFAX
Sewer Bond
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
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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 become 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 to pay the cost of extending and improving
the sanitary sewerage system of the City by constructing extensions and re-
placements of trunk main sanitary sewers located within and partly within and
partly without the City, and the full faith and credit of said City are hereby
irrevocably pledged for their payment.
(Here insert redemption provisions, if any.)
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 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 is-
suance 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 ali 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 na~e 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, 1971.
Mayor of the City of Fairfax, Virginia
(Seal)
City Treasurer of the City of Fairfax,
Virginia
Attest:
City Clerk of the City of Fairfax, Virginia
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1971-5
(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 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 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.
Name of Signature of
Date of Reqistration Reqistered Owner Bond Reqistrar
No.
(Form of Coupons)
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 Sewer Bond, dated April 1,
1971, 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 bond-
holder for the privilege of registration and transfer herein granted.
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Section 4. For the prompt payment of the principal of
and the interest on the bonds authorized by Ordinance No. 1970-25,
adopted on October 27, 1970, 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 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 the title of this
ordinance to be published in the Virginia Sentinel, a newspaper of
general 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 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: February 9, 1971.
Adopted:
February 16, 1971.
Attest:
I approve the foregoing bond ordinance.
C~'ty Clerk
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