19720925 1972-19 ORDINANCE NO. 1972- 19
AN ORDINANCE PROVIDING FOR THE ISSUANCE OF $2,600,000
GENERAL OBLIGATION BONDS OF THE CITY OF FAIRFAX, AUTHOR-
IZED BY ORDINANCE NO. 1968-1~., ADOPTED BY THE CITY
COUNCIL ON OCTOBER i, ]968, AND APPROVED BY A MAJORITY
OF THE QUALIFIED VOTERS OF THE CITY VOTING ON THE QUES-
TION OF ISSUING SAID BOND5 AT AN ELECTION HELD ON NOVEM-
BER 5, ]968.
WHEREAS, the City Council of the City of Fairfax on October 1, 1968,
duly adopted Ordinance No. ]968-12 authorizing the issuance of general obliga-
tion bonds of the City of Fairfax, Virginia, in an aggregate principal amount
not exceeding $2,600,000 for the purpose of providing funds to pay the capital
costs allocable to the City of Fairfax in the construction and acquisition of
transit facilities in the Washington metropolitan area by the Washington Metro-
po]itan Area Transit Authority pursuant to the provisions of the Washington
Metropolitan Area Transit Authority Compact; and
WHEREAS, at an election duly called and held on November 5, 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 an aggregate principal
amount not exceeding $2,600,000 for the purpose of providing funds to pay the
capital costs allocable to the City of Fairfax in the construction and acquisi-
tion of transit facilities in the Washington metropolitan area by the Washington
Metropolitan Area Transit Authority pursuant to the provisions of the Washington
Metropolitan Area Transit Authority Compact, all pursuant to the provisions of
Ordinance No. 1968-12, adopted by the City Council on October l, 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 rpoceed to carry out the wishes of the voter5 as expressed at
said election and to contract a debt, borrow money and issue general obliga-
tion bonds of the City of Fairfax, Virginia, in an aggregate principal amount
not exceeding $2,600,000 for the purpose of providing funds to pay the capital
costs allocable to the City of Fairfax in the construction and acquisition of
transit facilities in the Washington metropolitan area by the Washington Metro-
po]itan Area Transit Authority pursuant to the provisions of the Washington
Metropolitan Area Transit Authority Compact, all pursuant to the provisions of
Ordinance No. ]968-12., adopted by the City Council on October ], ]968; and
WHEREAS, the City Council now deems it advisable to provide for the
issuance of said $2,600,000 bonds at this time; now, therefore,
THE COUNCIL OF THE CITY OF FAIRFAX HEREBY ORDAINS:
Section 1. For the purpose of providing funds to pay the capita]
cost5 allocable to the City of Fairfax in the construction and acquisition of
transit facilities in the Washington metropolitan area by the Washington Metro-
politan Area Transit Authority pursuant to the provisions of the Washington
Metropolitan Area Transit Authority Compact, there shall be issued the negotiable
coupon bonds of the City of Fairfax, Virginia, in the aggregate principal amount
of $2,600,000. Said bonds shall consist of 520 bonds of the denomination of
$5,000 each, numbered ] to 520, inclusive, shall be designated 'Transit Bonds,"
shall be dated as of the 1st day of October, ]972, shall be stated to mature
(without right of prior redemption), in numerical order, lowest numbers first,
on the ]st day of October in the following years and in the following amounts,
respectively:
Year'of Principal Year of Principal
Maturity Amount Maturity Amount
1973 $125,000 1983 $100,000
1974 125,000 1984 150,000
1975 125~000 1985 150,000
]976 ]25,000 ]986 ]50,000
1977 125,000 1987 150,000
]978 ]25,000 1988 ]50,000
continued next page
1972-19
Year of Principal Year of Principal
Maturi%y Amount Maturity Amount
1979 $100,000 1989 $150,000
1980 i00,000 1990 150,000
1981 100,000 1991 150,000
1982 100,000 1992 150,000
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 facsimile signature
of the Mayor of the City and shall be signed by the City Treasurer and the cor-
porate seal of the City shall be impressed on said bonds and attested by the
City Clerk. The interest coupons to be attahced 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
Commonwealth of Virginia
CITY OF FAIRFAX
Transit Bond
The City of Fairfax, Virginia, is justly indebted and for value re-
ceived hereby promises to pay to the bearer or, if this bond be registered, to
the registered owner hereof, on the 1st day of October, 19 , upon the presen-
tation 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 become due. Both the prin-
cipal 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 Associ-
ation), 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 capital costs allocable to the City
of Fairfax in the construction and acquisition of transit facilities in the
Washington metropolitan area by the Washington Metropolitan Area Transit Authority
pursuant to the provisions of the Washington Metropolitan Area Transit Authority
Compact, and the full faith and credit of said City are hereby irrevocably pledged
for their payment.
This bond is one of an issue 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
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1972-19
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 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 October, 1972.
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
(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 registrations and transfers as be-
fore. 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 legal
representative. Notwithstanding the registration of this bond as to principal
alone, the coupons shall remain payable to bearer and shall continue to be
transferable by delivery.
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1972-19
Date of
Re.cI i strat i on
Name of
_Re.cIi stered 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 Assoc-
iation), 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 pri-
vate debts, as provided in and for the semi-annual interest then due upon its
Transit Bond, dated October 1, 1972, 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. 1968-12, adopted on October I, 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 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 Northern Virginia Sun, a newspaper of general circulation in the City
of Fairfax, promptly following its introduction, together with a notice con-
taining 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: September 19, 1972
Adopted:
September 25, 1972
Attest: . -
~City ~le~k
I approve the for.~?~q~i~__ng bond ordinance:
,,.] Mayor
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1972-19
I, Dorothy L. Wilkinson, City Clerk of the City of Fair-
fax, Virginia, and Clerk of the Council of said City, DO HEREBY
CERTIFY that the foregoing is a true copy of an ordinance No. 1972-19
entitled, "AN ORDINANCE PROVIDING FOR THE ISSUANCE OF $2,600,000
GENERAL OBLIGATION BONDS OF THE CITY OF FAIRFAX, AUTHORIZED BY ORDI-
NANCE NO. 1968-12, ADOPTED BY THE CITY COUNCIL ON OCTOBER 1, 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 NOVEM-
BER 5, 1968.", as passed and approved at the meeting of the Council
of said City held September 25, 1972, the title of which ordinance
is set forth in full in said minutes which are recorded in the books
of the City kept for that purpose.
WITNESS my hand and the corporate seal of said City this
day of October, 1972.
(SEAL)
Clerk o~ ~h~ Council
of the
City of'Fairfax, Virginia