19760302 1976-09ORDINANCE No. 1976- 9
AN ORDINANCE AUTHORIZING THE ISSUANCE OF
$1,250,000.00 GENERAL OBLIGATION BONDS OF THE CITY
OF FAIRFAX, VIRGINIA, FOR THE PURPOSE OF PROVIDING
FUNDS, WITH ANY OTHER AVAILABLE FUNDS, TO PAY THE
COST OF A CAPITAL IMPROVEMENT PROJECT CONSISTING OF
THE CONSTRUCTION OF SCHOOL IMPROVEMENTS AT WESTMORE
ELEMENTARY SCHOOL, INCLUDING IMPROVEMENTS OF SITES,
ADDITIONS AND ALTERATIONS TO EXISTING BUILDINGS, AND
THE FURNISHING AND EQUIPPING OF BUILDINCS OR
ADDITIONS TO BUILDINGS.
WHEREAS, it is necessary to construct school improvements at
Westmore Elementary School, including improvements of sites,
additions and alterations to existing buildings, and the furnishin
and equipping of buildings or additions to buildings, for the
City of Fairfax, Virginia, the estimated maximum cost of which to
be met from bond proceeds is $1,250,000.00; now, therefore,
THE COUNCIL OF THE CITY OF FAIRFAX HEREBY ORDAINS:
Section 1. Pursuant to the Charter of the City of Fairfax
and the Constitution and laws of Virginia, there shall be issued
general obligation bonds of the City of Fairfax, Virginia, in an
aggregate principal amount not exceeding $1,250,000.00, bearing
interest at a rate or rates not exceeding eight per centum (8%)
per annum unless the Council should be able to sell the bonds at
a rate or rates lower than eight per centum (8%) per annum, in whi
case it is the intention of the Council to sell such bonds at such
lower rate or rates, and maturing at such time or times not ex-
ceeding forty (GO) years from t~ date of issue as may be determined
by the Council of the City of Fairfax, and being redeemable before
maturity, at the option of the said municipality at such price or
prices and under such terms and conditions as fixed by the said
Council prior to the issuance of the bonds, for the purpose of
providing funds, with any other available funds, to pay the cost
of a capital improvement project consisting of the construction of
school improvements at Westmore Elementary School, including im-
provements of sites, additions and alterations to existing buildings and
1976-9 -2
furnishing and equipping of buildings or additions to buildings.
Section 2. The debt limit as prescribed by said Charter and
by the Constitution of Virginia will not be exceeded by the issuan
of said general obligation bonds.
Section 3. The full faith and credit of the City of Fairfax
is hereby pledged for the payment of the principal of and the
interest on such general obligation bonds 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 for the payment
of such principal and interest on such general obligation bonds.
Section 4. Following the second reading and final adoption
of this ordinance, the City Clerk shall forthwith certify a copy
hereof to the Circuit Court of Fairfax County, Virginia, or to the
judge thereof, in vacation, and it is hereby requested that the
Circuit Court order a special election of the qualified voters of
the City upon the question of contracting a debt, borrowing money
and issuing general obligation bonds of the City of Fairfax,
Virginia, in the aggregate principal amount of $1,250,000.00 for
the purpose of providing funds, with any other available funds,
to pay the cost of a capital improvement project consisting of the
construction of school improvements at Westmore Elementary School
including improvements of sites, additions and alterations to
existing buildings, and the furnishing and equipping of buildings
or additions to buildings, all pursuant to the provisions of this
ordinance.
Section 5o The City Clerk shall cause this ordinance to be
published in the Fairfax Globe, a newspaper of general circulatior
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
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date of public hearing, and the date of the second reading and
final adoption in the minutes of the meeting. As provided by
Section 8.4 of the Charter of the City of Fairfax, this ordinance
shall take effect immediately upon its approval in a special
election of the qualified voters of the City of Fairfax.
Introduced: February 24, 1976
Adopted:
March 2, 1976
ay 6i ~
Attest:
Ci~ Clerk