19781107 1978-21ORDINANCE NO. 1978- 21
"AN ORDINANCE AUTHORIZING THE ISSUANCE OF
GENERAL OBLIGATION BONDS OF THE CITY OF
FAIRFAX, VIRGINIA, IN AN AMOUNT NOT EX-
CEEDING $1,570,000.00 FOR THE PURPOSE CF
PROVIDING FUNDS FOR THE PURCHASE FNDM FAIRFAX
THE LAND, BUILDINGS, FI~ AND ~QUIPMENT,
SAID SCHOOL~ BEING LAYTfIN I-iAT,T, RT,RNIENTAi~
SCHOOL, SIDNEY LANIER INTERMEDIATE SCHOOL,
WESTTDRE ~.F~5~TAKf SCHOOL AND GB~NACRES
RI.WN~TAR~ SCHOOL."
THE COUNCIL OF THE CITY OF FAIRFAX HEREBY ORDAINS:
Section 1. It is hereby found, determined and declared that:
(a) The purchase frcm Fairfax County, Virginia of four (4) schools,
said schools being Layton Hall El~nentary School, Sidney Lanier Intermediate
School, Westmore Elementary School and Greenacres Elementary School,
including the ladle, buildings, fixtures and equipment (except such
equipment as is located in a school for centralized special education
programs or for purposes other than the operation of that school) is
necessary and beneficial for the City of Fairfax and therefore it is
expedient to and the City of Fairfax should exercise its option to
purchase in the n~ne of The School Board of the City of Fairfax, Virginia,
the aforesaid schools as provided in the Schools Services Agreement
executed by and between Fairfax County and the City of Fairfax.
(b) Such school purchase cannot be accomplished frc~ current
revenues.
(c) Pursuant to the Charter of the City of Fairfax and the Constitution
of Virginia, the City of Fairfax shall contract a debt, borrow money and
issue general obligation bonds in the aggregate principal amount not
exceeding $1,570,000.00 to bear interest from their date until their
payment at the rate of eight per centum (8%) per annum, unless the
Council should be able to sell the bonds at a rate or rates lc~er than
eight per centum (8%) per annum, in which 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 exceeding forty years frc~ the date of the
issue as may be determined by the Council of the City of Fairfax, and be
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 purchase four (4)
schools: Layton Hall El~nentary School, Sidney Lanier Intermediate
School, Westmore Elementary School, and Greenacres Elementary School,
including the land, the buildings, fixtures and equipment (except such
equipment as is located in a school for centralized special education
programs or for the purposes other than the operation of that school).
(d) The full faith and credit of the City of Fairfax is hereby
pledged for the payment of the principal of and 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.
1978-21
(e) The debt limit as prescribed by the Charter and by the Constitution
of Virginia will not be exceeded by the issuance of the said general
obligation bonds.
Section 2. 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
mnount not exceeding $1,570,000.00 for the purpose of providing funds to
purchase in the name of The School Board of the City of Fairfax, Virginia,
frcm Fairfax County four (4) schools, said schools being Layton Hall
El~nentary School, Sidney Lanier Intermediate School, Westmore El~nentary
School, and Greenacres Elementary School, including the land, buildings,
fixtures and equipment (except such equipment as is located in a school
for centralized special education programs or for purposes other than
the operation of that school).
Section 3. The City Clerk shall cause this ordinance to be published
in the Fairfax Globe, a newspaper of general circulation in the City of
Fairfax, prcmptly 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. As provided
by Section 8.4 of the Charter of the City of Fairfax, this ordinance,
insofar as it authorizes the issuance of the bonds described herein,
shall take effect innately upon its approval in a special election of
the qualified voters of the City of Fairfax.
Introduced: October 24, 1978
November 7, 1978
Mayor
~ity Clerk