19900213 1990-4ORDINANCE NO. 1990- 4
AN ORDINANCE AUTHORIZING THE ISSUANCE AND
SALE OF SCHOOL BONDS OF THE CITY OF
FAIRFAX, VIRGINIA, IN THE MAXI}4UMAMOUNT
OF $1,510,000 TO THE VIRGINIA PUBLIC
SCHOOL AUTHORITY
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FAIRFAX,
VIRGINIA:
1. The City School Board of the City of Fairfax has ad-
vised the Council of the City of Fairfax, Virginia (the City),
of the necessity to undertake capital projects for public
schools. The Council hereby determines that it is advisable
to do so and to borrow money for such purpose and issue the
City's general obligation bonds therefor.
2. Pursuant to the Constitution and statutes of the
Commonwealth of Virginia, including the City Charter and the
Public Finance Act, there are hereby authorized to be issued
school bonds of the City in the maximum amount of $1,510,000
to provide funds, together with other available funds, to fi-
nance capital projects for public schools. The City shall
sell the bonds to the Virginia Public School Authority which
the City is authorized by Section 22.1-166, Code of Virginia
of 1950, as amended, to do without holding an election to ap-
prove this ordinance as otherwise required by the City Char-
ter.
3. The bonds shall bear such date or dates, mature at
such time or times not exceeding 20 years from their date,
bear interest at such rate or rates not to exceed 9% per year,
be in such denominations and form, be executed in such manner
and be sold at such time or times and in such manner as the
Council may hereafter provide by appropriate resolution or
resolutions.
4. The bonds shall be general obligations of the City
for the payment of principal of and interest on which its full
faith and credit shall be irrevocably pledged.
1990-4
law.
This ordinance shall become effective
INTRODUCED: January 23, 1990
PUBLIC HEARING: February 13, 1990
ADOPTED: February 13, 1990
as provided by
ATTEST:
t¥ Clerk
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