20040525 2004-12 12
ORDINANCE NO. 2004-
AN ORDINANCE OF THE COUNCIL OF THE CITY OF
FAIRFAX, VIRGINIA, REQUESTING THE CIRCUIT COURT TO
ORDER A SPECIAL ELECTION ON THE ISSUANCE OF SCHOOL
BONDS IN THE MAXIMUM PRINCIPAL AMOUNT OF
$86,800,000 AND AUTHORIZING SUCH BONDS
WHEREAS, the Council ("Council") of the City of Fairfax, Virginia ("City"), has
determined that it is necessary to undertake a program of capital improvement projects for the
public school system of the City and that the cost of such program of capital improvement
projects, together with related financing costs, is estimated to be $86,800,000; and
WHEREAS, the School Board of the City adopted a resolution on May 3, 2004,
requesting the Council to request the ordering of an election on the question of contracting a
debt in an amount not to exceed $86,800,000 for such purposes;
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FAIRFAX,
VIRGINIA:
1. The Council determines that it is necessary and expedient to undertake a
program of capital improvement projects for the public school system of the City, which will
promote the public welfare of the City and its inhabitants.
2. The Council determines that it is advisable to contract a debt and issue general
obligation school bonds of the City in the maximum principal amount of $86,800,000
("Bonds") pursuant to the Public Finance Act of 1991 to provide funds, together with other
available funds, to finance the cost of capital improvement projects for the public school
system of the City and to pay costs of issuing the Bonds.
3. The Bonds shall bear such date or dates, mature at such time or times not
exceeding forty years from their dates, bear interest at such rate or rates, 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 shall hereafter provide by appropriate resolution or resolutions.
4. The Bonds shall be general obligations of the City for the payment of principal
of and premium, if any, and interest on which its full faith and credit shall be irrevocably
pledged.
5. The Council requests the Circuit Court of Fairfax County, Virginia, to order an
election to be held pursuant to Sections 15.2-2610 and 15.2-2611 of the Code of Virginia of
1950, as amended, on the question of contracting a debt and issuing the Bonds for such
purposes.
6. The City Clerk, in collaboration with the City Attorney, is authorized and
directed to see to the immediate filing of a certified copy of this ordinance to be filed with the
Circuit Court of Fairfax County, Virginia.
7. This ordinance shall become effective as provided by law.
INTRODUCED: May 11, 2004
PUBLIC HEARING: May 25, 2004
ENACTED: May 25, 2004
Vote
J. Cross Aye
J. Greenfield Absent
G. Lyon Aye
G. Rasmussen Aye
S. Silverthome Aye
P. Winter Aye
DATE
ATTEST:
City Clerk