2024-09ORDINANCE NO.2024-09
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF FAIRFAX, VIRGINIA,
AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION SCHOOL BONDS IN
THE MAXIMUM PRINCIPAL AMOUNT OF $220,000,000 AND REQUESTING THE
FAIRFAX CIRCUIT COURT TO ORDER A SPECIAL ELECTION ON THE
QUESTION OF ISSUING SUCH BONDS.
WHEREAS, the School Board (the "School Board") of the City of Fairfax, Virginia (the
"City"), has determined that it is necessary to undertake a program of capital improvement
projects for the public school system of the City; and
WHEREAS, the School Board of the City adopted a resolution on June 13, 2024,
requesting the City Council (i) to authorize the issuance of general obligation school bonds in the
maximum principal amount of $220,000,000 to finance a portion of the costs of such capital
improvement projects and (ii) to request the Fairfax Circuit Court to order a special election on
the question of issuing such bonds.
NOW, THEREFORE, BE IT ORDAINED, by the City Council of the City of Fairfax,
Virginia, that:
1. The City Council hereby concurs with the determination of the School Board 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 City Council determines that it is advisable to contract a debt and issue general
obligation bonds of the City in the maximum principal amount of $220,000,000 (the
"Bonds") pursuant to the Public Finance Act of 1991 to provide funds, together with
other available funding, to finance costs related to such program and to pay costs
associated with the issuance of the Bonds.
3. The Bonds shall bear such date or dates, mature at such time or times not exceeding forty
(40) 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 City Council shall hereafter provide by appropriate resolution or
resolutions.
4. The Bonds shall constitute general obligations of the City for the payment of principal of
and premium, if any, and interest on which the City's full faith and credit shall be
irrevocably pledged.
5. The City Council requests the Fairfax Circuit Court to order an election to be held
pursuant to Sections 15.2-2610 and 15.2-2611 of the Code of Virginia, as amended, and
other applicable law, on the question of contracting a debt and issuing the Bonds for such
purposes.
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6. The City Clerk and the City Attorney, either of whom may act, are authorized and
directed to see to the immediate filing of a certified copy of this ordinance with the
Fairfax Circuit Court.
This Ordinance shall become effective as provided by law.
INTRODUCED: June 11, 2024
PUBLIC HEARING: June 25, 2024
ENACTED: June 25, 2024
ATTEST:
If City Clerk
VOTE:
Mayor Read Aye
Councilmember Bates Aye
Councilmember Doyle Feingold Aye
Councilmember Greenfield Aye
Councilmember Lim Aye
Councilmember Ross Aye
Councilmember Stehle Aye
L--
Mayor
2-
Date
0A