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19680507 r-68-2aA RESOLUTION PROVIDING FOR THE SALE OF $400,000 SCHOOL BONDS OF THE CITY OF FAIRFAX, VIRGINIA. WHEREAS, the City Council of the City of Fairfax, Vir- ginia, has heretofore adopted an ordinance providing for the is- suance of $400,000 School Bonds of the City of Fairfax, Virginia; and WHEREAS, the City Council deems it advisable to sell said bonds at this time; now, therefore, THE COUNCIL OF THE CITY OF FAIRFAX HEREBY RESOLVES: Section 1. The City Clerk of Fairfax is hereby author- ized and directed to cause a notice calling for bids for $400,000 School Bonds of the City of Fairfax, Virginia, to be published once in the Fairfax City Times, a newspaper having a general circula-. tion in the City of Fairfax, and once in The Daily Bond Buyer, a publication carrying municipal bond notices and devoted primarily to financial news and to the subject of. State and municipal bonds published and circulating in the City Of New York, New York, said publications to be at least ten days prior to the date fixed for the receipt of bids. Said notice shall be in substantially the following form: NOTICE OF SALE $400,000 SCHOOL BONDS OF THE CITY OF FAIRFAX, VIRGINIA Dated March 1, 1968 Sealed bids will be received by the City Council of the City of Fairfax, Virginia, in care of the undersigned, at the City Hall, Fairfax, Virginia, until 12 o'clock Noon, Eastern Daylight Time, 1968 such bids to be publicly opened and read at such time and place on said day for $400,000 School Bonds of the City of Fairfax, Vir- ginia, dated March 1, 1968, and maturing (without right of prior ~ redemption) on the 1St day of March in the following years and in the following~mounts, respectively: Year of Principal Year of Principal Maturity Amount Maturity Amount 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 $10,000 1981 $20,000 10,000 1982 20,000 10,000 1983 20,000 10,000 1984 20,000 15,000 ~ 1985 20,000 15,000 1986 25,000 15,000 1987 25,000 15,000 1988 25,000 15,000 1989 25,000 15,000 1990 25,000 '15,000 1991 30,000 Denomination $5,000; principal and semi-annual interest (M and S1) payable at National Bank~of Fairfax , in the City of Fairfax , Virginia; or at Chase Manhattan Bank , in the Borough of Manhattan, City and State of New york; coupon bonds registrable as to principal alone; general obligations of the City; unlimited tax. Bidders are requested to name the interest rate or rates, not exceeding 6% per annum, in multiples of 1/8 or 1/20 of 1%, the highest rate to be named to be not more than twice the lowest rate to 'be named. Each bidder must specify in his bid the amount and the maturities of the bonds of each rate, and the bonds maturing on the same date must bear interest at the same rate. No bid may name more than four interest rates, any of which may be repeated. The interest on any bond payable on any interest payment date shall be represented by a single coupon. No bid for less than all of the bonds offered or at a price (not less than 98% of par) which will result in a net interest cost to the City of more than 6% per annum will be entertained. The bonds will be awarded to the bidder offering to purchase the bonds at the lowest interest cost to the City, such cost to be determined by adding the total amount of any discount bid to and by deducting the total amount of any premium bid from the aggregate amount of interest on all of the bonds from their date until their respective maturities. Each bid must be submitted on a form to be furnished by the undersigned, must be enclosed in a sealed envelope marked "Bid for $400,000 School Bonds of the City of Fairfax, Virginia", and must be accompanied by a certified or bank cashier's or treas- urer's check payable to the order of the City Treasurer of the City of Fairfax, Virginia, for $8,000, on which no interest will be al- lowed. Award or rejection of bids will be made by the City Council of the City of Fairfax, Virginia, on the date above stated for the receipt of bids, and the checks of unsuccessful bidders will be returned immediately. The check of the successful bidder will be held uncashed as security for the performance of his bid, but, in the event the successful bidder shall fail to comply with the terms of his bid, the check may then be cashed and the proceeds thereof retained as and for full liquidated damages. The bonds will be delivered on or about , 1968 in the City of Rich- mond, Virginia, or in the City of New York, New York, at the op- tion of the purchaser, against payment therefor by a certified or bank cashier's or treasurer's check drawn on a bank or trust company in the City in which the bonds are delivered. The unqualified approving opinion of Mitchell, Petty & Shetterly, New York City, will be furnished without cost to the purchasers. There will also be furnished the usual closing papers. Further information will be furnished upon application to Robert L. Taylor, Comptroller of the City of Fairfax, Fairfax, Virginia 22030 or to Stifel, Nicolaus & Company Incorporated, 105 W. Adams Street, Chicago, Illinois, Financial Consultants to the City. The right to reject any or all bids is reserved. Dorothy L. Wilkinson City Clerk Section 2. The form referred to in the Notice of Sale set forth in Section 1 above and on which all bids are required to be made shall be substantially as follows: -2- BID FOR $400,000 SCHOOL BONDS OF THE CITY OF FAIRFAX, VIRGINIA City Council of the City of Fairfax, Virginia c/o City Clerk, City Hall Fairfax,. Virginia , 1968 Sirs: We make the following bid for the bonds of City of Fairfax, Virginia, mentioned below and described in the Notice of Sale, which Notice is hereby made a part of this bid, this bid being for all of said bonds and not for less than all: For $400,000 School Bonds of the City of Fairfax, Vir- ginia, dated March 1, 1968, and maturing on March 1 in each year and bearing interest as follows: Year of Principal Interest Year of Principal Interest Maturity Amount Rate _ Maturit~ Amount Rate 1970 $10,000 % 1981 $20,000 1971 10,000 1982 20,000 1972 10,000 1983 20,000 1973 10,000 . 1984 20,000 1974 15,000 1985 20,000 1975 15,000 1986 25-,000 1976 15,000 1987 25,000 1977 15,000 1988 25,000 1978 15,000 1989 25,000 1979 15,000 1990 25,000 1980 15,000 1991 30,000 we will pay Dollars ($ ). We will also pay accrued interest from their date to date of delivery and will accept delivery in on or about , 1968. We enclose herewith a certified or bank cashier's or treasurer's check for $8,000, payable to the order of the City Treasurer of the City of Fairfax, Virginia, which check is to be applied in accordance with said Notice of Sale. The closing papers referred to in said Notice of Sale are t© include a'certificate, dated as of the day of the delivery of the bonds, stating that there is no litigation pending or, to the knowledge of the signer of such certificate, threatened affecting the validity of the bonds or the means provided for their payment. (No addition or alteration, except as pro- vided above, is to be made to this bid.) (NOTE: The average net interest cost rate for the above bid, which is stated for in- formation only and is not a part of the above bid, is %.) Section 3. The officers and agents of the City of Fairfax, Virginia, are hereby authorized and directed to do all the acts and things required of them b~ the bonds and by this resolution for the full, punctual and complete performance of all of the terms, covenants, provisions and agreements con- tained in the bonds and in this resolution. Section 4. No additional general obligation bonds of the City of Fairfax, Virginia, will be offered for sale by the City Council prior to September 1, 1968 without, the consent of the purchasers of the $400,000 bonds being sold pursuant to the provisions of this resolution. Adopfed: May 21, 1968. Attest: Mayor