19700421 r-70-14R-70-14
A RESOLUTION PROVIDING FOR THE SALE
OF $5,000,000 SCHOOL BONDS (SERIES
1970) OF THE CITY OF FAIRFAX, VIRGINIA.
WHEREAS, the City Council of the City of Fairfax, Virginia, has
heretofore adopted an ordinance providing for the issuance of $5,000,000
School Bonds (Series 1970) 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 authorized and
directed to cause a notice calling for bids for $5,000,000 School Bonds
(Series 1970) of the City of Fairfax, Virginia, to be published once in the
Virginia Sentinel, a newspaper having a general circulation 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
$5,000,000 SCHOOL BONDS (SERIES 1970)
OF THE CITY OF FAIRFAX, VIRGINIA
Dated May 1, 1970
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 Saving Time,
May 5, 1970
such bids to be publicly opened and read at such time and place on said
day for $5,000,000 School Bonds (Series 1970) of the City of Fairfax,
Virginia, dated May l, 1970, and maturing (without ri§hr of prior redemp-
tion) on the 1st day of May in the following years and in the following
amounts, respectively:
Year of Principal Year of Principal
Maturity Amount Maturity Amount
1972 $ 75,000 1982 $360,000
1973 75,000 1983 360,000
1974 115,000 1984 360,000
1975 ~35,000 ]985 360,000
1976 140,000 1986 360,000
1977 190,000 1987 360,000
~978 200,000 1988 360,000
1979 220,000 1989 360,000
1980 250,000 1990 360,000
1981 360,000
Denomination $5,000; principal and semi-annual interest (M and N1)
payable at The National Bank of Fairfax, in the City of Fairfax, Virginia;
or at The Chase Manhattan Bank (National Association), 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.
R-70-14
Bidders are requested to name the interest rate or rates, not ex-
ceeding 8% per annum, in multiples of 1/8 or 1/10 of I%, 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. The interest on any bond payable on any interest payment
date shall be represented by a single coupon. No bid for less than par and
accrued interest or for less than all of the bonds offered 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 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 under-
signed, must be enclosed in a sealed envelope marked "Bid for $5,000,000
School Bonds (Series 1970) of the City of Fairfax, Virginia," and must be
accompanied by a certified or bank cashi, er's or treasurer's check payable
to the order of the City Treasurer of the City of Fairfax, Virginia, for
$100,000, on which no interest will be allowed. 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 May 28,
1970 in the City of New York, New York, against payment therefor by a certi-
fied or bank cashier's or treasurer's check drawn on a New York City bank
or trust company.
The unqualified approving opinion of Mitchell, Petty & Shetterly,
New York City, will be furnished without cost to the purchasers and will
be printed upon the bonds. There will also be furnished the usual closing
papers.
Further information will be furnished upon application to Lloyd H.
Prosise, Comptroller of the City of Fairfax, Fairfax, Virginia 22030 or to
Alex Brown & Sons, 135 East Baltimore St., Baltimore, Maryland 21203,
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:
BID FOR $5,000,000 SCHOOL BONDS (SERIES 1970) OF THE CITY OF FAIRFAX,
VIRGINIA
May 5, 1970
City Council of the City of Fairfax, Virginia
c/o City Clerk, City Hall
Fairfax, Virginia
Sirs:
We make the following bid for the bonds of the 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:
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For $5,000,000 School Bonds (Series 1970) of the City of Fairfax,
Virginia, dated May 1, 1970, and maturing on May 1 in each year and bear-
ing interest as follows:
Year of Principal Interest Year of
Maturity Amount . Rate _ Maturit~
-- 1972 $ 75,000 % 1982 $360,000
1983 360,000
]973 75,000 1984 360,000
1974 115,000 1985 360,000
1975 135,000 ]986 360,000
1976 140,000 1987 360,000
]977 190,000 1988 360,000
1978 200,000 ]989 360,000
1979 220,000 1990 360,000
1980 250,000
1981 360,000
Principal Interest
Amount _ Rate
we will pay
Dollars ($. ~' We will also pay accured interest from their
date to date of delivery and will accept delivery in New York City on or
about May 28, 1970.
We edcO°se herewith a certified or bank cashier's or treasurer's
check for $100,000 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 to in-
clude a certificate, dated as of the day of the delivery of the bonds, stat-
ing 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
informatioa only and is not a part of the
above bid, is %.)
Section 3. The resolution, adopted by the City Council on
March 17, 1970 and entitled: "A RESOLUTION PROVIDING FOR THE SALE OF
$6,S00,000 SCHOOL BONDS (SERIES 1970) OF THE CITY OF FAIRFAX, VIRGINIA,"
is hereby repealed.
Section 4. 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 by the bonds and by this resolution for the full, punctual
and complete performance of all the terms, covenants, provisions and agree-
ments contained in the bonds and in this resolution.
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Section 5. No additional bonds of the City of Fairfax, Virginia,
will be offered for sale by the City Council prior to August 1, lg?O with-
out the consent of the purchasers of the $5,000,000 bonds being sold pursuant
to the p~ovisions of this resolution.
Adopted: April 21, 1970.
Attest:
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