19700317 r-70-06 R-70-6
A RESOLUTION PROVIDING FOR THE SALE
OF $6,500,000 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 $6,500,000 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
$6,500,000 School Bonds (Series 1970) of the city of Fairfax,
virginia, to be published once in the Fairfax Globe, a news-
paper 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
$6,500,000 SCHOOL BONDS (SERIES 1970)
OF THE CITY OF FAIRFAX, VIRGINIA
Dated April 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 11 o'clock A. M.,
Eastern Standard Time,
April 1, 1970
such bids to be publicly opened and read at such time and place
on said day for $6,500,000 School Bonds (Series 1970) of the
city of Fairfax, virginia, dated April 1, 1970, and maturing
(without right of prior redemption) on the 1st day of April in
the following years and in the following amounts, respectively:
Year of Principal Year of Principal
Maturit~ Amount Maturit~ Amount
1972 $100,000 1982 $470,000
1973 100,000 1983 470,000
1974 150,000 1984 470,000
1975 175,000 1985 470,000
1976 180,000 1986 470,000
1977 240,000 1987 470,000
1978 260,000 1988 470,000
1979 280,000 1989 470,000
1980 315,000 1990 470,000
1981 470,000
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Denomination $5,000; principal and semi-annual
interest (A and 01) 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.
Bidders are requested to name the interest rate or
rates, not exceeding 8% per annum, in multiples of 1/8 or 1/10
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. 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 in-
terest 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 undersigned, must be enclosed in a sealed envelope marked
"Bid for $6,500,000 School Bonds (Series 1970) of the city of
Fairfax, virginia", and must be accompanied by a certified or
bank cashier's or treasurer's check payable to the order of
the city Treasurer of the city of Fairfax, virginia, for
$130,000, on which no interest will be allowed. Award or re-
jection 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 there-
of retained as and for full liquidated damages. The bonds will
be delivered on or about April 23, 1970 in the city of New York,
New York, against payment therefor by a certified 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 applica-
tion 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
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R-70-6
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 $6,500,000 SCHOOL BONDS (SEHIES 1970) OF THE CITY OF
FAIRFAX, VIRGINIA
1970
city council of the city of Fairfax, virginia
c/o city clerk, city Hall
Fairf~X, 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:
For $6,500,000 School Bonds (Series 1970) of the
city of Fairfax, virginia, dated April 1, 1970, and maturing
on April 1 in each year and bearing interest as follows:
Year of principal Interest Year of principal Interest
~ Amount Rat___~e ~ Amount Rate
1972 $100,000 % 1982 $470,000
1973 100,000 1983 470,000
1974 150,000 1984 470,000
1975 175,000 1985 470,000
1976 180,000 1986 470,000
1977 240,000 1987 470,000
1978 260,000 1988 470,000
1979 280,000 1989 470,000
1980 315,000 1990 470,000
1981 470,000
we will pay
Dollars ($
). We will also pay accrued interest
from their date to date of delivery and will accept delivery in
New York City on or about April 23, 1970.
We enclose herewith a certified or bank cashier's or
treasurer's check for $130,000, 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 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.
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R-70-6
(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 by the bonds and by
this resolution for the full, punctual and complete perform-
ance of all of the terms, covenants, provisions and agreements
contained in the bonds and in this resolution.
Section 4. No additional bonds of the city of
Fairfax, virginia, will be offered for sale by the city Council
prior to July 1, 1970 without the consent of the purchasers
of the $6,500,000 bonds being sold pursuant to the provisions
of this resolution.
Adopted: March 17, 1970.
Mayor
Attest:
city/CIerk
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