19790403 r-79-5 RESOLUTION NO. ~-79-5
A RESOLUTION AWARDING $1,570,000 SCHOQL
BONDS (SERIES 1979) OF THE CITY OF
FAIRFAX, VIRGINIA AND RATIFYING AND
APPROVING THE OFFICIAL STATEMENT WITH
RESPECT TO SAID BONDS.
THE COUNCIL OF THE CITY OF FAIRFAX HEREBY RESOLVES:
Section 1. Advertisement was duly made calling for
sealed bids to be received by the City Council of the City of
Fairfax, Virginia, at the City Hall, Fairfax, Virginia, until
12:00 o'clock Noon, Fairfax Time, April 3, 1979, for $1,570,000
School Bonds (Series 1979) of the City of Fairfax, Virginia,
dated May 1, 1979, maturing annually May 1, in the years 1980
to 1999, inclusive, as heretofore provided by the City Council,
at which hour bidding was closed and the following bids were found
to have been filed and to accord in all respects to the terms of
said advertisement, each bid offering to pay accrued interest and
enclosing a certified or bank cashier's or treasurer's check for
$31,400 payable to the order of the City Treasurer of the CiSy of
Fairfax, Virginia:
(1) Bid of Virginia National Bank
offering to pay $ 1.570.000.00 for said
bonds bearing interest at the rates set forth below in Column I.
(2) Bid of Continental Bank
offering to pay $ !.570.123.50 for said
bonds bearing interest at the rates set forth below in Column II.
(3) Bid of First & Merchqnts National Bank
offering to pay $ 1 qvn.nnn_nn . for said
bonds bearing interest at the rates set fok-~h'below zn Column III.
(4) Bid of The Northern Trust Company and Associates
.offering to pay $ 1,570,101.00 for said
bonds bearing interest at the rates set forth below in Column IV.
(5) Bid of Bache, Halsey, Stuart Shields~ Inc.
offering to pay $ 1.570,341.70 . for said
bonds bearing interest at the rates set forth below in Column V.
(6) Bid of First & Merchants National Bank
offering to pay $ 1. q70. 000.00 for said
bonds bearing interest at the rates set forth' below in Column VI.
(7) Bid of Fidelity American Bank, N.A.
offering to pay $ I.~70.000.00 for said
bonds 'bearing interest at the rates set forth'below in Column VII.
(8) Bid of Dean Witter Reynolds. Inc.
' offering to pay $ 1,~70,182.90 for said '"
bonds be'aring interest at the rates set forth 'below in Column VIII.
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bonds
(9) Bid-of Paine Webber Jackson & Curtis and. Associates
offering to pay $ i,570.035.30 for said
bearing interest at the rates set forth below in Column Ix.
bonds
(10) Bid of Morgan Guaranty Trust Co. of N.Y. -
6ffering to pay $ 1,570,150.00
bearing interest at the rates set forth below
Bank of Virginia
for said
in'Column X.
INTEREST RATE COLUMNS
Year of Principal
Maturity Amount I II III
1980 $120,000 5.60 5.80 5.90
1981 100,000 5.60 5.80 5.90
1982 100,000 5.60 5.80 5.90
1983 100,000 5.25 5.80 5.90
1984 100,000 5.25 5.80 5.375
1985 100,000 5.25 5.80 5.375
1986 100,000 5.50 5.30 5.375
1987 100,000 5.50 5.30 5.375
1988 100,000 5.50 5.30 5.375
1989 100,000 5.50 5.30 5.375
1990 100,000 5.50 5.50 5.375
1991 50,000 5.50 5.50 5.50
1992 50,000 5.50 5.50 5.50
1993 50,000 5.50 5.70 5.50
1994 50,000 5.50 5.70 5.70
1995 50,000 5.75 5.70 5.70
1996 50,000 5.75 5.70 5.9O
1997 50,000 5.75 5.80 5.90
1998 50,000 5.75 5.80 5.90
1999 50,000 5.75 5.80 5.90
IV V
5.80 5.50
6.50 6.50
6.5O 6.5O
6.50 6.50
6.50 5.50
6.50 5.50
5.80 5.5O
5.6o 5.5O
5.60 5.50
5.60 5.5O
5.60 5.50
5.60 - 5.5o
5.60 5.50
5.6O 5.60
5.6O 5.60
5.80 5.75
5.80 5.75
5.80 5.75
4,50 5.75
4.50 5.75
INTEREST RATE COLUMNS
Year of Principal
Maturity Amount VI VII VIII Ix
1980 $120,000 6.25. 5.75 5.75 6.00
1981 100,000 6.25 5.75 5.75 6.00
1982 100,000 6.25. 5.75 5.75 6.00
1983 100,000 6.00 5.75 5.75 6.00
19 84 100,000 6.00 5.75 5.75 6.00
1985 100,000 5.50 5.75 5.75 5.75
1986 100,000 5.50 5.50 5.75 5.50
1987 100,000 5.50 5.50 5.75 5.50
1988 100,000 5.50 5.50' 5.75 5.50
1989 100,000 5.50 5.50 5.50 5.50
1990 100,000 5.50 5.50 5.50 5.50
1991 50,000 5.50 5.50 5.60 5.75
1992 50,00o 5.75 5.75 5.75 5.75
1993 50,0o0 5.75 5.75 5.75 5.75
1994 50,000 5.75 5.75 5.75 5.75
1995 50,000 5.75 5.75 5.75 5.75
1996 50,0o0 5.75 5.90 5.75 5.9o
1997 50,000 5.75 5.90 5.75 5.90
1998 50,000 5.75 5.90 5.75 5.90
1999 50,00o 5.75 5.9o 5.75 5.9O
x
7.40
7.40
7.40
7.40
6.00
5.4O
5.4O
5.4O
5,4O
5.4O
5.40
5.4O
5.4O
5.40
5.90
5.90
6.00
6.00
6.00
6.00
Section 2. The bid offering to purchase the bonds at the
lowest interest cost to the City, such cost being determined by
deducting the total amount of any premium bid from the aggregate
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amount of interest on all of the bonds from their date until their
respective maturities was the bid of Virginia Nat|ona] Bank
offering to pay $ 1.570.000.00
kor said bonds, and accrued interest for said bonds bearing interest
at the rates set forth in Column ~ of the foregoing tabulation.
Section 3. Said bid of Virq|n|a Nat|ona! Bank
is hereby accepted and said $1,570,000
School Bonds (Series 1979) are hereby awarded to ¥irqinia Nat;ona! 8~nk
at the price of $ ~.570,QOQ.QQ and
accrued interest for said bonds bearing interest at the rates set
forth in Column ~ of the foregoing tabulation. Delivery of
said bonds is to be made on or about May 3, 1979 in New York City.
Section 4. The checks of unsuccessful bidders shall be
returned immediately.
Section 5. There shall be printed on the reverse of
each of said bonds the legal opinion of Brown, Wood, Ivey, Mitchell
& Petty respecting the validity of said bonds and, immediately
following such legal opinion, a certificate signed with the fac-
simile signature of the Mayor of the City substantially as follows:
"I HEREBY CERTIFY that the foregoing is
a true and correct copy of the legal
opinion upon the bonds therein described
which was manually signed by Brown, Wood,
Ivey, Mitchell & Petty, New York, New York,
and was dated as of the date of delivery
of and payment for said bonds.
" .............. (.Facsimile Signature) .......
Mayor of the City of Fairfax, Virginia."
Section 6. The Official Statement with respect to said
bonds in the form presented at this meeting and its distribution
to prospective bidders is hereby ratified and approved.
Section 7. Ail steps necessary to carry this resolution
into effect shall be taken by the proper officers of the City of
Fairfax.
ADOPTED: April 3, 1979
Mayor
ATTEST:
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