19920908 r-92-44 RESOLUTION NO. R-92-44
GEORGE MASON UNIVERSITY EDUCATIONAL
FOUNDATION - COUNTY EDA BONDS
WHEREAS, the Industrial Development Authority of the City of
Fairfax, Virginia (the "City Authority"), has conducted a public
hearing on the proposed issuance by the Fairfax County Economic
Development Authority (the "County EDA"), of its educational
facilities revenue bonds (the "Bonds") pursuant to Chapter 643 of
the Acts of the Assembly of 1964, to assist George Mason University
Educational Foundation, Inc., a not-for-profit Virginia nonstock
corporation (the "Foundation"), with refinancing certain university
residential, academic and administrative facilities located in the
City; and
WHEREAS, the City Authority has requested that the City
Council of the City of Fairfax, Virginia (the "City Council"),
approve the issuance of the Bonds to comply with Section 147(f) of
the Internal Revenue Code of 1986, as amended, and that the City
Council concur in the inducement resolution of the County Authority
with respect to its issuance of the Bonds pursuant to Section 15.1-
1378 of the Code of Virginia of 1950, as amended; and
WHEREAS, a copy of the City Authority's resolution considering
the issuance of the Bonds, a fiscal impact statement, a reasonably
detailed summary of the comments expressed at the public hearing
of the City Authority and a certified copy of the inducement
resolution of the County Authority have been filed with the City
Council;
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FAIRFAX,
VIRGINIA:
me
The City Council hereby approves the issuance of the Bonds by
the County Authority to assist the Foundation in its
refinancing plans to the extent required by Section 147(f) of
the Internal Revenue Code and concurs with the inducement
resolution to the extent required by Section 15.1-1378 of the
Code of Virginia.
Approval of the issuance of the Bonds as required by Section
147(f) of the Internal Revenue Code and the concurrence with
the inducement resolution does not constitute an endorsement
to a prospective purchaser of the Bonds of the creditworth-
iness of the Foundation, and neither the City of Fairfax nor
the City Authority shall be obligated to pay the Bonds or the
interest thereon or other costs incident thereto, and neither
the faith or credit nor the taxing power of the Commonwealth
of Virginia, the City of Fairfax or the City Authority shall
be pledged thereto.
Adopted this 8th
day of SeDtember , 1992.
ATTEST:
c t -Cl k
Mayor