19920512 r-92-12RESOLUTION NO. R-92-12
RESOLUTION RATIFYING AWARD OF $1,100,000 GENERAL OBLIGATION
SCHOOL BOND, 1992 SERIES A, OF THE CITY OF FAIRFAX, VIRGINIA,
TO VIRGINIA PUBLIC SCHOOL AUTHORITY
WHEREAS, by ordinance adopted on March 24, 1992 (the "Bond
Ordinance"), the City Council of the city of Fairfax, Virginia
(the "City"), provided for the issuance of a $1,100,000 General
Obligation School Bond, 1992 Series A (the "Bond"), of the city
to the Virginia Public School Authority (the ,,Authority");
WHEREAS, the Bond Ordinance authorized the Director of
Finance to award the Bond to the Authority at such interest rate
or rates as would produce a differential in each year of not
more than ten-one hundredths of one percent (10/100 of 1%) over
the annual rate to be paid by the Authority on the bonds it sold
to provide funds to purchase the Bond, provided that no interest
rate or rates on the Bond should exceed nine percent (9%) per
year; and
WHEREAS, on May 1, 1992, the Director of Finance on behalf
of the City awarded the Bond, bearing interest at the annual
rates and maturing on December 15 in years and amounts as shown
on Exhibit A hereto, to the Authority;
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FAIRFAX,
VIRGINIA:
1. The action of the Director of Finance in awarding the
Bond to the authority is ratified, approved and confirmed and
the Bond shall bear interest at the annual rates and shall
mature on December 15 in years and amounts as shown in Ex-
hibit A.
2. The Bond shall be in substantially the form approved
by the Bond Ordinance, with such changes as may be necessary or
appropriate to conform it to the provisions of this resolution.
3. The purpose of the issuance of the Bond to finance
certain capital projects for school purposes as described in
paragraph one of the Bond Ordinance includes financing interest
during construction and for up to one year after completion of
construction.
4. This resolution shall take effect immediately.
Adopted this 12th day of May, 1992.
MAYOR
ATTEST:
y C~erk
R-92-12 -2
EXHIBIT A
CITY OF FAIRFAX, VIRGINIA
$1,100,000 GENERAL OBLIGATION SCHOOL BOND, 1992 SERIES A
YEAR AMOUNT RATE
1992 $110,000 6.10 %
1993 110,000 6.10
1994 110,000 6.10
1995 110,000 6.10
1996 110,000 6.10
1997 110,000 6.10
1998 110,000 6.10
1999 110,000 6.10
2000 110,000 6.10
2001 110,000 6.10