19931012 r-93-41RESOLUTION NO. R-93-41
RESOLUTION AUTHORIZING THE FILING OF AN APPLICATION
WITH THE STATE COUNCIL ON LOCAL DEBT FOR THE ISSUANCE
AND SALE OF GENERAL OBLIGATION WATER REFUNDING BONDS
OF THE CITY OF FAIRFAX, VIRGINIA
WHEREAS, the City of Fairfax, Virginia (the "City"), has
issued its Water Revenue Bonds, Series 1970 (the "1970 Bonds"), in
the aggregate outstanding principal amount of $1,000,000;
WHEREAS, the City has issued its Junior Lien Water Revenue
Bonds, Series 1976 (the "1976 Bonds"), in the aggregate outstanding
principal amount of $5,625,000;
WHEREAS, the City has issued its Water Bonds, Series of 1986,
in the aggregate outstanding principal amount of $3,075 000 (the
"1986 Bonds"); '
WHEREAS, the City, in conjunction with its financial advisor,
has determined that it is in the best interest of the City to
refund all or a portion of the 1970 Bonds maturing on June 1, 1995,
through 1997, the 1976 Bonds maturing on July 1, 1994, through
2006, and the 1986 Bonds maturing on June 1, 1997, through 2006
(collectively, the "Outstanding Bonds',), to take advantage of
current lower interest rates; and
WHEREAS, the City must obtain the approval of the State
Council on Local Debt to issue bonds to refund the Outstanding
Bonds;
BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FAIRFAX,
VIRGINIA:
1. The City Manager, the Director of Finance and the City
Attorney, any of whom may act, are authorized and directed to
pursue the necessary requirements for the issuance and sale of
bonds (the "Bonds") to refund the Outstanding Bonds.
2. The City Manager, the Director of Finance and the City
Attorney, any of whom may act, are hereby authorized and directed
to apply to the State Council on Local Debt for approval for the
issuance of the Bonds. The Bonds shall not be issued until their
issuance shall have been approved by the State Council on Local
Debt, as required by the Section 15.1-227.46 of the Code of
Virginia of 1950, as amended.
ADOPTED on this 12th day of October, 1993.
MAYOR
Attest:
City Clerk