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20040706 r-04-45RESOLUTION NO. R-04-45 RESOLUTION AUTHORIZING THE EXECUTION OF A SUPPORT AGREEMENT PROVIDING FOR A NON- BINDING OBLIGATION OF THE CITY OF FAIRFAX, TO CONSIDER CERTAIN APPROPRIATIONS FOR THE BENEFIT OF THE CITY OF FAIRFAX ECONOMIC DEVELOPMENT AUTHORITY WHEREAS, the City of Fairfax Economic Development Authority (the "Authority") has determined to issue and sell a Taxable Revenue Note (City of Fairfax Project), Series 2004 (the "Note"), in a principal amount not to exceed $3,300,000, in accordance with the terms of a Note Purchase and Financing Agreement (the "Financing Agreement"), pursuant to which the Authority will issue the Note and use the net proceeds thereof to acquire certain parcels (including any improvements thereon) of real estate known as the Keenan property and the Webb property for future economic development purposes (the "Project"); WHEREAS, the City of Fairfax, Virginia (the "City"), desires to enter into a support agreement to provide credit support for the Note to the extent sale and rental revenues related to the Project are insufficient to enable the Authority to pay debt service due on the Note; WHEREAS, there has been presented to this meeting a Support Agreement between the City and the Authority (the "Support Agreement"), to be used in connection with the security for the Note. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FAIRFAX, VIRGINIA: 1. In consideration of the Authority's undertakings with respect to financing the Project, the City Council hereby determines that it is in the best interests of the City and its citizens for the City to enter into a Support Agreement in connection with the issuance of the Note. 2. The Mayor is hereby authorized and directed to execute and deliver a Support Agreement in connection with the issuance of the Note. The Support Agreement shall be in substantially the form presented to this meeting, which is hereby approved, with such completions, omissions, insertions or changes not inconsistent with this resolution as may be approved by the Mayor, the execution thereof by the Mayor to constitute conclusive evidence of such officer' s approval of such completions, omissions, insertions or changes. 3. The City Manager is hereby authorized and directed to carry out the obligations imposed by the Support Agreement on the City Manager. 4. As provided by the Support Agreement, the City Council hereby undertakes a non-binding obligation to appropriate to the Authority such amounts as may be requested from time to time pursuant to the Support Agreement, to the fullest degree and in such manner as is consistent with the Constitution and laws of the Commonwealth of Virginia. 5. All resolutions or parts thereof in conflict herewith are hereby repealed. 6. This resolution shall take effect immediately. ADOPTED this 6th day of July, 2004. Attest: City Clerk Vote J. Cross J. Greenfield G. Lyon G. Rasmussen S. Silverthome P.Winter DATE Aye Aye Aye Aye Aye Aye