19681112 1968-15ORDINANCE NO. 1968-15
"AN ORDINANCE AUTHORIZING THE ISSUANCE
OF $6,500,000 GENERAL OBLIGATION BONDS
OF THE CITY OF FAIRFAX, VIRGINIA, FOR
PURPOSE OF PROVIDING FUNDS, WITH ANY
OTHER AVAILABLE FUNDS, TO PAY THE COST
OF A CAPITAL IMPROVEMENT PROJECT CON-
SISTING OF THE CONSTRUCTION AND ACQUISI-
TION OF SCHOOL IMPROVEMENTS INCLUDING
THE PURCHASE OF SITES, ADDITIONS AND
IMPROVEMENTS OF SITES, THE ACQUISITION
OR CONSTRUCTION OF NEW BUILDINGS, THE
ACQUISITION OF EXISTING BUILDINGS,
ADDITIONS AND ALTERATIONS TO EXISTING
BUILDINGS, AND THE FURNISHING AND
EQUIPPING OF BUILDINGS OR ADDITIONS TO
BUILDINGS."; and
WHEREAS, it is necessary to construct and to acquire school
improvements including the purchase of sites, additions and
improvements of sites, the acquisition or construction of new
buildings, the acquisition of existing buildings, additions and
alterations to existing buildings, and the furnishing and
equipping of buildings or additions to buildings, for the City
of Fairfax, Virginia, the estimated maximum cost of which to be
met from bond proceeds is $6,500,000; now, therefore,
THE COUNCIL OF THE CITY OF FAIRFAX HEREBY ORDAINS:
Section 1. Pursuant to the Charter of the City of Fairfax
and the Constitution and laws of Virginia, there shall be issued
general obligation bonds of the City of Fairfax, Virginia, in an
aggregate principal amount not exceeding $6,500,000 for the
purpose of providing funds, with any other available funds, to
pay the cost of a capital improvement project consisting of the
construction and acquisition of school improvements including
the purchase of sites, additions and improvements of sites, the
acquisition or construction of new buildings, the acquisition of
existing buildings, additions and alterations to existing
buildings, and the furnishing and equipping of buildings or
additions to buildings.
Section 2. The debt limit as prescribed by said Charter
and by the Constitution of Virginia will not be exceeded by
the issuance of said general obligation bonds.
Section 3. The full faith and credit of the city of
Fairfax is hereby pledged for the payment of the principal of
and the interest on such general obligation bonds and the city
shall be unconditionally and irrevocably obligated to levy
ad valorem taxes on all taxable property in said City without
limitation as to rate or amount to the full extent necessary for
the payment of such principal and interest on such general
obligation bonds.
Section 4. Following the second reading and final adoption
of this ordinance, the City Clerk shall forthwith certify a
copy hereof to the Circuit Court of Fairfax County, Virginia, or
to the judge thereof, in vacation, and it is hereby requested
that the circuit Court order a special election of the qualified
voters of the City upon the question of contracting a debt,
borrowing money and issuing general obligation bonds of the
city of Fairfax, Virginia in the aggregate principal amount
of $6,500,000 for the purpose of providing funds, with any other
available funds, to pay the cost of a capital improvement pro-
ject consisting of the construction and acquisition of school
improvements including the purchase of sites, additions and
improvements of sites, the acquisition or construction of new
buildings, the acquisition of existing buildings, additions
and alterations to existing buildings, and the furnishing and
equipping of buildings or additions to buildings, all pursuant
to the provisions of this ordinance.
Section 5. The City Clerk shall cause this ordinance to
be published in the Northern Virginia Sun, a newspaper of general
circulation in the city of Fairfax, promptly following its
introduction, together with a notice containing the date, time,
and place for a public hearing which shall be not less than
three days after such introduction. The Clerk of the City
Council shall note the date of introduction and first reading,
the date of publication, the date of public hearing, and the
date of the second reading and final adoption in the minutes
of the meeting. As provided by Section 8.4 of the Charter of
the City of Fairfax, this ordinance shall take effect immediately
upon its approval in a special election of the qualified voters
of the City of Fairfax.
Introduced: November 5, 1968.
Adopted:
November 12, 1968.
Attest: