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19710216 1971-5ORDINANCE NO. 1971- 5 AN ORDINANCE PROVIDING FOR THE ISSUANCE OF THE $1,500,000 AUTHORIZED BUT UNISSUED BALANCE OF THE $6,500,000 GENERAL OBLIGA- TION BONDS OF THE CITY OF FAIRFAX AUTHORIZED BY ORDINANCE NO. 1968-15, ADOPTED BY THE CITY COUNCIL ON NOVEMBER 12, 1968 AND AP- PROVED BY A MAJORITY OF THE QUALIFIED VOTERS OF THE CITY VOTING ON THE QUESTION OF ISSUING SAID BONDS AT AN ELECTION HELD ON DECEMBER 17, 1968. WHEREAS, the City Council of the City of Fairfax on November 12, 1968 duly adopted Ordinance No. 1968-15 authorizing the issuance of $6,500,000 general obligation bonds of the City 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 acquisi- tion 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, at an election duly called and held on December 17, 1968, a majority of the qualified voters of the City of Fairfax, Virginia, voting on the question approved contracting a debt, borrow- ing 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 project consisting of the con- struction and acquisition of school improvements including the purchase of sites, additions and improvements of sites, and acquisi- tion 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 Ordinance No. 1968-15, adopted by the City Council on November 12, 1968; and WHEREAS, the Circuit Court of Fairfax County, Virginia, has duly entered its Final Order authorizing the City Council of the City of Fairfax, Virginia, to proceed to carry out the wishes of the voters as expressed at said election and to contract a debt, borrow money and issue general obligation bonds of the City of Fair- fax, 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 project consisting of the con- struction and acquisition of school improvements including the pur- chase of sites, additions and improvements of sites, the acquisition or construction of new buildings, the acquisition of existing build- ings, additions and alterations to existing buildings, and the furnishing and equipping of buildings or additions to buildings, all pursuant to the provisions of Ordinance No. 1968-15, adopted by the City Council on November 12, 1968; and 1971-5 WHEREAS, the City has heretofore issued $5,000,000 school bonds (Series 1970) dated May I, 1970, being $5,000,000 of the afore- mentioned $6,500,000 bond authorization, leaving an authorized but unissued balance of $1,500,000; and WHEREAS, the City Council has determined and now deems it advisable to provide for the issuance of the $1,500,000 authorized but unissued balance of said bonds at this time; now, therefore, THE COUNCIL OF THE CITY OF FAIRFAX HEREBY ORDAINS: Section 1. 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 improve- ments 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 build- ings or additions to buildings in the City, there shall be issued the negotiable coupon bonds of the City of Fairfax, Virginia, in the aggregate principal amount of $1,500,000. Said bonds shall consist of 300 bonds of the denomination of $5,000 each, numbered 1 to 300, inclusive, shall be designated "Schools Bonds (Series 1971)", shall be dated as of the 1st day of April, 1971, shall be stated to mature (without right of prior redemption), in numerical order, lowest numbers first, on the 1st day of April, in the followin9 years and in the following amounts, respectively: Year of Principal Year of Principal Maturity Amount Maturity Amount 1972 - 1982 $100,O00 1973 $ 40,000 1983 100,O00 1974 40,000 1984 100,O00 1975 45,000 1985 100,000 1976 50,000 1986 100,O00 1977 55,000 1987 lO0,O00 1978 60,000 1988 100,O00 1979 65,000 1989 100,O00 1980 70,000 1990 100,000 1981 75,000 1991 100,OO0 and shall bear interest until their payment at a rate or rates not exceeding eight per centum (8%) per annum as shall hereafter be determined by the City Council by resolution, such interest to the respective maturities of the bonds being payable semi-annually on the 1st days of April and October in each year. Both the princi- pal of and the interest on said bonds shall be payable at The National Bank of Fairfax, in the City of Fairfax, Virginia, or at The Chase Manhattan Bank (National Association), in the Borough of Manhattan, City and State of New York, at the option of the holder or registered owner, in any coin or currency of the United States of America which on the respective dates of payment thereof is legal tender for the payment of public and private debts. Section 2. Said bonds shall be executed with the facsimile signature of the Mayor of the City and shall be signed by the City Treasurer and the corporate seal of the City shall be impressed on said bonds and attested by the City Clerk. The interest coupons to be attached thereto shall be executed with the facsimile signa- ture of said Mayor. Said bonds and coupons and the provisions for - 2 - 1971-5 registration to be endorsed on the bonds shall be, respectively, substantially in the following forms: No. $5,OOO United States of America State of Virginia CITY OF FA IRFAX School Bond (Series lPT1) The City of Fairfax, Virginia, is justly indebted and for value received hereby promises to pay to the bearer or, if this bond be registered, to the registered owner hereof, on the Ist day of April, 19 , upon the presentation and surrender hereof, the principal sum of FIVE THOUSAND DOLLARS and to pay interest thereon from the date hereof at the rate of per centum ( %) per annum until payment of said principal sum, such interest to the maturity hereof being payable semi-annually on the 1st days of April and October in each year upon the presentation and surrender of the coupons represent- ing such interest as the same respectively become due. Both the principal of and the interest on this bond are payable at The National Bank of Fairfax, in the City of Fairfax, Virginia, or at The Chase Manhattan Bank (National Association), in the Borough of Manhattan, City and State of New York, at the option of the holder or registered owner, in any coin or currency of the United States of America which on the respective dates of payment thereof is legal tender for the payment of public and private debts. This bond and the bonds of the series of which it is one are issued for the purpose of providing funds, with any other avail- able funds, to pay the cost of a capital improvement project con- sisting 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 build- ings in the City of Fairfax, Virginia, and the full faith and credit of said City are hereby irrevocably pledged for their payment. This bond is one of a series issued under the authority of and in full compliance with the Constitution and laws of Virginia, and pursuant to the vote of a majority of the qualified voters of the City of Fairfax, Virginia, voting at an election duly called and held under the provisions of the City Charter and the Code of Virginia, 1950, as amended, and under an order of the Circuit Court of Fairfax County, Virginia, authorizing the City Council of said City to carry out the wishes of the voters as expressed at said election, and pursuant to ordinances and a resolution duly adopted by the City Council. -3- 1971-5 This bond may be registered as to principal alone in ac- cordance with the provisions endorsed hereon. It is hereby certified and recited that all acts, condi- tions and things required by the Constitution and laws of Virginia, including the Charter of the City of Fairfax, to happen, exist and be performed precedent to and in the issuance of this bond have happened, exist and have been performed in due time, form and manner as so required, that the total indebtedness of the City of Fairfax, Virginia, including this bond, does not exceed any constitu- tional or statutory limitation thereon, and that provision has been made for the levy of ad valorem taxes on all taxable property in said City without limitation as to rate or amount to the full extent necessary to provide for the payment of the principal of and the interest on this bond as the same shall become due. IN WITNESS WHEREOF, the City Council of the City of Fair- fax, Virginia, has caused this bond to be issued in the name of the City of Fairfax, Virginia, and has caused this bond to be executed with the facsimile signature of the Mayor of the City and to be signed by the City Treasurer and the corporate seal of the City to be impressed hereon and attested by the City Clerk, and the interest coupons attached hereto to be executed with the facsimile signature of said Mayor, all as of the 1st day of April, 1971. Mayor of the City of Fairfax, Virginia (Sea 1 ) Attest: City Treasurer of the City of Fairfax, Virginia City Clerk of the City of Fairfax, Virginia -4- 1971-5 (Endorsement upon Bonds) PROVISIONS FOR REGISTRATION This bond may be registered as to principal alone on books kept by the City Treasurer of the City of Fairfax, Virginia, as Bond Registrar, or by such other Bond Registrar as may be legally appointed by the City Council of the City of Fairfax, upon presentation hereof to such Bond Registrar who shall make notation of such registration in the registration blank below, and this bond may thereafter be transferred only upon an assignment duly executed by the registered owner or his attorney or legal representative in such form as shall be satisfactory to the Bond Registrar, such transfer to be made on such books and endorsed hereon by the Bond Registrar. Such transfer may be to bearer and thereby transferability by delivery shall be restored, but this bond shall again be subject to successive registra- tions and transfers as before. The principal of this bond, if regis- tered, unless registered to bearer, shall be payable only to or upon the order of the registered owner or his legal representative. Not- withstanding the registration of this bond as to principal alone, the coupons shall remain payable to bearer and shall continue to be transferable by delivery. Name of Signature of Date or Reqistration Registered Owner Bond Registrar (Form of Coupons) No. $. On 1, 19 the City of Fairfax, Virginia, will pay to bearer at The National Bank of Fairfax, in the City of Fairfax, Virginia, or at The Chase Manhattan Bank (National Association), in the Borough of Manhattan, City and State of New York, at the option of the bearer, upon the presentation and surrender hereof, the sum of Dollars in any coin or currency of the United States of America which at the time of payment is legal tender for the payment of public and private debts, as provided in and for the semi-annual interest then due upon its School Bond (Series 1971), dated April 1, 1971, No. Mayor of the City of Fairfax, Virginia -5- 1971-5 Section 3. Said bonds shall be subject to registration as to principal alone in accordance with the provisions for regis- tration set forth in the bonds, and the City Treasurer of the City of Fairfax, Virginia, is hereby appointed and designated Bond Registrar for the purpose of registering said bonds. No charge shall be made to any bondholder for the privilege of registration and transfer herein granted. Section 4. For the prompt payment of the principal of and the interest on the bonds authorized by Ordinance No. 1968-15, adopted on November 12, 1968, and provided to be .issued hereby as the same shall become due, the full faith and credit of the City of Fairfax, Virginia, are hereby irrevocably pledged, and the City shall be unconditionally and irrevocably obligated to levy ad valorem taxes on all taxable property in said City without limita- tion as to rate or amount to the full extent necessary to provide for the payment of the principal of and the interest on said bonds as such principal and interest shall become due. Section 5. Following the second reading and final adop- tion of this ordinance, the City Clerk is hereby authorized and directed to file a certified copy of this ordinance with the Circuit Court of Fairfax County, Virginia. Section 6. The City Clerk shall cause the title of this ordinance to be published in the Virginia Sentinel, 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. Introduced: February 9, 1971. Adopted: February 16, 1971. I approve the foregoing bond ordinance. Attest: -6-