19751104 1975-54ORDINANCE NO. 1975-54
"AN ORDINANCE AUTHORIZING THE ISSUANCE OF
$6,000,000 GENERAL OBLIGATION BONDS (JUNIOR
LIEN REVENUE - GENERAL OBLIGATION BONDS) OF
THE CITY OF FAIRFAX, VIRGINIA, FOR THE PUR-
POSE OF PROVIDING FUNDS TO PAY THE COST OF
IMPROVING THE WATER SYSTEM OF THE CITY BY
CONSTRUCTING AN ADDITION TO THE WATER TREAT-
MENT PLANT INCLUDING ~AW WATER INTAKE STRUCTURE
AND PUMPING STATION AND STORAGE AND PUMPING
FACILITIES, CONSTRUCTING BOOSTER PUMPING STA-
TIONS, TRANSMISSION AND WATER MAINS AND STORAGE
FACILITIES TOGETHER WITH THE ACQUISITION OF LAND
AND EQUIPMENT NECESSARY OR DESIRABLE IN CONNEC-
TION THEREWITH AND FACILITIES APPURTENANT THERETO
LOCATED WITHIN AND PARTLY WITHIN AND PARTLY WITHOUT
THE CITY."
THE COUNCIL OF THE CITY OF FAIRFAX HEREBY ORDAINS:
that:
Section 1.
It is hereby found, determined and declared
(a) The water system of the City should be improved by
constructing an addition to the Water Treatment Plant including
raw water intake structure and pumping station and storage and
pumping facilities, constructing booster pumping stations, trans-
mission and water mains and storage facilities together with the
acquisition of land and equipment necessary or desirable in con-
nection therewith and facilities appurtenant thereto located
within and partly within and partly without the City.
(b) Such enlargement, extension and improvement cannot
be accomplished from current revenues.
(c) For the purpose of providing funds to pay the cost
of such improvement, the City of Fairfax should contract a debt,
borrow 'money and issue general obligation bonds in the aggregate
principal amount of $6,000,000, said bonds to bear interest from
their date until their payment at the rate of eight per centum
(8%) per annum unless the Council should be able to sell the
bonds at a rate or rates lower than eight per centum (8%) per
annum, in which case it is the intention of the Council to sell
such bonds at such lower rate or rates, and to mature at such
time or times within any period not exceeding forty years from
their date.
(d) The water system is an undertaking from which the
City may derive revenue and said bonds are to be issued under
the provisions of Article VII, Section 10(a) (2) of the Consti-
tution of Virginia and are not to be included within the other-
wise authorized indebtedness of the City.
(e) The full faith and credit of the City of Fairfax
is hereby pledged for the payment of the principal of and interest
on such general obligation bonds and the City shall be unCondi-
tionally 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.
1975-54
-2
Section 2. Following the second reading and final
adoption of this ordinance, the City Clerk shall forthwith cer-
tify a copy hereof to the Circuit Court of Fairfax County, Vir-
ginia, 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
$6,000,000 for the purpose of providing funds to pay the cost of
improving the water system of the City by constructing an addition
to the Water Treatment Plant including raw water intake structure
and pumping station and storage and pumping facilities, construc-
ting booster pumping stations, transmission and water mains and
storage facilities together with the acquisition of land and
equipment necessary or desirable in connection therewith and
facilities appurtenant thereto located within and partly within
and partly wi'thout the City.
Section 3. The Council will fix, charge and collect
rates, fees and other charges for the use of, and for the ser-
vices and facilities furnished by, the water system.
Section 4. From and after five years from the date of
such election, whenever and for so long as the water system fails
to produce sufficient revenue to pay for the cost of operation
and administration of said system (including the interest on all
bonds issued therefor), the cost of insurance against loss by
injury to persons or property and an annual amount sufficient to
pay at or before maturity the principal of all bonds issued on
account of said system, all such bonds then outstanding shall be
included in determining the limitation on the power of the City
to incur indebtedness pursuant to the provisions of Article VII,
Section 10(a) (2) of the Constitution of Virginia.
Section 5. The City Clerk shall cause this ordinance to
be published in the Fairfax Globe, a newspaper of general circu-
lation in the City of Fairfax, promptly following its introduc-
tion, 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, insofar as it authorizes the issuance of the
bonds described herein, shall take effect immediately upon its
approval in a special election of the qualified voters of the
City of Fairfax.
Introduced: October 20, 1975
Adopted: November 4, 1975
Attest: