19760302 1976-10ORDINANCE No. 1976- 10
AN ORDINANCE AUTHORIZING THE ISSUANCE OF
$500,000.00 GENERAL OBLIGATION BONDS OF THE CITY
OF FAIRFAX, VIRGINIA, FOR THE PURPOSE OF PROVIDING
FUNDS, WITH ANY OTHER AVAILABLE FUNDS, TO PAY THE
COST OF A CAPITAL IMPROVEMENT PROJECT CONSISTING
OF THE CONSTRUCTION OF SCHOOL IMPROVEMENTS AT
JERMANTOWN ELEMENTARY SCHOOL, INCLUDING IMPROVEMENTS
OF SITES, ADDITIONS AND ALTERATIONS TO EXISTINg
BUILDINGS, AND THE FURNISHING AND EQUIPPING OF
BUILDINGS OR ADDITIONS TO BUILDINGS.
WHEREAS, it is necessary to construct school improvements at
Jermantown Elementary School, including improvements of sites,
additions and alterations to existing buildings and the furnishing
and equip~ng 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 $500,000.00; 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 $500,000.00, bearing
interest at a rate or rates not exceeding 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 per annum, in which
case it is the intention of the Council to sell such bonds at such
lower rate or rates, and maturing at such time or times not exceed-
ing forty years from the date of issue as may be determined by the
Council of the City of Fairfax, and being redeemable before maturit
at the option of the said municipality at such price or prices and
under such terms and conditions as fixed by the said Council prior
to the issuance of the bonds, for the purpose of providing funds,
with any other available funds, to pay the cost of a capital
improvement project consisting of the construction of school im-
provements at Jermantown Elementary School, including improvements
of sites, additions and alterations to existing buildings, and the
furnishing and equ~ping of buildings or additions to buildings.
1976-10 -2
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 ~he
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 $500,000.00 for the
purpose of providing funds, with any other available funds, to pay
the cost of a capital improvement project consisting of the
construction of school improvements at Jermantown Elementary School
including improvements of sites, 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 Fairfax Globe, a newspaper of general circulation
in the City of Fairfax, promptly following its intModuction, toget~
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 o
introduction and first reading, the date of publication, the date
of public hearing, and the date of the second reading and final
1976-10 -3
doption in the minutes of the meeting. As provided by Section 8.4
f the Charter of the City of Fairfax, this ordinance shall take
ct immediately upon its approval in a special election of the
ualified voters of the City of Fairfax.
Introduced: February 24, 1976
Adopted: March 2, 1976
ttest:
C~Y Clerk