19770412 1977-12ORDINANCE NO. 1977-12
AN ORDINANCE AMENDING THE CODE OF THE CITY OF
FAIRFAXv VIRGINIA, TO ADD A NEW CHAPTER llA
CREATING AN INDUSTRIAL DEVELOPMENT AUTHORITY
PURSUANT TO THE INDUSTRIAL DEVELOPMENT AND
REVENUE BOND ACT CONSTITUTING CHAPTER 33 OF
TITLE 15.1 OF THE 1950 CODE OF VIRGINIA, AS
AMENDED, TO BE KNOWN AS "INDUSTRIAL DEVELOPMENT
AUTHORITY OF THE CITY OF FAIRFAX, VIRGINIA."
WHEREAS, pursuant to the Industrial Development and Revenue
Bond Act, Chapter 33, Title 15.1, of the 1950 Code of Virginia,
as amended (hereinafter referred to as "Act"), the General Assembl'
of Virginia has authorized the creation of industrial development
authorities by the several municipalities in the Commonwealth of
Virginia so that such authorities may acquire, own, lease, and
dispose of properties to the end that such authorities may be able
to promote industry and develop trade by inducing manufacturing,
industrial, governmental and commercial enterprises to locate in
or remain in the Commonwealth of Virginia and further the use of
its agricultural products and natural resources, and further
vested such authorities with all powers that may be necessary to
enable them to accomplish such purposes, which powers shall be
exercised for the benefit of the inhabitants of the Commonwealth
of Virginia, either through the increase of their commerce, or
through the promotion of their safety, health, welfare, convenience
or prosperity; and
WHEREAS, the Council of the City of Fairfax, Virginia, is
in accord with the purposes of the Act and has determined that it
is in the best interests of the City and its citizens to create
an industrial development authority pursuant to the Act; provided,
however, that such industrial development authority is limited
as to the type and number of facilities which it could otherwise
finance under the Act, to wit: a single medical facility constitu-
ting a clinical pathological and/or nuclear medicine laboratory;
and,
1977-12
WHEREAS, the Council of the City of Fairfax, Virginia, has
determined that it is in the best interests of the City and its
citizens to induce enterprises which are clinical-pathological
laboratories and nuclear medicine laboratories to locate in and
remain in the City and the Commonwealth of Virginia.
NOW, THEREFORE, BE IT ORDAINED by the Council of the City
of Fairfax, Virginia, that the Code of the City of Fairfax, Virgin~
be and it hereby is amended to add a new Chapter llA to read in
its entirety as follows:
CHAPTER llA
INDUSTRIAL DEVELOPMENT AUTHORITY
OF THE CITY OF FAIRFAXw VIRGINIA
Sec. llA-1. Authority Created.
Sec. llA-2 Powers.
Sec. llA-3. Board of Directors.
Sec. llA-4. Limitation of Authority
Section llA-1. Authority Created.
There is hereby created a political subdivision of the
Commonwealth of Virginia which shall be named the Industrial
Development Authority of the City of Fairfax, Virginia (herein-
after referred to as "Authority").
Section llA-2. Powers.
The Authority shall have such public and corporate powers
as are set forth in the Industrial Development and Revenue Bond
Act, Chapter 33, Title 15.1, of the 1950 Code of Virginia, as
amended (hereinafter referred to as "Act"), including such powers
as may be set forth from time to time hereafter in the Act; provi-
ded, however, that the Authority shall only exercise such powers
subject to the limitations and conditions set forth in section
llA-4 of this Chapter.
~ec. llA-3. Board of Directors.
The Board of Directors of the Authority shall be composed
of seven directors, who shall be appointed by the City Council.
At least six of the seven directors shall be bona fide residents
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1977-12
and citizens of the City of Fairfax, Virginia. The seven director~
shall be appointed initially for terms of one, two, three and four
years; two being appointed for one year terms; two being appointed
for two year terms; two being appointed for three year terms and
one being appointed for a four year term. Subsequent appointments
shall be for terms of four years, except appointments to fill
vacancies which shall be for the unexpired terms.
Section llA-4. Limitation of Authority.
In accordance with section 15.1-1376 of the 1950 Code of
Virginia, as amended, the type and number of facilities which the
Authority may finance pursuant to the Act are limited and the
Authority is not authorized or empowered to finance any facilities
other than those expressly enumerated hereinafter. The Authority
is hereby authorized and empowered to finance a single facility
consisting of a clinical-pathological laboratory and/or a nuclear
medicine laboratory. The City Council reserves to itself the right
and power to amend the limitations contained herein from time to
time, in such manner as it, in its sole discretion, may deem to
be appropriate.
This ordinance shall become effective immediately upon its
adoption.
Introduced: A~ril 5, 1977
Adopted: April 12, 1977
Attest:
City C'lerk