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19781107 1978-22ORDINANCE NO. 1978- 22 "AN ORDINANCE AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION BCNDS OF THE CITY OF FAIRFAX, VIRGINIA, IN AN AM///qT NOT EX- CRRDING $900,000.00 FOR THE PURPOSE OF PROVIDING FUNDS TO PAY THE pROPORTIONATE SHARE OF THE CITY OF FAIRFAX FOR ~ NET CONSTRUCTION (I~T OF THE PLANNED COURTS F~£ILITY." THE COUNCIL OF THE CITY OF FAIRFAX HEREBY ORDAINS: Section 1. It is hereby found, detenmined and declared that: (a) The City of Fairfax has and will continue to have a need for facilities for Courts and related court services and therefore it is necessary and beneficial for the City to contribute to the cost of the construction of such facilities. (b) Section 15.1-1005 of the 1950 Code of Virginia, as amended, mandates the sharing of cost for such facilities and services with the County of Fairfax, by proportion of the total aggregate population; and the City and Fairfax County have entered into a contractual agreement covering the payments required to be made by the City, and the amount estimated to be the City's share for the net construction cost of the Courts Facility is $900,000.00. (c) The payment for the Courts Facility cannot be acccmplished from current revenues. (d) Pursuant to the Charter of the City of Fairfax and the Constitution of Virginia, the City of Fairfax shall contract a debt, borrc~ money and issue general obligation bonds in the aggregate principal amount not exceeding $900,000.00 to bear interest frcm 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 l~er 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 maturing at such time or times not exceeding forty years from the date of the issue as may be determined by the Council of the City of Fairfax, and be redeemable before maturity, 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 proportionate share of the City of Fairfax for the net construction cost of the Courts Facility. (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 unconditionally and irrevocably obligated to levy ad valorem taxes on all taxeble 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 (f) The debt limit as prescribed by the Charter and by the Constitution of Virginia will not be exceeded by the issuance of the said general obligation bonds. 1978-22 -2- Section 2. 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 not exceeding $900,000.00 for the purpose of providing funds to pay the proportionate share of the City of Fairfax for the net construction cost of the Courts Facility. Section 3. 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 f611owing 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 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 irm~diately upon its approval in a special election of the qualified voters of the City of Fairfax. October 24, 1978 Introduced: Adopted: November 7, 1978 Mayor Ci~= dler ~ '