19790313 1979-6ORDINANCE NO'~ 19';9- 6
AN ORDINANCE PROVIDING FOR THE ISSUANCE
OF $1,570,000 GENERAL OBLIGATION BONDS
OF THE CITY OF FAIRFAX AUTHORIZED BY
ORDINANCE NO. 1978-21, ADOPTED BY THE
CITY COUNCIL ON NOVEMBER 7, 1978 AND
APPROVED BY A MAJORITY OF THE QUALIFIED
VOTERS OF THE CITY VOTING ON THE QUESTION
OF ISSUING SAID BONDS AT AN ELECTION
HELD ON JANUARY 23, 1979.
WHEREAS, the City Council of the City of Fairfax on
November 7, 1978 duly adopted Ordinance No. 1978-21 authorizing
the issuance of $1,570,000 general obligation bonds of the City
for the purpose of providing funds for the purchase from Fairfax
County, Virginia of certain schools, including the land, buildings,
fixtures and equipment, said schools being Layton Hall Elementary
School, Sidney Lanier Intermediate School, Westmore Elementary
School and Greenacres Elementary School; and
WHEREAS, at an election duly called 'and held on January
'23, 1979, a majority of the qualified voters of the City of
Fairfax, Virginia, voting on the question approved contracting a
debt, borrowing mQney and issuing general obligation bonds of the
City of Fairfax, Virginia, in the aggregate principal amount not
exceeding $1,570,000 for the purpose of providing funds, with any
other available funds, to purchase four (4) schools: Layton Hall
Elementary School, Sidney Lanier Intermediate School, Westmore
Elementary School and Greenacres Elementary School, including the
land, the buildings, fixtures and equipment (except such equip-
ment as is located in a school for centralized special education
programs or for the purposes other than. the operation of that
school); 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 ~o contract a debt,
borrow money and issue general obligation bonds of the City of
Fairfax, Virginia, in the aggregate principal amount of $1,570,000
for the purpose of providing funds, with any other available funds,
to purchase four (4) schools: Layton Hall Elementary School,
Sidney Lanier Intermediate School, Westmore Elementary School and
Greenacres Elementary School, including the land, the buildings,
fixtures and equipment (except such equipment as is located in a
scho61 for centralized special education programs or for the pur-
poses other than the operation of that school); .now, 'therefore,
THE CITY COUNCIL OF THE CITY OF FAIRFAX HEREBY ORDAINS:
Section 1. For the purpose of providing funds, with an~
other available funds, to purchase four (4) schools: Layton Hall
Elementary School, Sidney Lanier Intermediate School, Westmore
Elementary School and Greenacres Elementary School, including the
land, the buildings, fixtures and equipment (except such equipment
as is located in a school for centralized special education programs
or for the purposes other than the operation of that school), there
1979-6
shall be issued ~he negotiable coupon bonds of the City of Fairfa?,
Virginia, in the aggregate principal amount of $1,570,000. Said
bonds shall consist of 314 bonds of the denomination of $5,000 each,
numbered 1 to 314, inclusive, shall be designated "School Bonds
(Series 1979)", shall be dated as of the 1st day of May, 1979, shall
be stated to mature (without right of prior redemption), in numerical
order, lowest numbers first, on the 1st day of May, in the following
years and in the following amounts, respectively:.
Year of Principal Year of Principal
Maturity Amount Maturity Amount
1980 $120,000 1990 $100,000
1981 100,000 1991 50,000
1982 100,000 1992 50,000
1983 100,000 1993 50,000
1984 100,000 1994 50,000
1985 100,000 1995 50,000
1986 100,000 1996 50,000
1987 100,000 1997 50,000
1988 100,000 1998 50,000
1989 100,000 1999 50,000
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 May and November in each year. Both the prin-
cipal of and the interest on said bonds shall be payable at
The Nationa'l 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 signature
of said Mayor. Said bonds and coupons and the provisions for
registration to be endorsed on the bonds shall be, respectively,
substantially in the following forms:
NO.
$5,000
United States of America
Commonwealth of~irginia
CITY OF FAIRFAX
School Bond (Series 1979)
1979-6
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 1st day
of May, 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 pay-
ment of said principal sdm, such interest to the maturity hereof
being payable semi-annually on the 1st days of May and November in
each year upon the presentation and surrender of the coupons
representing 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
available funds, for the purchase from Fairfax County, Virginia "
of certain schools, including the land, buildings, fixtures and
equipment, said schools being Layton Hall Elementary School, Sidney
Lanier Intermediate School, Westmore Elementary School and Greenacres
Elementary School, 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 ex-
pressed at said election, and pursuant to ordinances and a'reso-
lution duly adopted by the City Council.
This bond may be registered as to principal alone in
accordance with the provisions endorsed hereon.
It is hereby certified and recited that all acts, con-
ditions 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 con-
stitutional 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.
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1979-6
IN WIT~:ESS WHEREOF, the City Ccuncil of the City of
Fairfax, 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 May, 1979.
Mayor of the City of Fairfax, Virginia
(SEAL)
City Treasurer of the City of Fairfax,
V~rginia
ATTEST:
City Clerk Of the City of
Fairfax, Virginia
(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 registrations and transfers as before. The principal
of this bond, if registered, unless registered to bearer, shall be
payable only to or upon the order of the registered owner or his
legal representative. Notwithstanding the registration of this bond
as to principal alone, the coupons shall remain payable to bearer
and shall continue to be transferable by delivery.
Date of Registration
Name of
Registered Owner
Signature of
Bond Registrar
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1979-6
(Form of Coupons)
No. $
On 1, 19 ,
the City of Fairfax, ~-~rginia, 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 amount shown hereon
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 1979), dated May 1, 1979, No. .
Mayor of the City of Fairfax, Virginia
Section 3. Said bonds shall be s~bject to registration
Rs 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. 1978-21,
adopted on November 7, 1978, 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 limitation as to
rate or amount to the full extent necessary to provide for the pay-
ment 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
adoption 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 this ordinance to
be published in the Fairfax Globe , a newspaper of general
circulation in the City of Fairfax, promptly following its intro-
duction, 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
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1979-6
date of public hearing, and the date of the second ~eading and final
adoption in the minutes of the meeting.
Introduced: March 6, 1979.
;~opted: >~nrch 13, 1979.
I approve the foregoing bond ordinance.
Attest:
City/Cl6rk
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I, James E. Hoofnagle, Clerk of the Circuit Court of Fairfax County,
Tirginia, DO ~ CERTIFY that there has heretofore been filed with me a
~ertified copy of the following numbered ordinance adopted by the Council of the
~ity of Fairfax, Virginia:
Ordinance No. 1979-6, adopted ~3rch 13, 1979.
~TNESS my hand this day of 1979.
JA~S E. HOOFNAGLE
Clerk
Deputy Clerk