19970527 1997-07ORDINANCE NO. 1997-7
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF FAIRFAX, VIRGINIA
REQUESTING THE CIRCUIT COURT TO ORDER A SPECIAL ELECTION ON THE
ISSUANCE OF SCHOOL BONDS IN THE MAXIMUM PRINCIPAL AMOUNT OF
$25,600,000 AND AUTHORIZING SUCH BONDS.
WHEREAS, the Council ("Council,,) of the City of Fairfax,
Virginia ("City"), has determined that it is necessary to undertake
a program of capital improvement projects for the public school
system of the City and that the cost of such program of capital
improvement projects, together with related financing costs is
estimated to be $25,600,000; and '
WHEREAS, the School Board of the City adopted a resolution on
May 5, 1997, requesting the Council to request the ordering of ar
election on the question of contracting a debt in an amount not to
exceed $25,600,000 for such purposes;
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FAIRFAX,
VIRGINIA:
The Council determines that it is necessary and expedient to
undertake a program of capital improvement projects for the
public school system of the City, which will promote the
public welfare of the City and its inhabitants.
The Council determines that it is advisable to contract a debt
and issue general obligation school bonds of the City in the
maximum principal amount of $25,600,000 ¢"Bonds"~ pursuant ~rl
the Public Finance Act of 1991 to provide'funds, ~o~ether'~i~il
other available funds, to finance the cost of capita]t
improvement projects for the public school system of the CityI
and to pay costs of issuing the Bonds.
The Bonds shall bear such date or dates, mature at such time
or times not exceeding forty years from their dates, bear
interest at such rate or rates, be in such denominations and
form, be executed in such manner and be sold at such time or
times and in such manner as the Council shall hereafter
provide by appropriate resolution or resolutions.
The Bonds shall be general obligations of the City for the
payment of principal of and premium, if any, and interest on
which its full faith and credit shall be irrevocably pledged.
The Council requests the Circuit Court of Fairfax County,
Virginia, to order an election to be held pursuant to Sections
15.1-227.12 and 15.1-227.13 of the Code of Virginia of 1950,
as amended, on the question of contracting a debt and issuing
the Bonds for such purposes.
The City Clerk, in collaboration with the City Attorney, is
authorized and directed to see to the immediate filing of a
certified copy of this ordinance to be filed with the Circuit
Court of Fairfax County, Virginia.
1997-7
-2-
INTRODUCED:
PUBLIC HEARING:
ADOPTED:
May 13, 1997
May 27, 1997
May 27, 1997
All members of the Fairfax City Council were present and the vot~
to adopt was approved 6-0, recorded as follows:
Vote:
Councilman Coughlan aye
Councilman Greenfield ave
Councilwoman Lyman ..aye
Councilman Mershon aye
Councilman Rasmussen aye
Councilman Silverthorne ave
Mayor
Date
ATTEST
~ty ~l~rk