20010710 2001-7ORDINANCE NO. 2001-7
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 GENERAL OBLIGATION
PUBLIC IMPROVEMENT BONDS IN THE MAXIMUM PRINCIPAL
AMOUNT OF $20,000,000 AND AUTHORIZING SUCH BONDS
WHEREAS, the Council (the "Council") of the City of Fairfax, Virginia (the "City"),
has determined that it is necessary to undertake a program of capital improvement projects for
the City, including, among other projects, the construction of a public safety building, the
construction of a parking deck and an addition to City Hall and renovation of City Hall and
Sisson House (collectively, the "Capital Improvement Projects") and that the cost of the
Capital Improvement Projects, together with related financing costs, is estimated to be
$20,000,000; and
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FAIRFAX,
VIRGINIA:
1. The Council determines that it is necessary and expedient to undertake the
Capital Improvement Projects for the City, which will promote the public welfare of the City
and its inhabitants.
2. The Council determines that it is advisable to contract a debt and issue general
obligation public improvement bonds of the City in the maximum principal amount of
$20,000,000 (the "Bonds") pursuant to the Public Finance Act of 1991 to provide funds,
together with other available funds, to finance the cost of the Capital Improvement Projects
for the City and to pay costs of issuing the Bonds.
3. 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.
4. 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.
5. The Council requests the Circuit Court of Fairfax County, Virginia, to order an
election to be held pursuant to Sections 15.2-2610 and 15.2-2611 of the Code of Virginia of
1950, as amended, on the question of contracting a debt and issuing the Bonds for such
purposes.
6. 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.
This ordinance shall become effective as provided by law.
INTRODUCED: June 12, 2001
PUBLIC HEARING: July 10, 2001
ADOPTED: July 10, 2001
Councilman Coughlan
Councilman Greenfield
Councilman Lederer
Councilman Petersen
Councilman Rasmussen
Councilman Silverthorne
Vot___~e
Aye
Aye
Absent
Aye
Aye
Aye
Mayor
ATTEST: