2008-26
ORDINANCE NO_ 2008-26
O~DINANCE AUTHO~ZIN~ A STANDBY LINE OF C~DIT
OF UP TO $5.000.000 IN ANTICIPATION OF THE COLLECTION
OF TAXES AND ~VENUES FO~ THE CU~ENT FISCAL YEA~
NO"'". THE~FO~. BE IT O~DAINED BY THE COUNCIL OF THE CITY
OF FAI~FAX. VI~~INIA:
1. The City Council (the "Council") of the City of Fairfax, Virginia (the "City"),
determines that it is necessary and expedient for t:he City to make arrangements ror a standby
line or credit facility or up to $5,000,,000 under V\Thich the City may borroV\T funds in
anticipation OI the collection or taxes and revenues for the current Fiscal Year (ending June
30". 2009). Funds" if any, advanced under the standby line of credit facility shall only be used
to pay budgeted expenses ror the current: Fiscal Year prior to the collection oI such taxes and
revenues.
2. The Council authorizes the City Treasurer to execute artd deliver a standby line
of credit facility "\..Vith SunTrust Bank (the "'Ba.n.k")" in a form that the City Treasurer deems to
be in the best interests of the City; provided". ho'-Vever" that the standby line of credit racility
(a) shall provide for the City to dra'-V do'-Vn". repay and re-borro'-V from time to time such
amounts not to exceed $5".000".000 at any given time" (b) shall provide for interest to be repaid
on any amou.nts dra'-Vn at a variable rate equal to one-month LIBOR plus 96 basis points"
subject to a maximum rate of interest of 10% per year and (c) shall provide for any amounts
dra'-VTl. thereunder to be repaid in full '-Vi thin 12 months from the date or the standby line of
credit facility. Amounts". if any" dravvn under the standby line or credit shall be evidenced by
a note" '-Vhich shall be signed by the 1'V1.ayor and the City" s seal shall be af:flxed thereto and
attested by the manual signature of the City Clerk or Deputy City Clerk. The note shall be
paid from the taxes and revenues to be collected in the current Fiscal Year.
4. The City Clerk" in collaboration vvith the City Attomey". is authorized and
directed to see to the immediate filing or a certified copy of this ordinance in the Circuit Court
of Fairfax County". Virginia.
5. This ordinance shall take effect immediately.
ADOPTED THIS 25TH DAY OF NOVEJVlBER, 2008.
~Jl~:cl~
~ayor". CIty of Fairfax". Virginia
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E>at
ATTEST:
~gtd~~~~-~-c?/
Cit Clerk" City of FaIrfax". VIrgInIa
VOTE:
Council-vvoman Cross
Councilman Drummond
Counciln1an Greenfield
Councilman .M:eyer
Councilman Rasmussen
Councilman Stombres
Absent
Aye
Absent
Aye
Aye
Aye
DMZ Cover Sheet 2.0
G.:
Page 1 of 1
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Fairfax County Land Records
Cover Sheet
Instruments
NOTICE
Grantor(s)
CITY OF FAIRFAX F N
Grantee(s)
CITY OF FAIRFAX F N
Consideration ronsideration % 100
ax Exemption lNa mount Not Taxed
EM Number ax Map Number
riginal Book )rhdnal Pa2e
itle Comoanv SMN rfitle Case I
Property Descr.
Certified No !Copies 10 lPae:e Rane:e I
[
Print Cover Sheet
]
https://s80w2kcrw01.ffx.co.fairfax.va. us/coversheetl cover Jequest.cfm
12/11/2008
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ORDINANCE NO. 2008-26
ORDINANCE AUTHORIZING A STANDBY LINE OF CREDIT
OF UP TO $5,000,000 IN ANTICIPATION OF THE COLLECTION
OF TAXES AND REVENUES FOR THE CURRENT FISCAL YEAR
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY
OF FAIRFAX, VIRGINIA:
1. The City Council (the "Council") of the City of Fairfax, Virginia (the "City"),
determines that it is necessary and expedient for the City to make arrangements for a standby
line of credit facility of up to $5,000,000 under which the City may borrow funds in
anticipation of the collection of taxes and revenues for the current Fiscal Year (ending June
30, 2009). Funds, if any, advanced under the standby line of credit facility shall only be used
to pay budgeted expenses for the current Fiscal Year prior to the collection of such taxes and
revenues.
2. The Council authorizes the City Treasurer to execute and deliver a standby line
of credit facility with SunTrust Bank (the "Bank"), in a form that the City Treasurer deems to
be in the best interests of the City; provided, however, that the standby line of credit facility
(a) shall provide for the City to draw down, repay and re-borrow from time to time such
anlounts not to exceed $5,000,000 at any given time, (b) shall provide for interest to be repaid
on any amounts drawn at a variable rate equal to one-month LIBOR plus 96 basis points,
subject to a maximum rate of interest of 10% per year and (c) shall provide for any amounts
drawn thereunder to be repaid in full within 12 months from the date of the standby line of
credit facility. Amounts, if any, drawn under the standby line of credit shall be evidenced by
a note, which shall be signed by the Mayor and the City's seal shall be affixed thereto and
attested by the manual signature of the City Clerk or Deputy City Clerk. The note shall be
paid from the taxes and revenues to be collected in the current Fiscal Year.
4. 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 in the Circuit Court
of Fairfax County, Virginia.
5. This ordinance shall take effect immediately.
ADOPTED THIS 25TH DAY OF NOVEMBER, 2008.
~~
C. f . J:". .
Mayor, Ity 0 Fmrlax, Vlrgmla
/2/jOJ
flat
ATTEST:
Cit Clerk, City of Fairfax, Virginia
VOTE:
Councilwoman Cross
Councilman Drummond
Councilman Greenfield
Councilman Meyer
Councilman Rasmussen
Councilman Stombres
Absent
Aye
Absent
Aye
Aye
Aye
Grantor: CITY OF FAIRFAX
DateTime: 12/11/200810:18:59
Book/Page: 20202/1096
Recorded In FAIRFAX CIRCUIT COURT
Grantee: CITY OF FAIRFAX
Instrument 2008035334.001
# of Pages: 2
TESTE: JOHN T. FREY
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