R-06-05
RESOLUTION NO. :R-06-0S
:RESOLUTION TO AUTHO:RIZE ADDITIONAL FINANCING IN AN AlVIOUNT NOT
TO EXCEED $I I,400,000 TO COlVlPLETE THE P:ROG:RAlVI OF CAPITAL
IlVIPROVElVIENT P:ROJECTS FO:R THE PUBLIC SCHOOL SYSTElVI OF THE CITY
VVHEREAS, 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 or such program of capital improvement:
projects", together V\Tith related financing costs,. V\T3S originally estimated to be $86,.800,,000;
and
VVHE:REAS, the School board of' the City of Fairfax, Virginia C School Board") has
solicited and received bids ror the construction ,"",ark in the capital improvement projects; and
V\7HERE.AS,. after receiving all of the construction bids" the total cost orthe project is
novv estimated to be $98,200,000; and
"V\TI-IEFt..EAS, the Council has determined that the City should finance an additional
amount not to exceed $11,.400,,000 to complete the capital improvement projects for the public
school system of the City.
NOVV THEREFO:RE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF FAI:RFAX, VI:RGINIA:
1. The Council hereby authorizes the City to finance an additional amount not to
exceed $11,400,.000 for the purpose of completing the program of capital
improvement projects for the public school system of the City.
2. The Council hereby directs the City staff". in conjunction vv-ith the City's financial
advisors, to devise the most beneficial financing strategy to the City and to solicit
proposals for such financing for presentation to the CounciL
3. This resolution shall take effect immediately upon its passage.
Adopted this 7'h day of February 2006.
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~ayor -"\
ATTEST:
~/1rk~~a:;~;f
City Clerk
The vote on the motion to approve """,as recorded as Iollo"VVs:
Council"VVoman Cross
Councilman Greenfield
Council""",oman Lyon
Councilman Rasmussen
Councilman Silverthome
Councilmember "VVinter
Aye
Aye
Aye
Aye
Aye
Aye