R-08-36
RESOLUTION NO. ~-08-36
A RESOLUTION ~ESCINDING RESOLUTION NO. ~-03-26-~. AND THEREBY
ALLOVVING THE CITY TO HOLD TITLE AS TENANTS IN COlVIlVION VVITI-I TI-IE
SCHOOL BOA~ FO~NANGIAL REPQRTlNUELjRPQSE$ ONLy-' TO TI-IE
PUBLIC SCHOOL P~OPERTY LOCATED IN THE CITY OF FAI~FAX. FO~
CU~RENT AND FUTURE FINANCIAL OBLIGATIONS. PURSUANT TO CODE OF
VIRGINIA SECTION 15.2-1800.1.
""'HEREAS, th.e General Assembly has prev1cn_l.sly enacted Code oT Virginia Section
15 _2-1800. 1 '" ",,"hich provides that. ",henever a locality l""las incurred a financial obligation,
payable over more than one fiscal year, to fund the acquisition, constrLlctior1 or improvern.en..t
of public school property,. the local goveming body of the locality shall be deemed 1.0 have
acc.l'__lired title to such school property as a tenant iD- ccnTl..mon vvith the local school board 10r
the terrn of such financial obligation; and
","HEREAS, Code of Virginia. Section 15.2-1800.1 permits any local governi lLg body
to elect not to hold such tenancy in common stat"\...1..S Vi.Tith regard to some or all of the public
school property in its locality by adopting a resolution declining such tenancy in cornU"1.on
status; and
"VVHEREAS, the City" s auditors and City staff have deter11"'lined that the tenancy in
common provision permitted by Code of Virginia Section 15.2-1800.1 VV"ould in fact permit
accounting for tenancy in common assets to present a more favorable financial sta1:e1T\ent
presentation of the City"s Governmental Net Assets; and
'VVHER..E.AS, it is in the best interest of the City of Fairfax to rescind Resolution No.
R-03-26-1" vvhich vvas adopted on June 24" 2003" in order to restore the tenancy in COn"l.l-rlOfi
status and thereby 1:0 more favorably present the City"s Governmental Net Assets for reporting
purposes.
NOVV. THEREFORE. BE IT RESOLVED by the City Council or the City of
Fairfax" that the City hereby rescinds Resolution No. R-03-26-1 and that" as a result" the City
shall be deemed to hold title as a tenant in COll"1mOn vvith the school board or all of the public
scl'"1oo1 property located in the City of Fairfax,. for current and fu.ture financial obligations" as
permitted by Code of Virginia Section 15.2-1800. I. ~otvvithstan.dirH~ the .fuTe{;!O~.!l-2'~_~
~<; t.hat: this adioTI j$;. beinp lTndert_ak!~IL_.fQr financi.aL. renortinQ numoses----9.ulv .J~'t~d--.1hill
nnthj.nQ in t.his action ~hall be construed a~~cting the_ri2:ht and 'interest: OT t~sc:no_9:L..);Jo...Qan:!
in.__.aD~~~shin and....dailv oneratiQ~the nllblic;~huQ} _nrQI2ellY ~teQ_ h9rc~----"
AI:>OPTED this 22 day of July. 2008.
~~"c)-~
lV!:ayor
Attest:
-2'~Yl.--~-/~~-,c::/~
I City Clerk
The vote on the motion to approve vv-as recorded as follovvs:
VOTE:
Council-vvoman Cross
Councilman Drummond
Councilman. Greenfield
Councilman :M:eyer
Councilman Rasmussen
Councilman Stombres
Aye
Aye
Aye
Aye
Aye
Aye