2022-14ORDINANCE NO.2022-14
ORDINANCE AUTHORIZING THE ISSUANCE OF BONDS OF THE
CITY OF FAIRFAX, VIRGINIA, IN THE MAXIMUM AGGREGATE
PRINCIPAL AMOUNT OF $14,800,000
WHEREAS, the City of Fairfax, Virginia (the "City"), desires to finance capital
improvements related to the City's sewer system (the "Project");
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FAIRFAX, VIRGINIA:
1. It is determined to be necessary and expedient for the City to finance the Project and
to borrow funds for such purpose and issue the City's bonds to obtain such funds.
2. Pursuant to the Constitution and statutes of the Commonwealth of Virginia, including
the Public Finance Act of 1991, there are authorized to be issued bonds of the City in the maximum
aggregate principal amount of $14,800,000 to provide funds, together with other available funds, to
finance the Project and to pay issuance and financing costs (including capitalized interests and reserves,
if required) incurred in connection with such bonds.
3. The bonds shall bear such date or dates, mature at such time or times not exceeding 40
years from their date or 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 of the
City may hereafter provide by appropriate resolution or resolutions.
4. The bonds shall be issued as revenue bonds to which the net revenues of the City's
sewer system shall be pledged. Neither the faith and credit of the Commonwealth of Virginia nor the
faith and credit of any county, city, town or other political subdivision of the Commonwealth,
including the City, shall be pledged to the payment of principal of or premium, if any, or interest on
the bonds.
5. The City intends that the adoption of this Ordinance confirms the City's "official
intent" within the meaning of Treasury Regulations Section 1.150-2 promulgated under the Internal
Revenue Code of 1986, as amended.
6. The City Clerk, in collaboration with the City Attorney, is authorized and directed to
see to the filing of a certified copy of this Ordinance in the Circuit Court of Fairfax County, Virginia.
7. This Ordinance shall take effect immediately.
INTRODUCED: September 6, 2022
PUBLIC HEARING: September 13, 2022
ENACTED: September 13, 2022
ATTEST:
f City Clerk
VOTE:
Mayor Meyer
Aye
Councilmember Harmon
Aye
Councilmember Lim
Aye
Councilmember Miller
Aye
Councilmember Ross
Aye
Councilmember Stehle
Aye
Councilmember Yi
Aye
Mayor
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