19681217 r-68-9 RESOLrJTION / /
WHEREAS, on December 17, 1968, the voters of the City of
Fairfax, Virginia, in a special election approved Ordinance No. 1968-15
passed by the Council of the City of Fairfax, Virginia, on first
reading on
November 5
1968, and on final passage on
au,,hor n t, ho of $6,500,000
general obligation bonds of the City of Fairfax, Virginia, for
purpose of providing funds, with a~r other available funds, to pay
the cost of a capital 'improvement project consisting of the construc-
tion and acquisition of school improvements including the purchase
of sites, additions and improvements of Bites, the acquisition or
construction of new buildings, the acquisition of existing Buildings,
additions and alterations to existing buildings, and the furnishing
and equipping of buildings or additions ~o buildlp~s; and
WHEREAS, the Council of the City of Fmirfax, Virginia, deems it
necessary to borrow certain funds not .in excess of $600,000.00 in
mnti. cipation of the sale of said bondS; and
WHERF,%S, the City of Fairfax' Virginia~ is authorized by the
Charter of 'the City of Fairfax, Virginia, § 8.2(c) to issue temporary
notes at such times and in such amounts as may be deemed necessary by
the City Council in anticipation of the receipt of the proceeds of
general obligation bonds; therefore
BE IT RESOLVED by the City Council of the City of Fairfax,
Virginia, that the City manager and the City treasurer are Jointly
authorized to borrow 8600,000.00 or such lesser amounts as they may
deem necessary at one time or from time to time (the total amount
at any one time not to exceed $600,000.00) and to execute therefor
bond anticipation notes which notes shall be callable and shall bear
interest not to exceed _ ~L per cent per annum. Said bond
anticipation notes may be sold at p~blic or private sale and shall
mature not later than one year from the date of issuance thereof.
In no event shall such bond ~nticipe~tion notes or renewals thereof
mature later than three years from December l?, 1~68.