19691202 r-69-26 RESOLUTION
R-69-26
WHEREAS high interest rates have made it impossible for
the City of Fairfax, Virginia, to sell general obligation
and revenue bonds heretofore authorized by the Council and
the people of the City of Fairfax to construct vitally needed
public improvements~ and
WHERE^S the Council of the City of Fairfax has held a
public hearing with respect to proposed amendments to the
City Charter to allow the sale of bonds at interest rates
exceeding those now authorized by law.
THEREFORE, be it resolved by the Council of the City
of Fairfax, Virginia, that the General Assembly of Virginia
is hereby requested at its regular 1970 session to amend
and reenact Section 8.5 of the Charter of the City of Fairfax,
Virginia, being Charpter ~19 of the Acts of Assembly of 1966
to read in its entirety as follows:
Sec. 8.5. Form and execution of bonds.
Any of said bonds shall be in such form, either registered
or coupon, and shall be in such denominations as shall be
determined by the council in the proceedings authorizing the
issuance of same. Said bonds may be made redeemable prior to
maturity at such prices as may be determined by the council,
shall bear interest at such rate or rates as shall not exceed
an interest cost of seven per centum per annum as shall be
determined at the sale thereof, shall mature at such time or
times as shall not exceed forty years from their date or dates
of issuance and shall be executed by the mayor and city treasurer
by their manual or facsimile signature and sealed with the
corporate seal of the city, either by impression or facsimile,
attested by the city clerk by his manual or facsimile signature,
provided that one of said signatures shall be manually applied.
Any ordinance authorizing the issuance of general obliga-
tion or revenue bonds passed by the Council and approved by
the voters in accordance with Section 8.4 of this Charter
prior to January l, 1970, shall be deemed valid and said
bonds may be issued and shall bear interest at such rate or
-2-
rates as shall not exceed seven per cent per annum as shall
be determined at the sale thereof without further proceedings
under Section 8.4.
Passed this 2nd day of December, 1969, at a regular
meeting of the City Council of the City of Fairfax, Virginia,
by a vote of 4 to 2.
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· ~1 Mayor ' -£