19700505 r-70-15 R-70-15
A RESOLUTION AWARDING $5,000,000 SCHOOL BONDS
(SERIES 1970) OF THE CITY OF FAIRFAX, VIRGINIA
THE COUNCIL OF THE CITY OF FAIRFAX HEREBY RESOLVES:
Section 1. Advertisement was duly made calling for sealed
bids to be received by the City Council of the City of Fairfax, Virginia,
at the City Hall, Fairfax, Virginia, until 12:00 ,Noon., Eastern Daylight
Time, May 5, 1970, for $5,000,000 School Bonds (Series 1970) of the City
of Fairfax, Virginia dated May 1, 1970, maturing annually May 1, in the
years 1972 to 1990, inclusive, as heretofore provided by the City Council,
at which hour bidding was closed and the following bids were found to
have been filed and to accord in all respects to the terms of said ad-
vertisement, each bid offering to pay accrued interest and enclosing a
certified or bank cashier's or treasurer's check for $100,000 payable to
the order of the City Treasurer of the City of Fairfax, Virginia:
(1) Bid of Halsey~ Stuart & Co.~ Inc.
offering
to pay $ 5,g00~285 for said bonds bearing interest at the
rates set forth below in Column 1.
(2) Bid of Morgan Guaranty Trust Co. of New York
offering
to pay $ 5,000,277 for said bonds bearing interest at the
rates set forth below in Column I1.
(3) Bid of First National City Bank &Associates
offering
to pay $ 5~001~750 for said bonds bearing interest at the
rates set forth below in Column ill.
(4) Bid of Wertheim & Co.
offering
to pay $ 5~000~0.00 for said bonds bearing interest at the
rates set forth below in Column IV.
(5) Bid of The Chase Manhattan Bank
offering
to pay $ 5~000~591 for said bonds bearing interest at the
rates set forth below in Column V.
Year of Principal
Maturity Amount 1
1972 $ 75,000 8.0 %
1973 75,000 8.0 %
1974 115,000 8.0 %
1975 135,000 8.0 %
1976 140,000 8.0 %
1977 190,000 8.0 %
1978 200,000 8.0 %
1979 220,000 8.0 %
1980 250,000 8.0 %
1981 360,000 8.0 %
1982 360,000 8.0 %
1983 360,000 8.0 %
1984 360,000 8.0 %
1985 360,000 7.375 %
1986 360,000 7.3 %
1987 360,000 7.4 %
1988 360,000 7.4 %
1989 360,000 7.4 %
1990 360,000 4.0 %
11 111 1V V
8.0 % 8.0 % 8.0 % 8.0 %
8.0 % 8.0 % 8.0 % 8.0 %
8.0 % 8.0 % 8.0 % 8.0 %
8.0 % 8.0 % 8.0 % 8.0 %
8.0 % 8.0 % 8.0 % 8.0 %
8.0 % 8.0 % 8.0 % 8.0 %
8.0 % 8.0 % 8.0 % 8.0,%
8.0 % 8.0 % 8.0 % 7.4 %
6.6 % 8.0 % 8.0 % 6.6 %
6.6 % 7.1% 8.0 % 6.7 %
6.75 % 7.0 % 8.0 % 6.8 %
6.9 % 7.1% 8.0 % 6.9 %
7.0 % 7.2 % 7.5 % 7.0 %
7.1% 7.2 % 7.1% 7.1%
7.2 % 7.2 % 7.25 % 7.2 %
7.25 % 7.25 % 7.25 % 7.3 %
7.25 % 7.25 % 7.25 % 7.4 %
7.25 % 7.25 % 5.5 % 7.4 %
7.25 % 7.25 % 5.5 % 7.4 %
R-70-15
Section 2. The bid offering to purchase the bonds at the
lowest interest cost to the City, such cost being determined by de-
ducting the total amount of any premium bid from the aggregate amount
of interest on all of the bonds from their date until their respective
maturities, was the bid of Wertheim & Co.
offering to pay $ 5,000,000 for said bonds, and accrued interest for
said bonds bearing interest at the rates set forth in Column 1V
of the foregoing tabulation.
Section 3. Said bid of Wertheim & Co.
is hereby accepted and said $5,000,000 School Bonds (Series lgTO) are
hereby awarded to Wertheim & Co.
at the price of $ 5~000~000 and accrued interest for said bonds
bearing interest at the rates set forth in Column 1V of the fore-
going tabulation. Delivery of said bonds is to be made on or about May
28, lgTO in New York City.
Section 4. The checks of unsuccessful bidders shall be re-
turned immediately.
Section 5. There shall be printed on the reverse of each of
said bonds the legal opinion of Mitchell, Petty & Shetterly respecting
the validity of said bonds and, immediately following such legal opinion,
a certificate signed with the facsimile signature of the Mayor of the
City substantially as follows:
"l HEREBY CERTIFY that the foregoing is
a true and correct copy of the legal
opinion upon the bonds therein described
which was manually signed by Mitchell,
Petty & Shetterly, New York, N. ¥., and
was dated as of the date of delivery of
and payment for said bonds.
" .............. (Facsimile Signature) ...................
Mayor of the City of Fairfax, Virginia"
Section 6. Ali steps necessary to carry this resolution
into effect shall be taken by the proper officers of the City of
Fairfax.
Adopted: May 5, lg70.
Attest:
City (/lerk
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