19710601 r-71-14 R-71-14
A RESOLUTION''PROVIDING FOR THE SALE
OF $1,500,000 SCHOOL BONDS (SERIES
1971) OF THE CITY OF FAIRFAX, VIRGINIA.
WHEREAS, the City Council of the City of Fairfax, Virqinia,
has heretofore adopted Ordinance 1971-5, as amended by Ordinance 1971-8,
providing for the issuance of $1,500,000 School Bonds (Series 1971) of
the City of Fairfax, Virginia; and 0
WHEREAS, the City Council deems it advisable to sell,said
bonds at this time; now, therefore,
THE COUNCIL OF THE CITY OF FAIRFAX HEREBY RESOLVES:
Section 1. 'The City Clerk of Fairfax is hereby authorized
and directed to cause a notice calling for bids for $1,5.00,000 School
Bonds (Series 1971) of the City of Fairfax, Virginia, to be published
once in the Virginia Sentinel a newspaper having a general circulation
in the City of Fairfax, and once in The Daily Bond Buyer, a publica-
tion carrying municipal bond noticeS-'and'-d~6ted"'prim~r£1y to financial
news and to the subject of State and municipal~ bonds published and
circulating in the City of New York, New York, said publications to be
at least ten days prior to the date fixed for the receipt of bids.
Said notice shall be in substantially the following form:
NOTICE OF SALE
$1,500,000 CITY OF FAIRFAX
SCHOOL BONDS (SERIES 197!)
Dated May 1, 1971
Sealed bids will be received by the City Council of the
City of Fairfax, Virginia, in care of the undersigned, at the City
Hall, Fairfax, Virginia, until 12 o'clock Noon, Eastern Daylight
Time,
June 15, 1971
such bids to be publicly opened and read at such~time and place on
said day for $1,500,000 School Bonds (Series 1971) of the City of
Fairfax, Virginia, dated May 1, 1971, and maturing (without right
of prior redemption) on the 1st day of May in the following years
and in the follOwing amounts, respectively:
Year of Principal Year of Principal
Maturity Amount Maturit~ Amount
1973 .$ 40,000 1983 $100,000
1974 40,000 1984 100,000
1975 45,000 1985 100,000
1976 50,000 ' 1986 100,000
1977 55,000 ' 1987 100,000
1978 60,000 1988 100,000
1979 65,000 1989 100,000
1980 70,000 1990 100,000
1981 75,000 1991 100,000
1982 100,000
(M and N 1) payable at The National Bank of Fairfax, in the City
of Fairfax, Virginia; or at The Chase Manhattan Bank (National
Association), in the Borough of Manhattan, City and State of New
York; coupon bonds.registrable as to principal alone; general
obligations of the City; unlimited tax.
Denomination $5,000; principal and semi-annual interest
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Bidders are requested to name the interest rate or rates,
not exceeding 8% per annum, in multiples of°l/8 or 1/10 of 1%, the
highest rate to be named to be not more than twice the lowest rate
to be named. Each bidder must specify in his bid the amount and
the maturities of the bonds of each rate, and the bonds maturing
on the same date must bear interest at the same rate. The interest
on any bond payable on any interest payment date shall be represented
by a single coupon. No bid for less than par and accrued interest
or for less than all of the bonds offered will be entertained. The
bonds will be awarded to the bidder offering to purchase the bonds at
the lowest interest cost to the City, such cost to be determined by
deducting 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.
- Each bid must be submitted on a form to be furnished by
the undersigned, must be enclosed in a sealed envelope marked "Bid
for $1,500,000 School Bonds (Series 1971) of the City of Fairfax,
Virginia", and must be accompanied by a certified or bank cashier's
or treasurer's check payable to the order of the City Treasurer of
the City of Fairfax, Virginia, for $30,000, on which no interest
will be allowed. Award or rejection of bids will be made by the
City Council of the City of Fairfax, Virginia, on the date above
stated for the'receipt of bids, and the checks of unsuccessful bid-
ders will be returned immediately. The check of the successful
bidder will be held uncashed as security for the performance of his
bid, but, in the event the successful bidder shall fail to comply
with the terms of his bid, the check may then be cashed and the
proceeds thereof retained as and for full liquidated damages. The
bonds will be delivered on or about July 8,1971 in the City of
New York, New York, against payment therefor by a certified or bank
cashier's or treasurer's check drawn on a New York City bank or
trust company.
The unqualified approving opinion Of Mitchell, Petty &
Shetterly, New York City, will be furnished without cost to the
purchasers and will be printed upon the bonds. There will also
be furnished the usual closing papers.
Further information will be furnished upon application
to LloYd H. Prosise, Comptroller of the City of Fairfax, Fairfax,
Virginia 22030 or to Alex Brown & Sons, 135 East Baltimore Street,
Baltimore, Mary'land 21203, Financial Consultants to the City.
The right to reject any or all bids is reserved.
Dorothy L. Wilkinson
City Clerk
Section 2. The form referred to in the Notic~ of Sale
set forth in Section 1 above and on which all bids are required
to be made shall be substantially, as follows:
BID FOR $1,500,000 SCHOOL BONDS (SERIES 1971) OF THE CITY OF
FAIRFAX, VIRGINIA
June 15, 1971
City Council of the City of Fairfax, Virginia
c/o City Clerk, City Hall
Fairfax, Virginia
Sirs:
We make the following bid for the bonds of the City of
Fairfax, Virginia, mentioned below and described in the Notice of
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Sale, which Notice is hereby made a part of this bid, this bid
being for all of said bonds and not for less than all:
For $1,500,000 School Bonds (Series 1971) of the City
of Fairfax, Virginia, dated ~ay 1, 1971, and maturing on May 1
in each year and bearing, interest as follows:
Year of Principal Interest Year of Principal Interest
Mgturi~y Amount Rate ~aturity Amount Rate
1973 $ 40,000 .% 1983 $100,000
1974 40,~000 1984 100,000
1975 45,000 1985 100,000
1976 50,000 1986 100,000
1977 55,000 1987 100,000
1978 60,000 1988 100,000
1979 65,000 . 1989 100,000
1980 70,000 1990 100,000
1981 75,000 1991 100,000
1982 100,000
we will pay
DOllars ($ ). We Will also pay accrued interest from
their date to date of delivery and will accept delivery in New York
City on or about July 8, 1971.
We enclose ~herewith a certified or bank cashier's or
treasurer's check for $30,000, payable to the order of the City
Treasurer of the City of Fairfax, Virginia, which check is to be
applied in accordance with said Notice of Sale.
The closing papers referred to in said Notice of Sale
are to include a certificate, dated as of the day of the delivery
of the bonds, stating that there is no litigation pending or,
to the knowledge of the signer of such certificate, threatened
affecting the validity of the bonds or the means provided for their
payment.
(No addition or alteration, except as pro-
''' vided above, is to be made to this bid.)
(NOTE: The average net interest cost rate
for the above bid, which is stated for
information only and is not a part of the
above bid, is %.)
Section 3. The officers and agents of the City of Fairfax,
Virginia, are hereby authorized and directed to do all the acts and
things required of them by the bonds and by this resolution for the
full, punctual and complete performance of all of the terms, covenants,
provisions and agreements contained in the bonds and in this resolu-
tion.
Adopted:
Attest:
M~yor
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R-71-14
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I, Dorothy L. Wilkinson, City Clerk of the City of Fairfax,
Virginia, and Clerk of the Council of said City, DO HEREBY CERTIFY
that the foregoing is a true copy of a resolution entitled, "A RESOLU-
TION PROVIDING FOR THE~SALE OF $1,500,000 SCHOOL BONDS (SERIES 1971)
OF THE CITY OF FAIRFAX, VIRGINIA.", as passed and adopted and set forth
in full in the minutes of the meeting of the Council of Said City held
on June 1, 1971.
WITNESS my hand and the corporate seal of said City this
day of ~.~.~_ , 1971.
Cler~ of /the Council
of the
City of Fairfax, Virginia
(S L)
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