19710615 r-71-15 R-71-15
A RESOLUTION AWARDING $1,500,000 SCHOOL BONDS
(SERIES 1971) 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 Noon, Eastezn
Daylight Time, June 15,'1971, for $1,500,000 School Bonds (Series
1971) of the City of Fairfax, Virginia, dated May 1, 1971, maturing
annually May 1, in the years 1973 to 1991, 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 advertisement, each bid offering
to pay accrued interest and enclosing a certified or bank cashier's
or treasurer's check for $30,000 payable to the order of the City
Treasurer of the City of Fairfax, Virginia:
(1) Bid of Morgan Guaranty Trust Companv, The Bank of
-- . ' off~q~ to
Virginia
pa---y'$ 1,500¢345.00 for said bonds 'bearing 'interest at the rates
set f~rth below i'n c'olumn I.
(2) Bid of United Virqinia Bank/State Planters, ~h-~
· offering to
Northern Tr~t ComDanv & Associates
~ay $'1,500,004.05 f~r said bonds bearing interest at the rates
set f6rth bei'ow 'in C~iumn II.
(3) Bid of Phelps, Fenn & Company
offering to
pay"$ 1.500.165.00 for said bonds bearing interest at the rates
set f~rth below in Column III.
(4) Bid of off6i~-nq to
~aY $ for said bonds bearin'~' interest at the rates
set f~rtih below in Column IV. ~
(5) Bid of offer~ to
p~ay $ for said bonds bearing interest at the rates
set f~rt~ below in dolumn V.
Year of Principal
Maturity Amount I II III IV
1973 $ 40,000 ~.00_% 8.00.% '6.75 % %
1974 40,000 ~~ ~~ 6.75 % %
1975 45,000 -~% %
1976 50,000 __~% h~_~% 6.75 .% %
1977 55,000 ~% _~% ~..6.75 % %-
1978 60,000 __~% ~5.25 % 6.75 % %
1979 65,000 8.00 % 5.25-% 6.75 % %
1980 70,000 8.00 % 5.25 % 6.50 % %
1981 75,000 6.50.% 5.00 % 5.00 % %
1982 100,000 __5~% __5~% ~.00 % %
1983 100,000 _~% _5_~% -5_.~30 % %
1984 100,000 5.50 % 5.40 % 5.30 % %
1985 100,000 5.60 % _~.50 % 5.50 _% %
1986 100,000 5.70 % 5.60 % -5.50 % %
1987 100,000 5.80 % 5.70 % 5.60 % %
1988 100,000 - 5_~% _~% 5.70 % %
1989 100,000 6.00 % 5.90 % 5.75 % %
1990 100,000 _~_~% 6.00 % 5.80 % %
1991 100,000 ~4.00 % 6.00 % 4.00 % %
V
%
%
%
%
%
%
%
%
%
%
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%
%
%
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· R-71-15
Section 2. The bid offering to purchase the bonds at
the lowest interest cost to the City, such cost being determined
by deducting the total amount of any premium bid from the aggre-
gate amount o~ ~nterest on all of the bonds from their date until
their respectlv maturities, was the bid of Phelps, Fenn &
ComDanv
Offering-to pay $1,500,165.00for sai"d bonds, and accrued interest
for said bonds bearing interest at the rates set forth in Column
III of the foregoing tabulation.
Section 3. Said bid of ~helps, Fenn & Company
is .hereby accepte~d and said $1,500,000 School Bonds '"(Series 2971)
are hereby awarded to Phelps, F.enn & Cgmpany
at the price of $ 1.500.165.00 and
accrued 'interest for sai'd bo'~ds bearing interest at the rates set
forth in Column III of the foregoing tabulation. Delivery of said
bonds is to be ma--~ on or about July 8, 1971 in New York City.
Section 4. The checks of unsuccessful bidders shall be
returned immediately.
Section 5. There shall be printeH on the reverse of each
of said bonds the legal opinion of Mitchell, Petty & Shetterly ,re-
specting 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:
"I 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. Y., 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. All steps necessary to carry this resolution
into effect shall be taken by the proper officers of the City of
Fairfax.
Passed: June 15, 1971.
Attest:
C~ Clerk
- Mayo~ '
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 re-solution entitled, "A RESOLUTION
AWARDING $1,500,000 SCHOOL BONDS (SERIES 1971)OF THE CITY OF FAIRFAX,
VIRGINIA.", as passed and approved and set forth in full in the minutes
R-71-15
of the meeting of the Council of said City held on June 15, 1971.
WITNESS my hand and the corporate seal of said City this
day of , 1971.
(SEAL)
Clerk of the Council
of the
City of Fairfax, Virginia
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