19720925 r-72-21 R-72-21
A ~ESOLUTION PROVIDI~G FOR THE SALE
OF $2,600,000 TRA~SIT BONDS OF .THE
CITY O? FAIRFAX,~ VIRGI~IA.
~.rHEREAS, the City Council of ~he City of Fai.rfax,
ginia, has heretofore adopted an ordinance providinq for +~he issu-
ance of $2,600,000 Transit Bonds of the Cic-,r of Fairfax, Virgin±a7
and
~,~HEP~EAS, tnb City Cou_ncil deems mt advisable to sell s~d
bonds at this time; now, therefore,
THE COD~CiL OF THE CiTY OF FAIP~AX L~EREB¥ P~ESOLI~S:
Section 1. The City Clerk of v=~=ax is herebsz _ur2-~ r
izmd and directed to cause a notice ca!lin? for bids for $2,~0,C. 00
Transit Bonds of the Ci~hy of Fairfax, Virginia, to be pum!~_sn_c
once in the ~Xbrthe~n vi~3ini~ Sun, a newspaper havinq a general cir-
in The Daily Bond Buyer,
cu!ation in the City of Fairfax, and once . _
a publication carrying municipal bond notices and devoted primarily
to financial news and to ~he subject of State and municipal bon~s
published and circulating in the City of New York, New York, maid
publications to be at least ten days prior to the date fixed for
the receipt of bids.
Said notice shall be in subs~ant~a!!y the followin_~ form:
NOTICE OF SALE
$2,600,000 TRANSIT BONDS
OF THE CITY OF FAiP, PAX, VIRGI~;IA
Dated October !, 1972
Sealed bids will be received by, for and on behalf of,
the City Council of the City of Fairfax, Virginia, at the office
of the State Commission on Local Debt of the Co~r~.onwealth of Vir-
ginia, Room !0!, Finance Building, Capitol Square, Richmond, Vir-
ginia, until 11 o'clock a.m., Eastern Daylight Time,
October 17, 1972
such bids to be publicly Opened and read by the State Commission
on Local Debt at such time and place on said day for $2,600,000
Transit Bonds of the City of Fairfax, Virginia, dated October 1,
1972, and maturinq (without right of prior redemption) on the 1st
day of October in the following years and in the foll(y~in~ amounts,
respectively:
Year of Principal' Year of Principal
~.~aturity Amount Maturitv Amount
1973 $125,0d0 ~983 $t00,000
1974 125,000 1984 150,000
1975 125,000 1985 150,000
1976 125,000 1986 150,000
1977 125,000 1987 150,000
1978 125,000 1988 150,000
1979 100,000 1989 150,000
1980 100,000 1990 150,000
1981 100,000 1991 150,000
1982 100,000 1992 150,000
Denomination $5,000; principal ~nd semi-annual interest
(A and O1) payable at The ~7ational Bank of Fairfax, in the City of
Fairfax, Virginia; or at The Chase Manhattan Bank (National Associ-
R-72-21
ation), in the Borough of b~anhattan, City and State of ~;ew York;
coupon bonds registrab!e as to principal alone; general obli~a~-ions
of the City; unlimited tax.
B_d-~_~s are requested to name the interest rate
not exceeding 8% per annum, in multiples of 1/8 or 1/10 of ~'~-~, the
highest rate to be named to be not more titan twice ~e Ic-~est rate
to be named. Each bidder must specify in his bid th~ ame,~
the m~turities of the bonds of each rate a~d the-bonds ~tzri:
on th~ same date must b~ar interest at the same rate. ~=
on any bond payable on any interest ~ ~.~=_e
_ pay ....... ~ shall ~ r~r~s~n~ed
by a single coupon. ~o bid for less than Dar and acc~ed ~ntar~s~
or for less thegn all of the bonds .~-~'o~=~ ~i~ be ente~ained
bonds will be a~varded to the bidder offering to purchase ~ahe bcn~m
at the lowest ~n~erest cost to th~ City, such cost to b~ d=~ ..... in~d
by d~ducting the total amount of any ~m4.,~._~..__. bid from th~_ agsregate_
amount of interest on all of the bonds from their date until ~.eir
respective maturities.
Each bid ~.ust be submitted on a form to be furnished by
the undersized, must be enclosed in a sealed envelope marked "Bid
for $2,600,000 Transit Bonds of the City of Fairfax, Virginia", and
must be accompanied by a certified or b~nk cashier's or treasurer's
check payable to the order of the City Treasurer of the Cit~~ of
Fairfax, Virginia, for $52,000 on which no interest will be
Award or rejection of bids will be made by the Cit~_. Council cf the
City of Fairfax, Virginia, on the date above stated for the _~eceipt
of bids, and the checks of unsuCcessful bidders will be returned
ir~ediately. The check of the successful bidder ~.~ill be held un-
cashed as security for the perform~unce Of his bid, but, in the event
the successful bidder shall fail to comply ~ith the terms of his bid,
the check may then be cashed and the proceeds thereof retai~ned as
and for full liquidated damages. The bonds will be de!ivmr~_d on or
about h~ovember 9, 1972 in the City of New York, New York, a~=-inst
pay~.ent therefor by a certified or bank cashier's or treasurer's
ch~3ck dra~,~n on a l-~ew York City bank or trust company.
The unqualified approving opinion of ~.'~itche!!, Pe~ty
Shetterly, Ne'.~ York City, %~ill be furnished without cost to the
purchasers and %.zil!. be printed upon the bonds. There will also
be furnished the usual closing papers.
Further information will be furnished upon application
to the undersigned.
The right to reject any or all bids is rese~ed.
State 'Commission on Local Debt
Walter W. Craigie, Jr.., Secretary
Section 2. The form referred to in the Notice 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 $2,600,000 TRANSIT BONDS OF THE C!?f OF FAIP~AX, V!RGI~IIA
1972
City Council of the City of Fairfax, Virginia
c/o State Co~ission on Local Debt of
the Connr, onwea!th of Virginia
Room 101, Finance Building, Capitol Square
Richmond, Virginia
Sirs:
We make the following bid for the bonds of the Cit? of
Fairfa:(, Virginia, mentioned below and described in the Notice
- 2 -
~' is bid, ~-
Sale, which Notice is hereby made a part of ~n t~,_~ bid
being for all of said bonds and not for !ess than all:
For $2,600,000 Transit Bonds of the City of
Virginia, dated October !, 1972, e~nd maturing on October ! in
each year and bearing interest as follow, s:
Year o~c Principal Inte_~s~ Year of Principal interest
~aturi t.y Amount Rate ~a'turitF ~_.~o u~n t Rate
1973 $125,000 1983 $100,000
1974 125,000 1984 150,000
1975 125,000 1985 150,000
1976 125,000 1986 150,000
1977 125,000 1987 150,000
1978 125,000 1988 150,000
1979 100,000 1989 150,000
1980 100,000 1990 150,00~
1981 100,000 1991 150,000
1982 100,000 1992 150,000
we will pay Dollars
($ ). We will also pay accrued interest from their date
to date of ~elivery and ~.zill accept deliver? in New York Ci~ on or
about November 9, 1972.
We enclose herewith a certified or bank cashier's er
treasurer's check for $52~000 payable to the order of the City
Treasurer of the City of Fairfax, Virginia; which check is to be
applied in accorded, ce with said ~]otice of Snie.
The closing papers referred to in said Notice of Sale
are to include a certificate, dated as of the day of the d~!i%~_-v
of the bonds, stating that there is no litigation pendin~ or, to
the knowledge of the signer of such certificate, threatened af-
fecting the va!idity of the bonds or the means provided.
(~o a~dition 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, ~hich is stated for
info~--mation only and is not a part of the
above bid, is %.)
Section 3. The officers ~nd agents of the City of Fair-
fax, Virginia, are hereby authorized and directed to do all the
acts and things required of them by the bonds and'by this resolu-
for the full, punctual and complete perfO~ance of all of the term. m,
covenants, provisions and agreements contained in the bonds ~nd in
this resolution. ·
Section 4. No additional bonds of the City of
Virginia, %.~il! be offered .for sale by the City Council prior tc
January 1, 1973 ¥~ithout the consent of the purchasers of the
$2,~00,000 Transit Bonds being sold pursuant' to the proviz±ohS of
this resolution.
Adopted: September 25,~972.
Attest .
~ ~ ' ' Mayor
C4"- Clerk ~
- 3 -
R-72-21
I, Dorothy L. Wilkinson, City Clerk of the City of Fair-
fax, Virginia, and Clerk of the Council of said City, DO HEREBY
CERTIFY that the foregoing is a true copy of a resolution entitled:
"A RESOLUTION PROVIDING FOR THE SALE OF $2,600,000 TRANSIT BONDS OF
THE CITY OF FAIRFAX, VIRGINIA. ", as passed and approved and set forth
in full in the minutes of the meeting of the Council of said City
held on September 25, 1972.
WITNESS my hand and the corporate seal of said City this
day of ~~'~-~ , 1972.
~k T ~ "f ~he'Coun~c~i~'~'~-~
of the
City of Fairfax, Virginia