09250925 r-72-22 R-72-22
At a regular meeting of the City Council of the City of
Fairfax, Virginia, held in the Council Room of the City Office
Building at Fairfax, Virginia, on Monday, September_~, 1972,
at which meeting a quorum was present and voting, the following
resolution was made and adopted.
WHEREAS, it has been brought to the attention of the City
Council by the City Treasurer that a temporary loan will be
needed to supplement the General Fund of the City pending the
receipt of 1972 current taxes;
WHEREAS, Sections 15.1-222 and 15.1-843 of the 1950 Code
of Virginia, as amended, and Section 8.1 and Section 8.2 (b) of
the Fairfax City Charter permit the City to borrow certain funds
in anticipation of the collection of any or all tax revenues,
not to exceed 60% of such estimated annual revenue, and
WHEREAS, The Council was advised that the City Treasurer has
prepared estimates of the revenues and expenditures for the next
several months and has concluded that the City should negotiate
a temporary loan in anticipation of revenue from current taxes
in an amount not to exceed $1,100,000.00, which sum does not exceed 6~
of the estimated annual revenue, and
wHEREAS, The City Treasurer further advised the Council that
the National Bank of Fairfax, Fairfax, Virginia, has offered to loan
the City of Fairfax funds in an amount not to exceed $1,100,000.OO,
at an interest rate of 2.75% per annum to mature on or before
December 15, 1972, and that in the opinion of the City Treasurer
this offer is reasonable and acceptable; NOW THEREFORE,
BE IT RESOLVED that the City of Fairfax borrow and irrevocably
pledge the full faith and credit of this City a total of not more
than $1,100,000.OO from The National Bank of Fairfax at an interest
rate of 2.7~ per annum; that the Mayor of the City and the City
Treasurer be and they are hereby authorized and directed to execute
a note irrevocably pledging the full faith and credit of this City
to the payment of principal and interest in the name of the City
Council of the City of Fairfax, Virginia, said note to be paid in
full on or before December 15, 1972; and be it further
RESOLVED, that certified copies of this Resolution be forwarded
to the City Treasurer and The National Bank of Fairfax, and further,
that a copy of this Resolution be filed with the minutes of this
meeting.
A cot~Y-teste:
Clerk of Fa~;rfax City COuncil
$1,100,000.00
UNITED STATES OF AMERICA
COMMONWEALTH OF VIRGINIA
FAIRFAX CITY
Tax Anticipation Note
The City of Fairfax, Virginia, for value received hereby
promises to pay to the order of The National Bank of Fairfax on or
before December 15, 1972, the sum of
ONE MILLION ONE HUNDRED THOUSAND DOLLARS ($1,100,000.00)
with interest at the rate of two and three-quarters hundredths
per cent (2.7~) per year payable at maturity. Both principal
and interest are payable in lawful money of the United States of
America at The National Bank of Fairfax, Fairfax, Virginia.
This note has been duly authorized by the City Council
of the City of Fairfax and is issued pursuant to Sections 15.1-222
and 15.1-843 of the 1950 Code of Virginia, as amended, and Section
8.1 and Section 8.2 (b) of the Fairfax City Charter in anticipation
of the collection of revenue of the City for the current year.
The full faith and credit of the City are irrevocably pledged to
the payment of principal and interest on this note in accordance
with its terms.
Every requirement of law relating to the issuance hereof
has been duly complied with and the indebtedness evidenced hereby
is within every debt and other limit prescribed by the Constitution
and Statutes of the Commonwealth of Virginia.
Dated:
CITY OF FAIRFAX, VIRGINIA
r,'City of Fai~fax
( SEA L);"
Attest:
By
T[easurer, City of Fairfax
,.'.'/",.]/.-~.;..~?.~' ). / I' ~-/__..'A:'..
Clerk, Ci:~y of Fairfax
SIGNATURE AND NO LITIGATION CERTIFICATE AND RECEIPT
The undersigned, John W. Russell and Frances L. Cox, Mayor
and Treasurer, respectively, of the City of Fairfax, hereby certify
as follows:
1o Each of them has signed the $1,100,000.00 Revenue
Anticipation Note of the City of Fairfax dated the
day of .., 1972, and maturing
mn or 'before December 15, 1972, bearing interest at
the rate of 2.75% per year.
2. Such note is issued pursuant to a Resolution adopted
by the City Council on September , 1972,
authorizing the issuance of a revenue anticipation note
in the sum of $1,100,000.00. No note or notes have
heretofore been issued pursuant to such authority.
3. No litigation of any kind is now pending, or to our
knowledge, threatened to restrain or enjoin the issuance
for the delivery of said note under the foregoing
ResOlution or the levy and collections of taxes to pay
interest thereon.
4. No proceeding authorizing the issuance of the note has
been repealed, revoked, rescinded or amended.
5. The seal of the City of Fairfax is the same seal of
which an impression appears below as well as on said
note.
Dated:
y~r, City of Fa,rfax, V~rg~n~a
(SEAL)
Treasurer, City of Fairfax, ~i'rgini~
CERTIFICATE OF TREASURE_~R CITY OF FAIRFA__~X VIRGINI~A
The undersigned Treasurer of the City of Fairfax, Virginia,
hereby certifies as follows:
1o The estimated City levy in the City of Fairfax
for the year 1972 is $4,283,389.08. In recent
years not less than 95% of the City levy has been
collected.
2. There has been no money borrowed in anticipation
of the collection of the revenue for the year 1972
to this date.
3. No loans made in anticipation of the collection of
revenue for proceeding years are outstanding and
unpaid.
day of
Given under my hand this __
1972.
Treasurer, City of Fairfax, Virgini-~
Commonwea 1 th of V i rg i n i a
City of Fairfax, to-wit:
Subscribed and sworn to before me this.__.______ day of
, 19_______. My commission expires:
Notary Public