19760615 r-76-15RESOLUTION NO. R-76-15
A RESOLUTION'AWARDING $6,000,000 GENERAL
OBLIGATION BONDS. OF THE CITY OF FAIRFAX,.
VIRGINIA AND RATIFYING AND APPROVING THE
OFFICIAL STATEmeNT WITH RESPECT TO SAID
BONDS.
THE COUNCIL OF ~HE 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
2:00 o'clock P.M., Fairfax Time, June 15, 1976, for $6,000.,000
General Obligation Bonds .of the City of Fairfax, Virginia dated
~uly 1, 1976 and maturing (subject to the rights of prior re-
demption) in the amount of $480,000 on July 1, 1996 and in the
amount of $5,520,000 on July 1, 2006, as heretofore provided by
the City Council, at which hour bidding was closed and the.follow-
ing bids were found to have been filed and to accord in all re-
spects 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 $120,000 payable to the order of the City
Treasurer of the City of Fairfax, Virginia:
(1) Bid of Cr. aiqig.,, Mason-Haqan, Inc. and Associates
offering to pay.$ 6,002,400.00 'for said bonds
bearing interest at the rates set forth below in Column I.
(2) Bid of John Nuveen & Co, Incorporated and Associates
offering to pay ~ 6,003,000.00 for said bonds
bearing interest at'the rates set forth below in Column II.
Bank of America N.T.& S.A.,Weeden & Co.,Dillon,Read Mun-
' (3) Bid oficipals, Donaldson,Lufkin & Jenrette Securities Corp.,
Joint Manaaers offering to pay $ 6.000.268.80 _ for said bonds
bearing interest at the rates sst'forth below in Column III.
(4) Bid of Citibank, N.A. and Associates
offering to pay $ 6,000,076.00 for said bonds
bearing interest at the rates set forth below in Colur~n iV.
(5) Bid of
offering to pay $ for said bonds
bearing interest at the rates set forth below in ~olumn V.
Year of Principal '
Maturity Amount I . II III IV
1996 480,000 6.'20% 6.10 % 7.625 % 6.50.%
2006 $5,'520,000 ~,60% -6.7'5'~ 6.70 "~ -7.005
V
Section 2..-The bid offering to purchase the bonds at the.
lowest interest cost to the Cihy, 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
R-76-15
respective mandatory sinking fund redemptio.ns or maturities was the
bid of Crai~ie, Mason-Ha~an, Incorporated and Associates
offering to pay $ 6,002,400.00
~or said bonds, and accrued interest for said bonds bearing interest
at the rates set forth in Column I of the .foregoing tabulation. _
Section 3. Said bid of .Craigie, Mason-Hagan, Incorporated
and Associates is hereby accepted and said
$6,000,000 General Obligation Bonds are hereby awarded to Craigie,
Mason-Ha~an, Incorporated and Associates at the price of
$ 6,002,400.00 and accrued interest for said bonds bearing
interest at the rates set forth in Column I of the foregoing
tabulation. Delivery of said bonds is to be made on or about July
15, 1976 in New York City.
Section 4. The checks of unsuccessful bidders shall be
returned immediately.
Section 5. There shall be Printed on the reverse of
each~of said bonds the legal opinion of Brown, Wood, Ivey, Mitchell
& Petty respecting the validity of said bonds an~, immediately
following such leg.at opinion, a certificate signed with the fac-
simile 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 describe~
which was manualls, signed by Brown, Wood,
Ivey, Mitchell & Petty, New York, New York,
and was dated as of the date of delivery
of and paymen% for said bonds.
" ' (Facsimile Signature)
~Mayor of the City of Fairfax, Virginia."
Section 6. The Official Statement with respect to
said bonds in the form presented at this meeting and its distri-
bution to prospective bidders is hereby ratified and approved.
Section 7. Ail steps necessary to carry this resolution
into effect shall be taken by the proper officers of the City of
Fairfax.
Adopted:
June 15, 1976.
Attest:
/
Cit~ Clerk
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