19790313 r-79-3RES~F33TION NO.. R-79-3
A RESOLUTION PROVIDING FOR THE SALE
OF $1,570,000 SCHOOL BONDS (SERIES
1979) OF THE CITY OF FAIRFAX, VIRGINIA.
WHEREAS, the City Council of the City of Fairfax, Virginia,
has heretofore adopted an ordinance providing for the issuance of
$1,570,000 School Bonds (Series 1979) of the ~ity of Fairfax,
Virginia; and
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 $1,570,000
School Bonds (Series 1979) of the City of Fairfax, Virginia, to be
published once in the Fairfax Globe~~ , a~newspaper having a
general circulation in the City of Fairfax, and once in The Daily
Bond Buyer, a publication carrying municipal bond notices and de-
voted primarily 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
$1,570,000 SCHOOL BONDS (SERIES 1979) OF THE CITY OF FAIRFAX, VIRGINIA
Dated May 1, 1979
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, Fairfax Time,
April 3, 1979
such~bids to be publicly opened and read at such time and place on
said day for $1,570,000 School Bonds (Series 1979) of the City of
Fairfax, Virginia, dated May 1, 1979, and maturing (without right
of prior redemption) on the 1st day of May, in the following years
and in the following amounts, respectively:
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Year of Principal Year of Principal
Maturity Amount Maturity Amount
1980 $120,000 1990 $100,000
1981 100,000 1991 50,000
1982 100,000 1992 50,000
1983 100,000 1993 50,000
1984 100,000 1994 50,000
1985 100,000 1995 50,000
1986 100,000 1996 50,000
1987 100,000 1997 50,000
1988 100,000 1998 50,000
1989 100,000 1999 50,000
Denomination $5,000; principal and semi-annual interest
(M and N1) payable at The National Bank of Fairfax, in the Ci%y
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.
Bidders are requested to name the interest rate or rates,
not exceedinK 8% per annum, in multiples of 1/8 or 1/10.of 1%. The
difference between the lowest and the highest rates named in the bid
shall not exceed two percentage points. No more than four rates may be
named, any of which may be repeated. 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 $1,570,000 School Bonds (Series 1979) 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 $31,400, 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 un-
successful bidders will be returned immediately. The check of the
successful bidder will be cashed and the proceeds will be held 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 proceeds will be retained as and for full liquidated damages.
The bonds will be delivered on or about May 3, 1979 in the City of
New York, New York, against payment therefor in Federal Reserve
funds.
The unqualified approving opinion of Brown, Wood, Ivey,
Mitchell & Petty, 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.
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Further information will be furnished upon application
to the City Manager of the City of Fairfax, Fairfax, Virginia
22030 or to Municipal Advisors Incorporated, 212 40th Street,
Virginia Beach, Virginia 23451, 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 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 $1,570,000 SCHOOL BONDS (SERIES 1979) OF THE
CITY OF FAIRFAX, VIRGINIA
ApriI 3, 1979
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
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 $1,570,000 School Bonds (Series 1979) of the City
of Fairfax, Virginia, dated May 1, 1979, and maturing on May 1
in each year and bearing interest as follows:
Year of Principal Interest Year of Principal Interest
.Maturity Amount Rate Maturity '''Amount 'Rate
1980 $120,000 1990 $100,000
1981 100,000 1991 50,000
1982 100,000 1992 50,000
1983 100,000 1993 50,000
1984 100,000 1994 50,000
1985 100,000 1995 50,000
1986 100,000 1996 50,000
1987 100,000 1997 50,000
1988 100,000 1998 50,000
1989 100,000 1999 50,000
we will pay
Dollars ($ ). We will also pay accrued interest from
their date to date of delivery and will accept deliverY in New York
City on or about May 3, 1979.
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We enclose herewith a certified or bank cashier's or
treasurer's check for $31,400 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 resolution. ~
Section 4. No additional bonds of the City of Fairfax,
· Virginia, will be offered for sale by the City Council prior to
~ 1 , 1979 without the consent of the purchasers of the
$1,570,000 bonds being sold pursuant to the provisions of this
resolution.
Adouted: March 13, 1979
Attest:
(~ty 'Clerk