19900410 r-90-11RESOLUTION NO. R-90-11
RESOLUTION RATIFYING AWARD OF $1,510,000 SCHOOL
BONDS, SERIES OF 1990A, OF THE CITY OF FAIRFAX,
VIRGINIA, TO VIRGINIA PUBLIC SCHOOL AUTHORITY
WHEREAS, by resolution adopted on February 13, 1990 (the "Bond
Resolution"), the city Council of the city of Fairfax, Virginia,
(the "City") provided for the issuance of $1,510,000 School Bonds,
Series of 1990A (the "Bonds"), of the City to the Virginia Public
School Authority (the ,,Authority");
WHEREAS, such resolution authorized the Director of Finance
to award the Bonds to the Authority at such interest rate or rates
as would produce a differential in each year of not more than one-
tenth of one percent (1/10 of 1%) over the annual rate to be paid
by the Authority on the bonds it sold to provide funds to purchase
the Bonds, provided that no interest rate on the Bonds should
exceed 9 percent per year;
WHEREAS, on April 5, 1990, the Director of Finance on behalf
of the City awarded the bonds, bearing interest at the annual rates
and maturing on December 15 in years and amounts as shown on
exhibit A hereto, to the Authority;
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FAIRFAX,
VIRGINIA:
1. The action of the Director of Finance in awarding the
Bonds to the Authority is hereby ratified, approved and confirmed,
and the Bonds shall bear interest at the annual rates and shall
mature on December 15 in years and amounts as shown on Exhibit A.
2. The Bonds and the Bond Sale Agreement between the City
and the Authority providing for the issuance of the Bonds shall be
in substantially the forms approved by the Bond Resolution, with
such changes as may be necessary or appropriate to conform them to
the provisions of this resolution.
3. This resolution shall take effect immediately.
ADOPTED this lOth day of April
, 1990.
ATTEST:
City Clerk