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19981027 r-98-59RESOLUTION NO. R-98-~9 RESOLUTION AUTHORIZING THE EXECUTION AND DELIVERY OF A CONTINUING DISCLOSURE AGREEMENT, USE OF PROCEEDS CERTIFICATE AND ANY OTHER NECESSARY OR USEFUL TAX LAW DOCUMENTS IN CONNECTION WITH THE DISTRIBUTION BY THE VIRGINIA PUBLIC SCHOOL AUTHORITY OF THE NET SAVINGS REALIZED BY THE VIRGINIA PUBLIC SCHOOL AUTHORITY THROUGH THE ISSUANCE OF ITS SCHOOL FINANCING AND REFUNDING BONDS (1997 RESOLUTION) SERIES 199%1, CERTAIN OF THE PROCEEDS OF WHICH REFUNDED CITY OF FAIRFAX, GENERAL OBLIGATION SCHOOL BONDS, 1992 SERIES A; AND AUTHORIZING ANY OTHER ACTIONS NECESSARY TO ACHIEVE THE OBJECTIVES CONTEMPLATED HEREBY WHEREAS, the Virginia Public School Authority (the "Authority") pursuant to a resolution duly adopted on August 13, 1987, as amended and supplemented (the "1987 Resolution") issued, amongst other series, two certain series of bonds designated as "Virginia Public School Authority School Financing Bonds (1987 Resolution) 1991 Series A' and "Virginia Public School Authority School Financing Bonds (1987 Resolution) 1992 Series A' (the "1987 Resolution Bonds") for the purpose of purchasing general obligation school bonds of certain cities and counties within the Commonwealth of Virginia; WHEREAS, the Authority used a portion of the proceeds of the 1987 Resolution bonds to purchase certain duly authorized and issued general obligation school bonds of the City of Fairfax, Virginia designated City of Fairfax, General Obligation School Bonds, 1992 Series A ("Local School Bonds"); WHEREAS, the Authority refunded certain of the 1987 Resolution Bonds (the "Refunded Bonds') from a portion of the proceeds of its Virginia Public School Authority School Financing and Refunding Bonds (1997 Resolution) Series 1997-1 (the "Refunding Bonds") issued pursuant to a resolution duly adopted by the Authority on October 23, 1997 (the "1997 Resolution"); WHEREAS, the Authority anticipates delivering to the City of Fairfax its allocable share of the savings realized from the refunding of the Refunded Bonds; WHEREAS, the Authority in effecting the refunding has pledged the Local School Bonds for the benefit of the holders of Bonds issued under its 1997 Resolution; WHEREAS, Refunding Bonds with "Rule"); the Authority is required to assist the underwriters (the "Underwriters") of the their duty to comply with Securities and Exchange Commission Rule 15c2-12 (the WHEREAS, the Authority has requested the City of Fairfax, Virginia, to execute a Continuing Disclosure Agreement in order for the Authority to assist the Underwriters in complying with the Rule, and; WHEREAS, the Authority has requested the City of Fairfax, Virginia, to execute a Use of Proceeds Certificate and any other instruments necessary or useful to evidence compliance with the requirements for maintaining the tax-exempt status of the Virginia Public School Authority's bonds; WHEREAS, the City Council of the City of Fairfax, Virginia considers it to be advisable for the City to fulfill the request of the Authority to execute a Continuing Disclosure Agreement, Use of Proceeds Certificate and other instruments necessary or useful to comply with requirements for maintaining said tax exempt status; NOW, THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FAIRFAX, VIRGINIA: 1. Continuing Disclosure Agreement. The City Manager and such officer or officers as he may designate are hereby authorized to enter into a Continuing Disclosure Agreement in the form presented at this meeting as Exhibit A hereto, containing such covenants as may be necessary in order for compliance with the provisions of the Rule. 2. Documentation Required for Tax Law Purposes. The officers of the City of Fairfax, Virginia, are hereby authorized and directed to execute a Use of Proceeds Certificate and any other instruments, including an 8038-G form, (collectively, the "Tax Documents") necessary or useful for evidencing compliance with the requirements for maintaining the tax- exempt status of the Virginia Public School Authority's bonds. R-98-59 -2 3. Further Ac6ons. The members of the City Council and all officers, employees and agents of the City are hereby authorized to take such action as they or any one of them may consider necessary or desirable in connection with the execution and delivery of the Continuing Disclosure Agreemem and the Tax Docmnents and any such action previously taken is hereby ratified and confirmed. 4. Effective Date. This resolution shall take effect immediately. Adopted: October 27, 1998 Vote Councilman Coughlan Aye Councilman Greenfield Aye Council Lederer Absent Councilman Petersen Aye Councilman Rasmussen Aye Councilman Silverthorne Aye Attest: Cit~lerk~ Mayor