19990112 r-99-2RESOLUTION NO. R-99-2
A RESOLUTION ENDORSING THE ISSUANCE OF BONDS
FOR CATEGORY 3 PROJECTS OF THE
NORTHERN VIRGINIA TRANSPORTATION DISTRICT PROGRAM
WHEREAS, Chapters 740 and 761 of the 1998
Acts of Assembly amend Chapter 391 of the 1993
Acts of Assembly, as amended by Chapters 470 and
597 of the 1994 Acts of Assembly, to redesignate
the projects and increase the debt authorization
from $271 million to $366.9 million to finance
the cost of the Northern Virginia Transportation
District (NVTD) program (the ~NVTD Legislation");
and
WHEREAS, the 1998 NVTD Legislation
authorizes $100.9 million in bonds to be issued
by the Commonwealth Transportation Board (CTB)
for Category 3 projects, which are comprised of
several projects located in the Northern Virginia
region, including the Route 50/Courthouse Road
Interchange, Fairfax County Parkway, Route 234
Bypass, Route 28/Route 625 Interchange, King
Street Metrorail Station, and Metrorail capital
improvements; and
WHEREAS, the Northern Virginia
Transportation Coordinating Council has
recognized the critical need for improvement of
Lee Highway in the City of Fairfax with its
potential to be a future regional priority; and
WHEREAS, Chapter 464, Item 523 E.1 of the
1998 General Assembly appropriates the public
right-of-way fees attributable to Fairfax,
Loudoun, and Prince William Counties to pay debt
service on Category 3 Project bonds; and
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R-99-2
WHEREAS, Arlington County and the Cities of
Alexandria, Fairfax, and Falls Church have
indicated their intent to dedicate available
state or local revenues, through individual
contracts with the CTB, to pay approximately 50%
of the debt service on Category 3 Project bonds
attributable to each jurisdiction; and
WHEREAS, Chapter 464, Item 523 E.1 of the
General Assembly appropriates Commonwealth
Transportation Funds to pay debt service on
Category 3 Project bonds in addition to dedicated
public right-of-way use fees, and revenues
dedicated through contracts with the CTB, to meet
annual debt service requirements for NVTD Program
bonds; and
WHEREAS, the NVTD Legislation provides that
the CTB shall only issue the bonds for Category 3
Projects if (i) the governing bodies of at least
five of the jurisdictions (comprising a majority
of the population of the participating
jurisdictions) have adopted resolutions endorsing
the proposed sale or sales of bonds to support
the Category 3 Projects and (ii) at least two of
the jurisdictions participating in the NVTD
Program have entered into a contract that
dedicates any state or local revenues, which may
include their secondary allocations, urban
allocations, or local public right-of-way use
fees, to pay annual debt service on the NVTD
Program bonds; and
WHEREAS, such resolutions and contracts
pursuant to the NVTD Legislation shall remain in
force so long as any debts or obligations for
Category 3 Projects remain outstanding;
NOW, THEREFORE, BE IT RESOLVED, that the
City Council of the City of Fairfax, Virginia at
its regular City Council meeting on January 12,
1999, does hereby endorse the issuance of bonds
by the CTB to finance the cost of Category 3
Projects in the NVTD Program;
R-99-2 -3
BE IT FURTHER RESOLVED, that the City
Council of the City of Fairfax, Virginia does
hereby make this endorsement with the
understanding that the CTB, and any other
responsible entities, will make their best
efforts, including use of any available short-
term debt financing strategies, to initiate
construction or transfer payments for Category 3
Projects in the following timeframes:
· Route 50/Courthouse Road Interchange-Fall 2001
· Fairfax County Parkway - Summer 2002
· Route 234 Bypass - Summer 1999
· Route 28/Route 625 Interchange - Summer 2001
· King Street Metrorail Improvements - Fall 2000
· Metrorail Capital Improvements - NVTC transfer
by Fall 1999;
BE IT FINALLY RESOLVED, that the City
Council of the City of Fairfax, Virginia does
hereby indicate its intent to enter into a
contract with the Commonwealth Transportation
Board, pursuant to Section 58.1-818.1 Code of
Virginia, to dedicate annually approximately
$9,000 in state or local funds to pay its share
of debt service on Category 3 Project bonds;
Adopted this 12th day of January 1999.
Mayor
ATTEST:
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