HomeMy WebLinkAboutRESOLUTION NO. 2024-43RESOLUTION NO. 2024-43
A RESOLUTION AUTHORIZING THE TRANSFER OF FUNDS FOR THE
PAYMENT OF DEBT PRINCIPAL, INTEREST,
AND FEES DUE JUNE 1, 2024
WHEREAS, the City Council of the City of Fairfax, Iowa, has numerous outstanding
general obligation debt notes with fees, interest, and principal due on June l, 2024; and
WHEREAS, the City Council of the City of Fairfax, Iowa, wishes to make the required
interest payments on time and in order to make those payments, transfers are needed; and
WHEREAS, the city clerk/treasurer has submitted the following list of the transfers
needed.
Section 1. Interest, principal, and fees due on $2,260,000 GO Note, dated November 10, 2011 as
follows:
a. Transfer Order: $3,225.00 for the interest payment and $215,000.00 for the
principal payment from the TIF Fund to the Debt Service Fund. Purpose of
notes: Water Main Replacement and Park Development.
Section 2. Interest, principal, and fees due on $1,330,000 GO Note, dated April 8, 2014 as follows:
a. Transfer Order: $6,292.50 for the interest payment and $115,000.00 for the
principal payment from the TIF Fund to the Debt Service Fund. Purpose of
notes: East Cemetery Road Area Improvements Phase 2, trail, sewer, drainage,
and water systems improvements.
Section 3. Interest, principal, and fees due on $2,080,000 GO Note, dated June 10, 2015, as
follows:
a. Transfer Order: $8,770.00 for the interest payment and $130,000.00 for the
principal payment from the TIF Fund to the Debt Service Fund. Purpose of
notes: Vanderbilt Street reconstruction, development planning, sewer system
improvements, and water systems improvements.
b. Transfer Order: $1,237.50 for the interest payment and $55,000.00 for the
principal payment from the General Fund, Fire Department Budget, to the Debt
Service Fund. Purpose of notes: 2015 Fire Truck Purchase.
Section 4. Interest, principal, and fees due on $955,000 GO Bond, Series 2017 dated June 27,
2017 as follows:
a. Transfer Order: $4,162.50 for the interest payment and $55,000.00 for the
principal payment from the TIF Fund to the Debt Service Fund. Purpose of
notes: Refunding, Road Design, and Water Projects
Section 5. Interest, principal, and fees due on $2,170,000 GO Bond, Series 2018 dated August 28,
2018 as follows:
a. Transfer Order: $4,222.50 for the interest payment and $45,000.00 for the
principal payment from the TIF Fund to the Debt Service Fund. Purpose of
notes: Splash Pad.
b. Transfer Order: $13,575.00 for the interest payment and $105,000.00 for the
principal payment from the Sewer Revenue Fund to the Debt Service Fund.
Purpose of notes: Refunding.
c. Transfer Order: $4,531.25 for the interest payment and $35,000.00 for the
principal payment from the Water Debt Service Fund to the Debt Service Fund.
Purpose of notes: Refunding
Section 6. Interest, principal, and fees due on $1,270,000 GO Note, dated February 11, 2020 as
follows:
a. Transfer Order: $4,750.00 for the interest payment and $25,000.00 for the
principal payment from the General Fund to the Debt Service Fund. Purpose
of note: the purposes of paying the cost, to that extent, of construction of
sanitary sewer, waterworks, city park and bridge improvements, and acquisition
of a fire truck.
b. Transfer Order: $30,000.00 for the principal payment from the LOSST Fund,
Fire Department Budget, to the Debt Service Fund. Purpose of notes: the
purposes of paying the cost, to that extent, of construction of sanitary sewer,
waterworks, city park and bridge improvements, and acquisition of a fire truck.
c. Transfer Order: $1,765.00 for the interest payment and $10,000.00 for the
principal payment from the TIF Fund to the Debt Service Fund. Purpose of
note: the purposes of paying the cost, to that extent, of construction of sanitary
sewer, waterworks, city park and bridge improvements, and acquisition of a fire
truck.
d. Transfer Order: $1,805.00 for the interest payment and $20,000.00 for the
principal payment from the General Fund to the Debt Service Fund. Purpose
of note: the purposes of paying the cost, to that extent, of construction of
sanitary sewer, waterworks, city park and bridge improvements, and acquisition
of a fire truck.
e. Transfer Order: $1,307.45 for the interest payment and $11,850.00 for the
principal payment from the Sewer Bond Retire Fund to the Debt Service Fund.
Purpose of note: the purposes of paying the cost, to that extent, of construction
of sanitary sewer, waterworks, city park and bridge improvements, and
acquisition of a fire truck.
f. Transfer Order: $347.50 for the interest payment and $3,150.00 for the
principal payment from the General Fund to the Debt Service Fund. Purpose
of note: the purposes of paying the cost, to that extent, of construction of
sanitary sewer, waterworks, city park and bridge improvements, and acquisition
of a fire truck.
Section 7. Interest and fees due on $4,575,000 GO Bond, Series 2020B, dated 11-10-2020 as
follows:
a. Transfer Order: $35,321.25 for the interest payment and $340,000.00 for the
principal payment from the TIF Fund to the Debt Service Fund. Purpose of note: the
purposes of paying the cost, to that extent, of certain essential corporate purpose
projects in the Fairfax Urban Renewal Area consisting of the construction of street and
highway improvements and repairs, including related drainage; bridge replacement;
sanitary sewer and water main extensions; city park improvements and installation of
street light.
Section 8. Interest and fees due on $1,280,000 GO Refunding Bond, Series 2020C, dated 11-10-
2020 as follows:
a. Transfer Order: $1,220.00 for the interest payment and $290,000.00 for the principal
payment from the TIF Fund to the Debt Service Fund. Purpose of notes: Refunding
and East Cemetery Road Area Improvements Phase 1.
Section 9. Interest and fees due on $1,300,000 GO Municipal Building Bond, Series 2021, dated
06-23-2021 as follows:
a. Transfer Order: $12,200.00 for the interest payment and $85,000.00 for the principal
payment from the LOSST Fund to the Debt Service Fund. Purpose of note: purchasing
Fairfax City Hall.
Section 10. Interest and fees due on $2,300,000 GO Corporate Purpose Bond, Series 2022, dated
07-13-2022 as follows:
a. Transfer Order: $36,390.00 for the interest and $185,000.00 for the principal payment
from the TIF Fund to the Debt Service Fund. Purpose of notes: Lefebure Road Overlay,
Church Street Design, Water Main Crossing, and MPO Trail Design.
Section 11. Interest and fees due on $1,300,000 GO Corporate Purpose Bond, Series 2023, dated
06-28-2023 as follows:
a. Transfer Order: $15,551.44 for the interest and $22,000.00 for the principal payment
from the TIF Fund to the Debt Service Fund. Purpose of notes: W Cemetery Bridge
Design.
b. Transfer Order: $12,723.81 for the interest payment and $18,000.00 for the principal
payment from the Water Debt Service Fund to the Debt Service Fund. Purpose of
notes: Water Tower Maintenance Project.
Section 12. Interest, principal, and fees due on $2,400,000 Revenue SRF Note, dated December
1, 2006 as follows:
a. Payment Information — No Transfer Needed: $6,160.00 for the interest payment,
$168,000.00 for principal payment, and $1,760.00 for service fees paid directly from
the Sewer Debt Service Fund. Purpose of notes: Waste Water Treatment Plant.
Section 13. Interest and fees due on $3,782,000 Water Revenue Bond, Series 2020, SRF Loan
#D0524R, dated OS-12-2020 as follows:
a. Payment Information — No Transfer Needed: $28,822.50 for the interest,
$168,000.00 for the principal payment and $4,117.50 for the service fees paid directly
from the Water Debt Service Fund. Purpose of note: water storage and pump house
proj ect.
Section 14. Total transfers by fund:
a. From General Fund to Debt Service Fund:
b. From the LOST Fund to Debt Service Fund:
c. From TIF Fund to Debt Service Fund:
d. From Water Fund to Water Debt Service Fund:
e. From Water Debt Service Fund to Debt Service Fund
£ From Sewer Revenue Fund to Debt Service Fund:
Total of Transfers Needed:
g. Pay Directly from the Water Debt Service Fund:
h. Pay Directly from the Sewer Debt Service Fund:
TOTAL PAYMENTS DUE
$111,290.00
127,200.00
1,523,920.19
12,652.00
70,255.06
131,732.45
$1,977,049.'70
200,940.00
175,920.00
$2,353,909.70
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Fairfax,
Iowa, that the city clerk/treasurer is directed to make these recommended transfers and payments.
BE IT FURTHER RESOLVED, that the Mayor and City Clerk/Treasurer are hereby
authorized and directed to execute said resolution.
Passed and approved this 14th day of May, 2024.
AYES: Nurre, Daly, Wozniak, Volk, and Wainwright
NAYS: None
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Jo Ann Beer, Mayor
ATTEST:
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y thia K. Stimson, ity Clerk/Treasurer
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