HomeMy WebLinkAboutRESOLUTION NO. 2024-61RESOLUTION 2024-61
OBLIGATING FUNDS FROM THE URBAN RENEWAL TAX
REVENUE FUND FOR APPROPRIATION TO THE PAYMENT
OF ANNUAL APPROPRIATION TAX INCREMENT
FINANCED OBLIGATIONS WHICH SHALL COME DUE IN
THE NEXT SUCCEEDING FISCAL YEAR
WHEREAS, the City of Fairfax, Iowa (the "City"), pursuant to and in strict compliance with all
laws applicable to the City, and in particular the provisions of Chapter 403 of the Code of Iowa, has adopted
an Urban Renewal Plan for the Fairfax Urban Renewal Area (the "Urban Renewal Area"); and
WHEREAS, this Council has adopted an ordinance providing for the division of taxes levied on
taxable property in the Urban Renewal Area pursuant to Section 403.19 of the Code of Iowa and
establishing the fund referred to in Subsection 2 of Section 403.19 of the Code of Iowa (the "Urban Renewal
Tax Revenue Fund"), which fund and the portion of taxes referred to in that subsection may be irrevocably
pledged by the City for the payment of the principal and interest on indebtedness incurred under the
authority of Section 403.9 of the Code of Iowa to finance or refinance in whole or in part projects in the
Urban Renewal Area; and
WHEREAS, the City has scheduled payments in the amount of $421,022.50 (the "Annual
Payments") which shall come due in the fscal year beginning July 1, 2025 with respect to the City's General
Obligation Annual Appropriation Urban Renewal Bonds, Series 2020B; and
WHEREAS, it is now necessary for the City Council to obligate for appropriation to the Annual
Payments, funds anticipated to be received in Urban Renewal Tax Revenue Fund in the fiscal year
beginning July 1, 2025;
NOW, THEREFORE, It Is Resolved by the City Council of the City of Fairf�, Iowa, as follows:
Section l. The City Council hereby obligates $421,022.50 for appropriation from the Urban
Renewal Tax Revenue Fund to the Annual Payments in the fiscal year beginning July 1, 2025.
Section 2. The City Clerk is hereby directed to certify the amount obligated for appropriation
in Section 1 above, on the City's December 1, 2024 certification of debt payable from the Urban Renewal
Tax Revenue Fund and to reflect such amount in the City's budget for the next succeeding fiscal year.
Section 3. All resolutions or parts of resolutions in conflict herewith are hereby repealed.
Passed and approved August 13, 2024.
Ayes: Nurre, Wozniak, Volk, and Wainwright
Nays: None
Absent: Daly
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Attest:
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C thia K. Stimson, City Clerk/Treasurer
Jo Ann Beer, Mayor
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