HomeMy WebLinkAboutRESOLUTION NO. 2023-94RESOLUTION 2023-94
OBLIGATING FUNDS FROM THE URBAN RENEWAL TAX
REVENUE FUND FOR APPROPRIATION TO THE PAYM�NT
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 far the Fairfax Urban Renewal Area (the "Urban Renewal Area"); and
WHEREAS, this Council has adopted ai7 ar�dinance 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 payinent 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 $423,862.50 (the "Annual
Payments") which shall come due in the fiscal year-beginning July 1, 2024 with respect to the City's General
Obligation Annual Appropriation Urban Renewal Bonds, Series 20208; and
WHEREAS, it is now necessa�y far 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, 2024;
NOW, THER�FORE, It Is Resolved by the City Council of the City of Fairfax, Iowa, as follows:
Section 1. The City Council hereby obligates $423,862.50 for appropriation from the Urban
Renewal Tax Revenue Fund to the Aiulual Payments in the fiscal year beginning July 1, 2024.
Section 2. The City Clerk is hereby directed to certify the amount obligated for appro�riation
in Section 1 above, on the City's December 1, 2023 certification of debt payable from the Urban Renewal
Tax Revenue Fund and to reflect such ainount 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 All resolutions or parts of resolutions in conflict herewith are hereby repealed.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 September 12, 2023.
Ayes: Nurre, Daly, Pacha, Volk, and Wainwright
Nays: None
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Attest:
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C nthia K. Stiinson, City Clerk/Treasurer
Jo Aml Beer, Mayor
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