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HomeMy WebLinkAboutRESOLUTION NO. 2023-95RESOLUTION NO. 2023-95 A RESOLUTION AUTHORIZING THE TRANSrER OF FUNDS FOR THE PAYMENT OF DEBT INTEREST AND FE�S DUE WHEREAS, the City Council of the City of Fairfax, Iowa, has numerous outstanding general obligation debt notes with fees and interest due on December 1, 2023; and WHEREAS, the City Council of the City of Fairfax, Iowa, wishes to inake the required interest payinents on time and in order to inake those paylneilts, transfers are needed; and WHEREAS, the city clerk/treasurer has submitted the followin� list of those payments and transfers needed. Section 1. Interest and fees due on $2,260,000 GO Note, dated November 10, 2011 as follows: a. Transfer Order: $6,165.00 for the interest payment and $500.00 for fees from the TIF Fund to the Debt Service Fund. Purpose of notes: Water Main Replacement and Park Developinent. Section 2. Interest 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 $500.00 for fees from the TIF Fund to the Debt Service Fund. Purpose of notes: East Cemetezy Road Area Iinprovements Phase 2, trail, sewer, drainage, and water systems improvements. Section 3. Interest 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 $376.00 for fees from the TIF Fund to the Debt Service Fund. Pulpose of notes: Vanderbilt Street reconstruction, developinent planning, sewer system improvements, and water systeins improveinents. b. Transfer Order: $1,237.50 for the interest payment and $124.00 for fees from the General Fund, Fire Depart�nent Budget, to the Debt Service Fund. Pu�pose of notes: 2015 Fire Tiuck Purchase. Section 4. Interest and fees due on the $955,000 GO Bond, Series 2017, dated 6-27-2017, as follows: a. Transfer Order: $4,162.50 for the interest payment and $500.00 for fees froin the TIF Fund to the Debt Service Fund. Purpose of notes: constructing street and watertivorks iinproveinents, plani7ing for projects located in the Fairfax Urban Renewal Area, and refunding the Outstanding Notes SecYion 5. Interest and fees due on $2,170,000 GO Urban Renewal Coipor-ate Puipose and Refunding Bond, dated August 28, 2018, as follows: Transfer Order: $4,222.50 for the interest payment and $132.00 for fees from the TIF Fund to the Debt Service Fund. Purpose of note: the puiposes of paying the cost, to that extent, of constructing street, bridge, sanitaiy sewer, city park and trail improvements and refunding the Outstanding Sewer Note Principal and the Outstanding Water Reveilue Note Principal b. Transfer Order: $4,531.25 for the interest payment and $120.00 for fees from the Water Debt Fund to the Debt Service Fund. Putpose of note: the purposes of paying the cost, to that extent, of constructing street, bridge, sanitary sewer, city park and trail improvements and refunding the Outstanding Sewer Note Principal and the Outstanding Water Revenue Note Principal c. Transfer Order: $13,575.00 for the interest payment and $348.00 for the fees fi-oin the Sewer Debt Fund to the Debt Service Fund. Pui•pose of note: the purposes of paying the cost, to that extent, of coilstructing street, bridge, sanitary sewer, city park and trail iinproveinents and refunding the Outstaiidizlg Sewer Note Principal and the Outstanding Water Revenue Note Principal Section 6. Interest and fees due on $1,270,000 GO Bond, Series 2020, dated 02-11-2020 as follows: a. Transfer Order: $1,765.00 for the interest payinent and $102.00 for fees froin 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. b. Transfer Order: $6,903.00 foi• the interest payment and $420.00 for fees 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. c. Payment Information: $1,307.00 for the interest payinent and $78.00 for the fees froin the Sewer Bond Retire Fund to the Debt Seivice Fund. Purpose of note: the purposes of paying the cost, to that extent, of constiuction 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: Transfer Order: $35,321.25 for the intei•est payment and $600.00 foi• fees 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 Fait�fax Urban Renewal Area consisting of the construction of street and higllway iinprovements and re�airs, including related drainage; bridge replacement; sanitary sewer and water main extensions; city park iinproveinents and installation of street light. Section 8. Interest and fees due on $1,280,000 GO Bond, Series 2020C, dated 11-10-2020 as follows: a. Transfer Order: $1,220.00 for the interest payment and $600.00 for fees from the TIF Fund to the Debt Service Fund. Purpose of note: the ptuposes of paying the cost, to that extent, of refunding the outstanding balance of the City's General Obligation Cor�orate Purpose and Refunding Bonds, Series 2013. Section 9. Interest and fees due on $1,300,000 GO Municipal Building Bond, Serics 2021, dated 06-23-2021 as follows: a. Transfer Order: $12,200.00 for the interest payment and $600.00 for fees froin the LOST Fund to the Debt Service Fund. Purpose of the note: �urchasing Fairfax City Hall. Section 10. Interest and fees due on $2,300,000 GO Bond, Series 2022, dated 07-13-2022 as follows: a. Transfer Order: $36,390.00 for the interest payment and $600.00 for fees from the TIF Fund to the Debt Sei•vice Fund. Purpose of note: for the �urpose of paying the costs, to that extent, of (a) planning, designing and constructing street, sanitary sewer systein, stoi�n water drainage systein, water utility system and pedestrian trail/sidewalk improvesnents; and (b) acquiring and installing street lighting, signage and signalization improvements. Section 11. Interest and fees due on $1,300,000 GO Bond, Series 2023, dated 06-28-2023 as follows: a. Ti•ansfer Order: $13,219.00 for the interest paylnent and $495.00 for fees from the TIF Fund to the Debt Service Fund. Purpose of note: the puiposes of paying the cost, to that extent, of constructing bridge and water tower improvements. b. Transfer Order: $10,814.75 far the interest payment and $405.00 for fees from the Water Debt Service Fund to the Debt Service Fund. Purpose of note: the puiposes of paying the cost, to that extent, of constructing bridge and water tower improveinents. Section 12. Interest 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 �ayinent fi�om the Sewer Bond Retire Fund. Purpose of note: Waste Water Treatinent 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. Payn�ent Information — No Transfer Needed: $28,822.50 for the interest payinent, and $4,117.50 for the fees payment from the Water Bond Retire Fund. Purpose of note: water storage and pump house project. Section 14. lizterest and fees due on $515,000.00 Planning and Development Water Revenue Bond, Series 2023, Zero Interest SRF Loan #D0663P, dated 06-23-2023 as follows: a. Payment Information — No Transfer Needed: No payment due at this time. Purpose of note: well planning and design. Section 15. Water Fund to Water Debt Service Fund: a. Transfer Order: $54,400 from the Water Fund checking account to the Water Debt Setvice Fund checking account, per FY24 budget foi• debt obligations (increase due to early loaii payoff and 2023 bond requirements). Section 16. Bridge Capital Fund to Water Tower Capital Fund: a. Transfer Order: $130,000 from the Bridge Capital Fui1d checking account to the Water Tower Capital Fund checking account, to reallocate the 2023 bond funds per current cost estimate. Section 17. Total transfers or payments by fund: From General Fund to Debt Service Fund: From TIF Fund to Debt Seivice Fund: From Water Debt Fund to the Debt Service Fund: From LOST Fund to the Debt Service Fund: From Sewer Debt Fund to the Debt Service Fund: From Water to Water Debt Service Fund: From Bridge Capital Fund to Water Tower Capital Fund Payment directly from Water Debt Fund: Payment directly froin Sewer Debt Service Fund: Total transfers and payments: 8,684.50 121,932.75 15,871.00 12,800.00 15,308.00 54,400.00 130,000.00 32,940.00 6,160.00 $398,096.25 NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Fairfax, Iowa, that the city clerk/treasurer is directed to inake these recoinlnended transfers and payinents. BE IT FURTHER RESOLVED, that the Mayor and City Clerk/Treasurer are hereby authorized ai7d directed to execute said resolution. Passed and approved this 12t�' day of Septeinber 2023. AYES: Nurre, Daly, Pacha, Volk, and Wainwright NAYS: None ATTEST: f � / GG` . L._ C nthia K. Stin7son, City Clerk/Treasurer � c`) �-�,-,a•— K.:.2.���' _ > � Jo Ann Beer, Mayor � � � , :� �.s,�..