HomeMy WebLinkAboutRESOLUTION NO. 2022-53RESOLUTION NO. 2022-53
A RESOLUTION AUTHORIZING THE TRANSFER OF FUNDS FOR THE
PAYMENT OF DEBT PRINCIPAL, INTEREST,
AND FEES DUE JUNE l, 2022
WHEREAS, the City Council of the City of Fairfax, Iowa, has nuinerous outstanding
general obligation debt notes with fees, interest, and principal due on June l, 2022; and
WHEREAS, the City Council of the City of Fairfax, Iowa, wishes to make the requiz-ed
interest payments on titne and in order to make those payments, transfers are needed; and
WHEREAS, the city clerk/treasurer has subinitted the following list of the transfers
tleeded.
Section 1. Interest, pi•incipal, and fees due on $139,000 General Obligation FS-57-10-DWSRF-
033 Notes, dated February 17, 2010 as follows:
a. Transfer Order: $676.50 for the interest payinent, $4,920.00 for the principal
payment, and $112.75 for the sei-vicing fee from the TIF Fund to the Debt
Service Fund. Purpose of notes: Remote Meter Read Program.
a. Transfer Order: $148.50 for the interest payment, $1,080.00 for the principal
payment, and $24.75 for the servicing fee from the Water Debt Setvice Fund to
the Debt Sczvice Fund. Purpose of notes: Remote Meter Read Prograin.
Section 2. Interest, principal, and fees due on $540,000 GO Note, dated May 12, 2011 as follows:
a. Transfer Order: $1,095.00 for the interest payment, $60,000.00 for the
principal payinent, and $250.00 for the servicing fee froin the TIF Fund to the
Debt Service Fund. Purpose of notes: Water Main Replacement.
Section 3. Interest, principal, and fees due on $2,260,000 GO Note, dated Noveinber 10, 2011 as
follows:
a. Transfer Order: $8,765.00 for the interest payment, $200,000.00 for the
principal payinent, and $250.00 for the servicing fee from the TIF Fund to the
Debt Service Fund. Purpose of notes: Water Main Replacement and Park
Development.
Section 4. Interest, principal, and fees due on $1,330,000 GO Note, dated April 8, 2014 as follows:
a. Transfer Order: $8,713.75 for the interest payinent, $110,000.00 for the
principal �ayment, and $250.00 for the servicing fee from the TIF Fund to the
Debt Setvice Fund. Purpose of notes: East Ceinetery Road Area Iinprove�nents
Phase 2, trail, scwer, drainage, and water systen7s iinprovements.
Section 5. Interest, principal, and fees due on $2,080,000 GO Note, dated June 10, 2015, as
follows:
a. Transfer Order: $11,238.75 for thc interest payinent, $125,000.00 for the
princi�al payinent, and $188.00 for the servicing fee from the TIF Fund to the
Debt Service Fund. Pu�pose of notes: Vanderbilt Street reconstruction,
development planning, sewer system improvements, and water systems
iinprovernents.
b. Transfer Order: $2,278.75 for the interest payment, $50,000.00 for the
principal payment, and $62.00 for the service fee from the General Fund, Fire
Departinent Budget, to the Debt Service Fund. Purpose of notes: 2015 Fire
Truck Purchase.
Section 6. Interest, principal, and fees due on $955,000 GO Bond, Series 2017 dated June 27,
2017 as follows:
a. Transfer Order: $5,107.50 for the interest payinent, $50,000.00 for the
principal payment, and �250.00 for the servicing fee froin the TIF Fund to the
Debt Service Fund. Puipose of notes: Refunding, Road Design, and Water
Projects
Section 7. Interest, principal, and fees due on $2,170,000 GO Bond, Series 2018 dated August 28,
2018 as follows:
a. Transfer Order: $5,347.50 for the interest payment, $45,000.00 for the
principal payment, and $66.00 for the service fee from the TIF Fund to the Debt
Service Fund. Purpose of notes: Splash Pad.
b. Transfer Order: $16,137.50 for the interest payinent, $51,958.05 for the
principal payment fi•om the Sewer Fund connection fees to the Debt Seivice
Fund. Purpose of notes: Refunding.
c. Transfer Order: $48,041.95 for the principal payment, and $173.00 for the
service fee fi•oin the Sewer Revenue Fund to the Debt Service Fund. Puipose
of notes: Refunding.
d. Transfer Order: $5,406.25 for the interest payment, $35,000.00 for the
principal payment, and $61.00 for the service fee from the Water Fund
comlection fees to the Debt Service Fund. Purpose of notes: Refunding
Section 8. Interest, principal, and fees due on $1,270,000 GO Note, dated Februaiy 11, 2020 as
follows:
a. Transfer Order: $5,850.00 for the interest payinent, $25,000.00 for the
principal payinent, and $148.00 for the service fee from the General Fund to the
Debt Setvice Fund. Purpose of note: the purposes of paying the cost, to that
extent, of construction of sanitary sewer, waterworks, city park and bridge
improveinents, and acquisitioil of a fis•e truck.
b. Transfer Order: $30,000.00 for the principal payment fi•oln the LOSST Fund,
Fire Departinent Budget, to the Debt Service Fund. Purpose of notes: the
purposes of paying the cost, to that extent, of consh-uction of sauitaiy sewer,
waterworks, city �ark and bridge improveinents, and acquisition of a fire truck.
c. Transfer Order: $1,965.00 for the interest payinent, $10,000.00 for the
principal payrnent, and $49.00 for the service fee fi•om 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: $2,105.00 foi• the interest payinent, $15,000.00 for the
principal payinent, and $54.00 for the service fee 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: $1,544.45 for the interest payinent, $11,850.00 for the
princi�al payment, and $28.00 for the fees from the Sewer Bond Retii•e Fund to
tl�e Debt Service Fund. Purpose of note: the purposes of paying the cost, to
that extent, of construction of sanitary sewer, waterwarks, city park and bridge
improveinents, and acquisition of a fire truck.
£ Transfer Order: $410.55 for the interest payment, $3,150.00 for the principal
payment, and $21.00 for the 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 iinprovements,
and acquisition of a fire titilck.
Section 9. Interest and fees due on $4,575,000 GO Bond, Series 2020B, dated 11-10-2020 as
follows:
a. Transfer Order: $25,321.25 for the interest 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 iinproveinents and installation of street light.
b. Transfer Order: $10,000 for the interest payinent from the Sewer Debt Service Fund
to the Debt Service Fund. Puipose 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 consh-uction of street and highway improvements and repairs,
including related drainage; bridge replaceinent; sanitazy sewer and water inain
extensions; city park i�nproveinents and ii7stallation of street light.
Section 10. Interest and fees due on $1,280,000 GO Refutiding Bond, Series 2020C, dated 11-10-
2020 as follows:
a. Transfer Order: $2,278.75 for the interest payment and $285,000.00 for the principal
payinent from the TIF Fund to the Debt Service Fund. Purpose of notes: Refunding
and East Ceinetery Road Area Improveinents Phase 1.
Section 11. Interest, principal, atld fees due on $2,400,000 Revenue SRF Note, dated December
1, 2006 as follows:
a. Payment Information — No Transfer Needed: $8,977.50 for the interest payment,
$159,000.00 for principal payinent, and $2,565.00 for service fees paid directly fi-oin
the Sewer Debt Seivice Fund. Purpose of notes: Waste Water Treatment Plant.
Section 12. 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: $31,235.88 for the interest,
$163,000.00 for the principal payment and $4,462.27 for the service fees paid directly
froin the Water Debt Service Fund. Purpose of note: water storage and pump house
project.
Section 13. Interest and fees due on $1,300,000 FO Municipal Building Bond, Series 2021, dated
06-23-2021 as follows:
a. Transfer Order: �13,000.00 for the interest payment and $300.00 for fees from the
General Fund to the Debt Sei•vice Fund. This is a transfer of left-over bond funds.
Purpose of note: purchasing Fairfax City Hall.
Section 14. Move the balance of the FY22 water connection fees and regular water money from
the Water Fund into the Water Debt Service Fund to cover the short fall for debt payinents.
a. Transfer Order: $10,86293 of the FY22 water connection fees fi-om the Water Fund
to the Water Debt Service Fund for payments.
b. Transfer Order: $49,137.07 of regular water funds froin the Water Fund to the Water
Debt Service Fund for payments.
Section 15. Total transfers by fund:
a. From General Fund to Debt Service Fund:
b. Froin the LOST Fund to Debt Service Fund:
c. From TIF Fund to Debt Service Fund:
d. From Water Debt Service Fund to Debt Service Fund:
e. From the Water Fund to the Debt Service Fund:
f. From the Water Fund to the Water Debt Service Fund:
g. From Sewer Revenue Fund to Debt Service Fund:
h. From Sewer Fund to Debt Service Fund:
Total of Transfers Needed:
i. Pay Directly from the Water Debt Service Fund:
j. Pay Directly from the Sewer Debt Sei•vice Fund;
TOTAL PAYMENTS DUE
$117,379.30
30,000.00
961,844.75
1,253.25
40,467.25
60,000.00
71,637.40
68,095.55
$1,350,677.50
198,698.15
170,542.50
$1,719,918.15
NOW, THEREFORE, SE IT RESOLV�D, 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 l Ot�' day of May, 2022.
AYES: Nurre, Daly, Pacha, Volk, and Wainwright
NAYS: None
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Bur71e11 G. Frieden, Mayor
ATTEST:
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Cynt ia K. Stiinson, City Clerk/Treasurer
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