HomeMy WebLinkAboutRESOLUTION NO. 2022-87RESOLUTION NO. 2022-87
A RESOLUTION AUTHORIZING THE TRANSFER OF FUNDS FOR THE
PAYMENT OF DEBT INTEREST AND FEES 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, 2022; 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 those payments
and transfers needed.
Section l. Interest due on $139,000 General Obligation FS-57-10-DWSRF-033 Notes, dated
February 17, 2010 as follows:
a. Transfer Order: $602.70 for the interest payment from the TIF Fund to the
Debt Service Fund. Purpose of notes: Remote Meter Read Program.
a. Transfer Order: $132.30 for the interest payment from the Water Debt Fund
to the Debt Service Fund. Purpose of notes: Remote Meter Read Program.
Section 2. 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 Development.
Section 3. Interest and fees due on $1,330,000 GO Note, dated April 8, 2014 as follows:
a. Transfer Order: $7,586.25 for the interest payment and $500.00 for fees 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 4. Interest and fees due on $2,080,000 GO Note, dated June 10, 2015, as follows:
a. Transfer Order: $10,113.75 for the interest payment and $376.00 for fees
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: $1,828.75 for the interest payment and $124.00 for fees from
the General Fund, Fire Department Budget, to the Debt Service Fund. Purpose
of notes: 2015 Fire Truck Purchase.
Section 5. Interest and fees due on the $955,000 GO Bond, Series 2017, dated 6-27-2017, as
follows:
a. Transfer Order: $4,657.50 for the interest payment and $500.00 for fees from
the TIF Fund to the Debt Service Fund. Purpose of notes: constructing street
and waterworks improvements, planning for projects located in the Fairfax
Urban Renewal Area, and refunding the Outstanding Notes
Section 6. Interest and fees due on $2,170,000 GO Urban Renewal Corporate Purpose and
Refunding Bond, dated August 28, 2018, as follows:
a. Transfer Order: $4,785.00 for the interest payment and $132.00 for fees from
the TIF Fund to the Debt Service Fund. Purpose 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
b. Transfer Order: $4,968.75 for the interest payment and $120.00 for fees from
the Water Debt Fund to the Debt Service Fund. Purpose 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
Transfer Order: $14,887.50 for the interest payment and $348.00 for the fees
from the Sewer Debt Fund to the Debt Service Fund. Purpose 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
Section 7. Interest and fees due on $1,270,000 GO Bond, Series 2020, dated 02-11-2020 as
follows:
a. Transfer Order: $1,865.00 for the interest payment and $102.00 for fees 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.
b. Transfer Order: $7,634.00 for 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: $1,426.00 for the interest payment and $78.00 for the
fees 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.
Section 8. 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 $600.00 for 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 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 9. Interest and fees due on $1,280,000 GO Bond, Series 2020C, dated 11-10-2020 as
follows:
a. Transfer Order: $1,780.00 for the interest payment and $600.00 for fees from the
TIF Fund to the Debt Service Fund. Purpose of note: the purposes of paying the cost,
to that extent, of refunding the outstanding balance of the City's General Obligation
Corporate Purpose and Refunding Bonds, Series 2013.
Section 10. Interest and fees due on $1,300,000 GO Municipal Building Bond, Series 2021, dated
06-23-2021 as follows:
a. Transfer Order: $13,000.00 for the interest payment and $600.00 for fees from the
General Fund to the Debt Service Fund. This is a transfer of left-over bond funds.
Purpose of note: purchasing Fairfax City Hall.
Section 11. Interest and fees due on $2,300,000 GO Bond, Series 2022, dated 07-13-2022 as
follows:
a. Transfer Order: No payment due at this time. Purpose of note: for the purpose of
paying the costs, to that extent, of (a) planning, designing and constructing street,
sanitary sewer system, storm water drainage system, water utility system and pedestrian
trail/sidewalk improvements; and (b) acquiring and installing street lighting, signage
and signalization improvements.
Section 12. Interest due on $2,400,000 Revenue SRF Note, dated December 1, 2006 as follows:
a. Payment Information — No Transfer Needed: $7,586.25 for the interest
payment from the Sewer Bond Retire Fund. Purpose of note: 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: $30,266.25 for the interest payment,
and $4,323.75 for the fees payment from the Water Bond Retire Fund. Purpose of note:
water storage and pump house project.
Section 14. Total transfers or payments by fund:
a. From General Fund to Debt Service Fund:
b. From TIF Fund to Debt Service Fund:
c. From Water Debt Fund to the Debt Service Fund:
d. From the Sewer Debt Fund to the Debt Service Fund:
e. Payment directly from Water Debt Fund:
£ Payment directly from Sewer Debt Service Fund:
Total transfers and payments:
23,606.75
76,186.45
5,221.OS
16,739.50
34,590.00
7,586.25
163,930.00
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 13t�' day of September 2022.
AYES: Daly, Pacha, Volk, and Wainwright
NAYS: None
ABSENT: Nurre
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Burnell G. Frieden, Mayor
ATTEST:
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C� thia K. Stimson, City Clerk/Treasurer
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