HomeMy WebLinkAboutRESOLUTION NO. 2020-20 RESOLUTION NO. 2020-20
A RESOLUTION AUTHORIZING THE TRANSFER OF FUNDS FOR
$19270,000 GO BOND, SERIES 2020
WHEREAS,the City Council of the City of Fairfax, Iowa, issued a$1,270,000 GO Bond,
Series 2020 and has received the funds into the Debt Service Fund; and
WHEREAS, the City Council of the City of Fairfax, Iowa, needs to transfer these funds
to the proper funds for projects; and
WHEREAS, the city clerk/treasurer has submitted the needed transfers as follows:
Section 1. Transfers Needed:
a. From Debt Service Fund to Water Fund: 203,730.00
b. From Debt Service Fund to Sewer Fund: 166,600.00
c. From Debt Service Fund to General Fund: 898,142.50
Amount to Distribute 1,268,472.50
Cost of Issuance left in Debt Service Fund: 21,675.00
Total Received 1,290,147.50
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.
BE IT FURTHER RESOLVED, that the Mayor and City Clerk/Treasurer are hereby
authorized and directed to execute said resolution.
Passed and approved this 18th day of February 2020.
AYES: Daly, Pacha, Volk, and Wainwright
NAYS: None
ABSENT: Otto
Burnell G. Frieden,��ayo�r �
s,.
ATTEST:
y thia K. Stimson, City Clerk/Treasurer °{