HomeMy WebLinkAboutRESOLUTION NO. RESOLUTION NO. 2020-40 RESOLUTION NO. 2020-40
A RESOLUTION AUTHORIZING THE CORRECTION OF SOME
TRANSFERS AND PAYMENTS MADE FOR SOME OF THE DECEMBER
19 2019 DEBT OBLIGATIONS PER AUDITOR'S NEW
RECOMMENDATION
WHEREAS, the City Council of the City of Fairfax, Iowa, had numerous outstanding
general obligation debt notes with fees and interest due on December 1, 2019; and
WHEREAS, the City Council of the City of Fairfax, Iowa, authorized the requested
transfers needed as previously recommended by the auditor; and
WHEREAS, the city clerk/treasurer has since learned the State of Iowa Auditor's Office
is now recommending a different transfer path for some of the debt payments and is recommending
the following corrections be made to the transfers and debt payments completed for some of the
December 1, 2019 payments.
Section 1. Interest and fees due on $2,170,000 GO Bond, Series 2018 dated August 28, 2018 as
follows:
a. Transfer Order: $16,700.00 for the interest payment and $170.00 for the
service fee from the Sewer Bond Retire Fund to the Debt Service Fund instead
of paying directly from the Sewer Bond Retire Fund as previously submitted.
Purpose of notes: Sewer Participation in Heartland Heights and Refunding.
b. Transfer Order: $5,781.25 for the interest payment and$59.00 for the service
fee from the Water Fund to the Debt Service Fund instead of to the Water
Revenue Debt Service Fund as previously submitted. Purpose of notes:
Refunding.
Section 2. Total corrections to transfers by fund:
a. From Water Fund to Debt Service Fund: $5,840.25
b. From the Sewer Bond Retire Fund to Debt Service Fund: 16,870.00
Total correction of transfers of all funds to Debt Service: $22,710.25
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 corrections of previously
authorized transfers and to correct the payments to come out of the Debt Service Fund as
recommended by the State of Iowa Auditor's office.
BE IT FURTHER RESOLVED, that the Mayor and City Clerk/Treasurer are hereby
authorized and directed to execute said resolution.
Passed and approved this 12th day of May, 2020.
AYES: Otto, Daly, Pacha, Volk, and Wainwright
NAYS: None
Burnell G. Frieden, Mayor
ATTEST:
OW
Cy thia K. Stimson, City Clerk/Treasurer