HomeMy WebLinkAboutRESOLUTION NO. 2020-94 RESOLUTION NO. 2020-94
A RESOLUTION AUTHORIZING THE TRANSFER OF FUNDS FOR
$495759000 GO ANNUAL APPROPRIATION URBAN RENEWAL BONDS,
SERIES 2020B AND $1,280,000 GO REFUNDING BONDS, SERIES 2020C
WHEREAS,the City Council of the City of Fairfax, Iowa, issued $4,575,000 GO Annual
Appropriation Urban Renewal Bonds, Series 2020B and$1,280,000 GO Refunding Bonds, Series
2020C and will receive the funds into the Debt Service Fund on November 10; 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: 1,065,000.00
b. From Debt Service Fund to Sewer Fund: 1,585,000.00
c. From Debt Service Fund to General Fund: 1,863,551.56
Amount to Distribute for Projects: 4,513,551.56
Amount Needed for Refunding left in DS Fund: 1,265,848.44
Initial Fees left in Debt Service Fund: 600.00
Cost of Issuance left in Debt Service Fund: 75,000.00
Total Received $59855,000.00
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 once the money
is received.
BE IT FURTHER RESOLVED, that the Mayor and City Clerk/Treasurer are hereby
authorized and directed to execute said resolution.
Passed and approved this 13"' day of October 2020.
AYES: Otto, Daly, Pacha, and Wainwright
NAYS: None
ABSENT: Volk
urnell G. Frieden, Mayor
ATTEST: E
,ta
6y#a K. Stimson, City Clerk/Treasurer