The URL can be used to link to this page

Home My WebLink AboutRESOLUTION NO. 2020-108 RESOLUTION NO. 2020-108 A RESOLUTION AUTHORIZING THE TRANSFER OF FUNDS FOR THE DISTRIBUTION OF BOND FUNDS, 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, 2020; and WHEREAS,the City Council of the City of Fairfax,Iowa,needs to correct the distribution of new bond funds; 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 1. Interest due on $139,000 General Obligation FS-57-10-DWSRF-033 Notes, dated February 17, 2010 as follows: a. Transfer Order: $750.30 for the interest payment from the TIF Fund to the Debt Service Fund. Purpose of notes: Remote Meter Read Program. a. Transfer Order: $164.70 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 $540,000 GO Note, dated May 12, 2011 as follows: a. Transfer Order: $2,190.00 for the interest payment and$250.00 for fees from the TIF Fund to the Debt Service Fund. Purpose of notes: Water Main Replacement. Section 3. Interest and fees due on $2,260,000 GO Note, dated November 10, 2011 as follows: a. Transfer Order: $11,105.00 for the interest payment and $250.00 for fees from the TIF Fund to the Debt Service Fund. Purpose of notes: Water Main Replacement and Park Development. Section 4. Interest and fees due on $1,330,000 GO Note, dated April 8, 2014 as follows: a. Transfer Order: $9,763.75 for the interest payment and$250.00 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 5. Interest and fees due on $2,080,000 GO Note, dated June 10, 2015, as follows: a. Transfer Order: $12,318.75 for the interest payment and $188.00 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: $2,728.75 for the interest payment and $62.00 for fees from the General Fund, Fire Department Budget,to the Debt Service Fund. Purpose of notes: 2015 Fire Truck Purchase. Section 6. Interest and fees due on the $955,000 GO Bond, Series 2017, dated 6-27-2017, as follows: a. Transfer Order: $6,067.04 for the interest payment and$247.74 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 b. Transfer Order: $55.46 for the interest payment and $2.26 for fees from the Water Debt 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 7. Interest due on $2,400,000 Revenue SRF Note, dated December 1, 2006 as follows: a. Payment Information — No Transfer Needed: $10,325.00 for the interest payment from the Sewer Bond Retire Fund. Purpose of note: Waste Water Treatment Plant. Section 8. 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: $5,847.50 for the interest payment and $65.00 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: $312.50 for the interest payment and$6.00 for fees from the General Fund to the Debt Service Fund. Purpose of note: the purposes of paying the cost,to that extent,of constructing street,bridge, sanitary sewer, city park and trail improvements and refunding the Outstanding Sewer Note Principal and the Outstanding Water Revenue Note Principal c. Transfer Order: $5,781.25 for the interest payment and $59.00 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 d. Transfer Order: $16,700.00 for the interest payment and $170.00 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 9. Distribution of funds adjustment and interest and fees due on $1,270,000 GO Bond, Series 2020, dated 02-11-2020 as follows: a. Transfer Order: $470.00 from the General Fund to the Water Fund to correct distributions based on final costs. b. Transfer Order: $650.00 from the Debt Service Fund to the Water Fund to correct distributions based on final costs. c. Transfer Order: $3,326.94 for the interest payment and $48.00 for fees from the Water Debt Service 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: $14,495.25 for the interest payment and $213.00 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. e. Payment Information: $2,679.20 for the interest payment and $39.00 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 10. Interest and fees due on $4,575,000 GO Bond, Series 2020B, dated 11-10-2020 as follows: a. No payment is currently due. 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 11. Interest and fees due on $1,280,000 GO Bond, Series 2020C, dated 11-10-2020 as follows: a. No payment is currently due. 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 12. Interest and fees due on $3,782,000 Water Revenue Bond, Series 2020, SRF Loan #D0524R, dated 05-12-2020 as follows: b. Payment Information—No Transfer Needed: $11,953.93 for the interest and$23.90 for the fees payment from the Water Bond Retire Fund. Purpose of note: water storage and pump house project. Section 13. This section is a correction to the bond fund distributions for funding to receive on November 10, 2020 as previously shown on RESOLUTION NO 2020-94: 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: 1,863,449.60 Amount to Distribute for Projects: 4,513,449.60 Amount Needed for Refunding left in DS Fund: 1,265,348.44 Initial Fees left in Debt Service Fund: 530.56 Cost of Issuance left in Debt Service Fund: 75,000.00 Total Received $5,854,328.60 Section 14. Total transfers or payments by fund: a. From the Debt Service Fund to Water Fund: 1,065,000.00 b. From the Debt Service fund to Sewer Fund: 1,585,000.00 c. From the Debt Service Fund to the General Fund: 1,863,449.60 d. From General Fund to Debt Service Fund: 17,817.50 e. From the General Fund to Water Fund 470.00 f. From TIF Fund to Debt Service Fund: 49,293.08 g. From Water Debt Fund to the Debt Service Fund: 9,437.61 h. From the Sewer Debt Fund to the Debt Service Fund: 19,588.20 i. From the Debt Service Fund to the Water Fund: 650.00 j. Payment directly from Water Debt Fund: 11,977.83 k. Payment directly from Sewer Debt Service Fund: 10,325.00 Total transfers and payments: 4,633,008.82 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 10"' day of November 2020. AYES: Otto, Daly, Pacha, Volk, and Wainwright NAYS: None Burnell G. Frieden, Mayor qe Apt O.ti fgys qqt ATTEST: q � 1 7 C thia K. Stimson, City Clerk/Treasurer .