HomeMy WebLinkAboutRESOLUTION NO. 03-11-12-3 RESOLUTION /✓�-11 42 2
ESTABLISHING A CAPITAL PROJECTS FUND
FOR$465,000 GENERAL OBLIGATION NOTE
WHEREAS, a comment was documented in the Schedule of Findings during the state audit for
fiscal year ending June 30,2003;and,
WHEREAS, the reconunendation from the state auditor John Vanis, stated the City should
establish a separate Capital Project Fund to account for all General Obligation Note proceeds and the uses
of these funds; and,
WHEREAS, as a result to the recommendation the remaining balance of the $465,000 GO Note
proceeds as of July 31, 2003 currently reported in the General Fund to be transferred to a new Capital
Projects Fund- $465,000 General Obligation Note; and,
The following is the break down to be transferred:
FROM--GENERAL FUND: TO-CAPITAL PROJECTS FUND-$465,000 GO NOTE
FD Truck Purchase$290,000.00 FD Truck Purchase$2.90,000.00
Library Building$80,000,00 Library Building$80,000.00
City Hall Roof$20,000.00 City Hall Roof$20„000.00
Cost Issuance$682.49 Cost Issuance$682.49
Excess(Underwriter's Discount)$2,694.79 Excess(Underwriter's Discount)$2,694.79
NOW THEREFORE BE IT RESOLVED,by the City Council of Fairfax,Iowa that the Mayor
and the City Clerk are hereby authorized and directed to execute said Resolution.
Passed and approved this 1-1 day of 'Z
AYE06r. Fri, en �,f
NAY 10—A
ABSENT Nwil,6
Com'
]Bill Voss,Mayor
ATTEST:
Mary Pacha,City Clerk