HomeMy WebLinkAboutRESOLUTION NO. 2004-11 RESOLUTION NO. 211D `l1
A RESOLUTION AUTHORIZING THE DEPUTY CLERK OF THE CITY OF
FAIRFAX,IOWA, TO TRANSFER FUNDS FOR THE PAYMENT OF GENERAL
OBLIGATION DEBT DUE JUNE 1,2004
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Be it enacted by the City Council of the City of Fairfax,Iowa:
Section 1. Principal/interest due on $465,000 General Obligation Combined Corporate
Purpose Loan Note Series 2003, dated March 1, 2003 as follows:
a. Transfer Order: $8,697.50 from the TIF' Fund to the Debt Service
Fund. Purpose of note: Library Repairs.
b. Transfer Order: $20,684.50 from the LOST — Property Relief
Savings Account to the Debt Service Fund. Purpose of note: City Hall
Roof Repairs.
c. Transfer Order: $32,073.00 from the General Fund, Fire Department
Budget to the Debt Service Fund. Purpose of note: Fire Equipment
Purchase.
Section 2. Principal/interest due on $1,185,000 General Obligation Corporate Purpose
Loan Note Series 2001, dated June 1, 2001 as follows:
a. Transfer Order: $35,435.08 from the TIF Fund to the Debt Service
Fund. Purpose of note: Water Main Construction Project. *NOTE:
There is a balance of$56,801.17 in the Debt Service Fund which will
be used to make the full payment of$92,236.25 on this note.
Section 3. Principal/interest due on $450,000 General Obligation Water Note Series
2001, dated October 1, 2001 and follows:
a. Transfer Order: $34,207.50 from the TIF Fund to the Debt Service
Fund. Purpose of note: Water Main Construction Project.
Section 4. Total transfers by fund:
a. From TIF Fund to Debt Service Fund: $78,340.08
b. From Fire Department Budget to Debt Service: $32,073.00
c. From LOST—Property Relief Savings to DS: $20,684.50
Total transfer of all funds to Debt Service: $131,097.58
*NOTE: Total debt obligation dine Tune 1, 2004 is $187,898.75 (balance of$56,801.17 in the Debt Service
Fund will be used to make up the difference of$131,097.58 as stated above).
THEREFORE BE IT RESOLVED, by the City Council of the City of Fairfax, Iowa
that the Mayor and Deputy Clerk are hereby authorized .and directed to execute said
Resolution.
Passed and approved this day of 2004.
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AYES: V� E22a�- c-'�)'Oa �� f
NAYS:
ABSENT:
The foregoing Resolution No. having been approved this date by the
City Council, I her approve the same by affixing my signature as Mayor on this
day of ' 2004.
Bill Voss, Mayor
ATTEST:
Nancy Flickinger, Deputy Clerk