HomeMy WebLinkAboutRESOLUTION NO. 2008-33 - TRANSFER OF FUNDS FOR GO DEBT 6-1-2008 RESOLUTION NO. 2008-33
A RESOLUTION AUTHORIZING THE TRANSFER OF FUNDS FOR THE
PAYMENT OF GENERAL OBLIGATION DEBT DUE JUNE 1, 2008
Be it enacted by the City Council of the City of Fairfax, Iowa:
Section 1. Principal and interest due on $465,000 General Obligation Combined
Corporate Purpose Loan Note Series 2003, dated March 1, 2003 as follows;
a. Transfer Order: $10,980.00 from the TIF Fund to the Debt Service
Fund. Purpose of note: Library Repairs/Reassigned to WWTF.
b. Transfer Order: $38,780.00 from the general Fund, Fire Department
Budget to the Debt Service Fund, Purpose of note: Fire Equipment.
Purchase.
Section 2. Principal and interest due on $1,185,000 General Obligation Corporate
Purpose Loan Note Series 2004, dated June 1, 2001 as follows:
a. Transfer Order: $100,681.25 from the TIF Fund to the Debt Service
Fund. Purpose of note: Water Main Construction Project/Reassigned
to WWTF.
b. Transfer Order: $760,000.00 from Lagoon/WWTF Project Fund to
the Debt 'Service Fund. Purpose of note: Principal due on Refunded
Bond.
Section 3. Principal and interest due on $450,000 General Obligation Water Note Series.
2001, dated October 1, 2001 and follows:
a, Transfer Order: $37,328.75 from the TIF Fund to the Debt Service
Fund. Purpose of note; Water Main Construction Project/Reassigned
to WWTF.
b. Transfer Order: $290,000.00 from the Lagoon/WWTF Project Fund
to the Debt Service Fund. Purpose of note: Principal due on Refunded
Bond
Section 4. Principal and interest due on $700,000 General Obligation Wastewater Note
Series 2004, dated December 1,2004 as follows:
a. Transfer Order: $51,986.25 from the TIF Fund to the Debt Service
Fund. Purpose of note: Wastewater Improvement Project.
Section 5. Principal and interest due on $650,000 General Obligation Sanitary Sewer
Improvement Note Series 2005, dated October 1, 2005
a. Transfer Order: $81,003.75 from the TIF Fund to the Debt Service
Fund. Purpose of note: Sanitary Sewer Improvement Project.
Section 6. Principal and interest due on $800,000 General Obligation Urban Renewal
Land Acquisition Notes, Series 2006, dated October 11, 2006 as follows:
a. Transfer Order: $205,108.75 from the TIF Fund to the Debt Service
Fund. Purpose of note: Urban Renewal Land Acquisition.
Section 7. Total transfers by fund:
a. From TIF'Fund to Debt Service Fund: $487,088.75
b. From Lagoon/WWTF Fund to Debt Service 1,050,000.00
c. From Fire Department Budget to Debt Service: 38,780.00
Total transfer of all funds to Debt Service: $1,575,868.75
NOW,THEREFORE, BE IT RESOLVED, By the City Council of the City of
Fairfax, Iowa, that the Mayor and City Clerk are hereby authorized and directed to
execute said Resolution,
Passed and approved this 13 day of May, 2008.
AYES: Beer, Frieden, Magers, Rabe, Wainwright
NAYS: None
ABSENT:None
Bill Voss, Mayor
ATTEST:
Vickie indl,City Clerk