HomeMy WebLinkAbout2009-58 TRANSFER FUNDS FOR GO DEBT DUE DECEMBER 1, 2009 RESOLUTION NO. 2009-58
A RESOLUTION AUTHORIZING THE TRANSFER OF FUNDS FOR THE
PAYMENT OF GENERAL OBLIGATION DEBT DUE DECEMBER 1,2009
WHEREAS, The City Council of the City of Fairfax, Iowa, has numerous
outstanding general obligation debt notes with interest due on December 1, 2009; 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 Finance Administrator has submitted the following list of those
notes and the transfers needed.
Section 1. Interest due on $465,000 General Obligation Combined Corporate Purpose
Loan Notes, Series 2003, dated March 1, 2003 as follows:
a. Transfer Order: $700.00 from the TIF Fund to the Debt Service
Fund. Purpose of notes: Library Repairs/Reassigned to WWTF
Project.
b. Transfer Order: $2,800.00 from the General Fund, Fire Department
Budget, to the Debt Service Fund. Purpose of notes: Fire Equipment
Purchase.
Section 2. Interest due on $780,000 General Obligation Corporate Purpose & Refunding
Notes, Series 2008B, dated April 1,2008 as follows:
a. Transfer Order: $11,422.50 from the TIF Fund to the Debt Service
Fund. Purpose of notes: Water Main Construction Project/Reassigned
to WWTF Project.
Section 3. Interest due on $560,000 General Obligation Sanitary Sewer & Refunding
Notes, Series 2008A, dated March 1, 2008 as follows:
a. Transfer Order: $4,025.00 from the TIF Fund to the Debt Service
Fund. Purpose of notes: Water Main Construction Project/Reassigned
to WWTF Project.
b. Transfer Order: $3860.00 from the TIF Fund to the Debt Service
Fund. Purpose of notes: Sanitary Sewer Improvement Project.
Section 4. Interest due o $700,000 General Obligation Wastewater Notes, Series 2004,
dated December 1, 2004 as follows:
a. Transfer Order: $10,886.25 from the TIF'Fund to the Debt Service
Fund. Purpose of notes: Wastewater Improvement Project.
Section 5. Interest due on $650,000 General Obligation 'Sanitary Sewer Improvement
Notes, Series 2005, dated October 1, 2005 as follows:
a. Transfer Order: $8,737.50 from the TIF Fund to the Debt Service
Fund. Purpose of notes: Sanitary Sewer Improvement Project.
Section 6. Interest due on $800,000 General Obligation Urban Renewal Land
Acquisition Notes, Series 2006, dated October 11, 2006 as follows:
a. Transfer Order: $7,937.50 from the TIF Fund to the Debt Service
Fund. Purpose of notes: Urban Renewal Land Acquisition.
Section 7. Interest due on $7'90,000 General Obligation Corporate Purpose Notes, Series
2009, dated March 24, 2009 as follows:
a. Transfer Order: $19,295.16 from the LOST'2009 Fund to the Debt
Service Fund. Purpose of notes: Water Main Replacement and East
Drainage and Detention Basin Projects.
Section 8. Total transfers by fund:
a. From TIF'Fund to Debt Service Fund: $47,568.75
b. From Fire Department Budget to Debt Service: 2,800.00
c. From LOST 09 Fund to Debt Service Fund: 19 295.16
Total transfer of all funds to Debt Service: $69,663.91
NOW, THEREFORE,BE IT RESOLVED,By the City Council of the City of
Fairfax, Iowa, that the Finance Administrator is directed to make these recommended
transfers and payments.
BE IT FURTHER RESOLVED, That the Mayor and City Clerk are hereby
authorized and directed to execute said Resolution.
Passed and approved this 10'h day of November, 2009.
AYES: Beer, Frieden,Rabe,Magers, and Wainwright
NAYS: None
ABSENT: None
.y
William Voss,Mayor
ATTEST:
C thia K. Stimson, City Clerk