HomeMy WebLinkAboutRESOLUTION NO. 2010-27
RESOLUTION NO. 2010-27
A RESOLUTION AUTHORIZING THE TRANSFER OF FUNDS FOR THE PAYMENT
OF GENERAL OBLIGATION DEBT DUE JUNE 1, 2010
WHEREAS, The City Council of the City of Fairfax, Iowa, has numerous outstanding
general obligation debt notes with principal and interest due on December 1, 2010; 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. Principal and interest due on $465,000 General Obligation Combined Corporate
Purpose Loan Notes, Series 2003, dated March 1, 2003 as follows:
a. Transfer Order: $10,700.00 from the TIF Fund to the Debt Service Fund.
Purpose of notes: Library Repairs/Reassigned to WWTF Project.
b. Transfer Order: $42,800.00 from the General Fund, Fire Department
Budget, to the Debt Service Fund. Purpose of notes: Fire Equipment
Purchase.
Section 2. Principal and interest due on $780,000 General Obligation Corporate Purpose &
Refunding Notes, Series 2008B, dated April 1, 2008 as follows:
a. Transfer Order: $101,422.50 from the TIF Fund to the Debt Service
Fund. Purpose of notes: Water Main Construction Project/Reassigned to
WWTF Project.
Section 3. Principal and interest due on $560,000 General Obligation Sanitary Sewer &
Refunding Notes, Series 2008A, dated March 1, 2008 as follows:
a. Transfer Order: $29,025.00 from the TIF Fund to the Debt Service
Fund. Purpose of notes: Water Main Construction Project/Reassigned to
WWTF Project.
b. Transfer Order: $38,860.00 from the TIF Fund to the Debt Service Fund.
Purpose of notes: Sanitary Sewer Improvement Project.
Section 4. Principal and interest due on $700,000 General Obligation Wastewater Notes, Series
2004, dated December 1, 2004 as follows:
a. Transfer Order: $50,886.25 from the TIF Fund to the Debt Service
Fund. Purpose of notes: Wastewater Improvement Project.
Section 5. Principal and interest due on $650,000 General Obligation Sanitary Sewer
Improvement Notes, Series 2005, dated October 1, 2005 as follows:
a. Transfer Order: $83,737.50 from the TIF Fund to the Debt Service
Fund. Purpose of notes: 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: $212,937.50 from the TIF Fund to the Debt Service
Fund. Purpose of notes: Urban Renewal Land Acquisition.
Section 7. Principal and interest due on $790,000 General Obligation Corporate Purpose Notes,
Series 2009, dated March 24, 2009 as follows:
a. Transfer Order: $14,061.25 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. Principal and interest due on $139,000 General Obligation FS-57-10-DWSRF-033
Notes, dated February 17, 2010 as follows:
a. Transfer Order: $5,671.13 from the Sewer Fund to the Debt
Service Fund. Purpose of notes: Remote Meter Read Project
Section 9. Total transfers by fund:
a. From TIF Fund to Debt Service Fund: $527,568.75
b. From Fire Department Budget to Debt Service: 42,800.00
c. From Sewer to Debt Service: 7,317.86
d. From LOST 09 Fund to Debt Service Fund: 14,061.25
Total transfer of all funds to Debt Service: $591,747.86
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.
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Passed and approved this 11 day of May, 2010.
AYES: Beer, Frieden, Otto, Magers, and Wainwright
NAYS: None
ABSENT: None
__________________________
Jason M. Rabe, Mayor
ATTEST:
_______________________________
Cynthia K. Stimson, City Clerk