HomeMy WebLinkAboutRESOLUTION NO. 2010-50 RESOLUTION NO. 2010-50
A RESOLUTION AUTHORIZING THE TRANSFER OF FUNDS FOR THE
PAYMENT OF DEBT INTEREST DUE DECEMBER 1, 2010
WHEREAS, the City Council of the City of Fairfax, Iowa, has numerous outstanding
general obligation debt notes with 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 city clerk/treasurer has submitted the following list of those notes and
the transfers needed.
Section 1. Interest due on $355,000 General Obligation Combined Corporate Purpose Loan
Notes, Series 2010, dated September 9, 2010 as follows:
a. Transfer Order: $84.28 for the interest payment from the TIF Fund to the
Debt Service Fund. Purpose of notes: Refunding of Series 2003 Library
Repairs Note.
b. Transfer Order: $1,038.68 for the interest payment and $250.00 for the
service fee from the General Fund, Fire Department Budget, to the Debt
Service Fund. Purpose of notes: Refunding of Series 2003 fire department
funding and a 2011 Fire Truck 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: $10,117.50 for the interest payment and $200.00 for the
service fee 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: $3,712.50 for the interest payment and $100.00 for the
service fee from the TIF Fund to the Debt Service Fund. Purpose of notes:
Water Main Construction Project/Reassigned to WWTF Project.
b. Transfer Order: $3,422.50 for the interest payment and $100.00 for the
service fee from the TIF Fund to the Debt Service Fund. Purpose of notes:
Sanitary Sewer Improvement Project.
Section 4. Interest due on $700,000 General Obligation Wastewater Notes, Series 2004, dated
December 1, 2004 as follows:
a. Transfer Order: $10,276.25 for the interest payment and $200.00 for the
service fee 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: $7,537.50 for the interest payment and $200.00 for the
service fee 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: $4,042.50 for the interest payment and $200.00 for the
service fee from the TIF Fund to the Debt Service Fund. Purpose of notes:
Urban Renewal Land Acquisition.
Section 7. Interest due on $790,000 General Obligation Corporate Purpose Notes, Series 2009,
dated March 24, 2009 as follows:
a. Transfer Order: $12,795.73 for the interest payment and $200.00 for the
service fee from the TIF Fund to the Debt Service Fund. Purpose of notes:
Water Main Replacement and East Drainage and Detention Basin Projects.
b. Transfer Order: $1,265.52 for the interest payment from the Water Fund to
the Debt Service Fund. Purpose of notes: Water Main Replacement and East
Drainage and Detention Basin Projects.
Section 8. Interest due on $139,000 General Obligation FS-57-10-DWSRF-033 Notes, dated
February 17, 2010 as follows:
a. Transfer Order: $1,195.76 for the interest payment from the TIF Fund to the
Debt Service Fund. Purpose of notes: Remote Meter Read Program.
b. Transfer Order: $271.43 for the interest payment from the Water Fund to the
Debt Service Fund. Purpose of notes: Remote Meter Read Program.
Section 9. Interest due on$2,400,000 Revenue SRF Note, dated December 1, 2006 as follows:
a. Transfer Order: $35,775.00 for the interest payment from the Sewer Bond
Retire Fund to the Debt Service Fund. Purpose of notes: Waste Water
Treatment Plant.
Section 10. Total transfers by fund:
a. From TIF Fund to Debt Service Fund: $54,384.52
b. From General Fund to Debt Service: 1,288.68
c. From Water Fund to Debt Service Fund: 1,536.95
d. From Sewer Bond Retire Fund to Debt Service Fund: 35,775.00
Total transfer of all funds to Debt Service: $92,985.15
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Fairfax,
Iowa, that the city clerk/treasurer is directed to make these recommended transfers and
payments.
BE IT FURTHER RESOLVED, that the Mayor and City Clerk/Treasurer are hereby
authorized and directed to execute said resolution.
Passed and approved this 91h day of November, 2010.
AYES: Beer, Frieden, Otto, Magers, and Wainwright
NAYS: None
ABSENT: None
Jason 'l. Rabe, Mayor
ATTEST:
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Cyn Ilia K. Stimson, City Clerk/Treasurer