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HomeMy WebLinkAboutRESOLUTION NO. 2011-33 RESOLUTION NO. 2011-33 A RESOLUTION AUTHORIZING THE TRANSFER OF FUNDS FOR THE PAYMENT OF DEBT INTEREST AND PRINCIPLE DUE JUNE 1, 2011 WHEREAS, the City Council of the City of Fairfax, Iowa, has numerous outstanding general obligation debt notes with interest and principle due on June 1, 2011; 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, principle, and fees due on $335,000 General Obligation Combined Corporate Purpose Loan Notes, Series 2010, dated September 9, 2010 as follows: a. Transfer Order: $185.00 for the interest payment, $4,878.30 for the principle payment, and $18.76 for the service fee from the TIF Fund to the Debt Service Fund. Purpose of notes: Refunding of Series 2003 Library Repairs Note. b. Transfer Order: $2,280.00 for the interest payment, $60,121.70 for the principle payment, and $231.24 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, principle, and fees 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, $95,000.00 for the principle payment, and $250.00 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, principle, and fees 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, $31,219.34 for the principle payment, and $130.08 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, $28,780.66 for the principle payment, and $119.92 for the service fee from the TIF Fund to the Debt Service Fund. Purpose of notes: Sanitary Sewer Improvement Project. Section 4. Interest, principle, and fees 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, $45,000.00 for the principle payment, and $250.00 for the service fee from the TIF Fund to the Debt Service Fund. Purpose of notes: Wastewater Improvement Project. Section 5. Interest, principle, and fees 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, $80,000.00 for the principle payment, and $250.00 for the service fee from the TIF Fund to the Debt Service Fund. Purpose of notes: Sanitary Sewer Improvement Project. Section 6. Interest, principle, and fees 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, $210,000.00 for the principle payment, and $250.00 for the service fee from the TIF Fund to the Debt Service Fund. Purpose of notes: Urban Renewal Land Acquisition. Section 7. Interest and fees 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 $227.50 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 and $22.50 for the service fee 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, principle, and fees due on $139,000 General Obligation FS-57-10-DWSRF- 033 Notes, dated February 17, 2010 as follows: a. Transfer Order: $1,381.43 for the interest payment, $4,075.01 for the principle payment, and $230.24 for the servicing fee from the TIF Fund to the Debt Service Fund. Purpose of notes: Remote Meter Read Program. b. Transfer Order: $313.57 for the interest payment, $924.99 for the principle payment, and $52.26 for the servicing fee from the Water Fund to the Debt Service Fund. Purpose of notes: Remote Meter Read Program. Section 9. Interest, principle, and fees due on $2,400,000 Revenue SRF Note, dated December 1, 2006 as follows: a. Transfer Order: $35,775.00 for the interest payment, $5,000.00 for the principle payment, and $5,962.50 for the servicing fee 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: $554,150.72 b. From General Fund to Debt Service: 62,632.94 c. From Water Fund to Debt Service Fund: 2,578.84 d. From Sewer Bond Retire Fund to Debt Service Fund: 46,737.50 Total transfer of all funds to Debt Service: $666,100.00 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. th Passed and approved this 10 day of May, 2011. AYES: Beer, Frieden, Otto, Magers, and Wainwright NAYS: None ABSENT: None __________________________ Jason M. Rabe, Mayor ATTEST: _______________________________ Cynthia K. Stimson, City Clerk/Treasurer