HomeMy WebLinkAboutRESOLUTION NO. 2012-82 RESOLUTION NO. 2012-82
A RESOLUTION AUTHORIZING THE TRANSFER OF FUNDS FOR THE
PAYMENT OF DEBT INTEREST AND FEES DUE DECEMBER 1, 2012
WHEREAS, the City Council of the City of Fairfax, Iowa, has numerous outstanding
general obligation debt notes with interest and principle due on December 1, 2012; 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 and fees due on $335,000 General Obligation Combined Corporate Purpose
Loan Notes, Series 2010, dated September 9, 2010 as follows:
a. Transfer Order: $70.00 for the interest payment and $37.00 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: $1,680.00 for the interest payment and $213.00 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 and fees due on $780,000 General Obligation Corporate Purpose &
Refunding Notes, Series 2008B, dated April 1, 2008 as follows:
a. Transfer Order: $7,142.50 for the interest 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 and fees due on $560,000 General Obligation Sanitary Sewer & Refunding
Notes, Series 2008A, dated March 1, 2008 as follows:
a. Transfer Order: $2,952.70 for the interest payment and $133.12 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: $2,592.30 for the interest payment and $116.88 for the
service fee from the TIF Fund to the Debt Service Fund. Purpose of notes:
Sanitary Sewer Improvement Project.
Section 4. Interest and fees due on $650,000 General Obligation Sanitary Sewer Improvement
Notes, Series 2005, dated October 1, 2005 as follows:
a. Transfer Order: $4,772.50 for the interest 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 5. Interest and fees due on $790,000 General Obligation Corporate Purpose Notes,
Series 2009, dated March 24, 2009 as follows:
a. Transfer Order: $11,964.75 for the interest payment and $225.91 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: $1,134.00 for the interest payment and $24.09 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 6. Interest due on $139,000 General Obligation FS-57-10-DWSRF-033 Notes, dated
February 17, 2010 as follows:
a. Transfer Order: $1,266.90 for the interest payment from the TIF Fund to the
Debt Service Fund. Purpose of notes: Remote Meter Read Program.
b. Transfer Order: $278.10 for the interest payment from the Water Fund to the
Debt Service Fund. Purpose of notes: Remote Meter Read Program.
Section 7. Interest due on $2,400,000 Revenue SRF Note, dated December 1, 2006 as follows:
a. Transfer Order: $33,930.00 for the interest payment from the Sewer Bond
Retire Fund to the Debt Service Fund. Purpose of notes: Waste Water
Treatment Plant.
Section 8. Interest and fees due on $540,000 GO Note, dated May 12, 2011 as follows:
a. Transfer Order: $7,092.50 for the interest payment and $250.00 for the
servicing fee from the TIF Fund to the Debt Service Fund. Purpose of notes:
Water Main Replacement.
Section 9. Interest and fees due on$2,260,000 GO Note, dated November 10, 2011 as follows:
a. Transfer Order: $25,695.00 for the interest payment and $250.00 for the
servicing fee from the TIF Fund to the Debt Service Fund. Purpose of notes:
Water Main Replacement and Park Development.
Section 10. Interest and fees due on $590,000 General Obligation Combined Corporate Purpose
Loan Notes, Series 2012, dated June 26, 2012 as follows:
a. Transfer Order: $2,138.78 for the interest payment and $169.16 for the
service fee from the TIF Fund to the Debt Service Fund. Purpose of notes:
Refunding of Series 2004 Wastewater Note.
b. Transfer Order: $510.21 for the interest payment and $80.84 for the service
fee from the General Fund, Fire Department Budget, to the Debt Service
Fund. Purpose of notes: 2012 Fire Truck Purchase.
Section 11. Total transfers by fund:
a. From TIF Fund to Debt Service Fund: $67,370.00
b. From General Fund to Debt Service: 2,484.05
c. From Water Fund to Debt Service Fund: 1,436.19
d. From Sewer Bond Retire Fund to Debt Service Fund: 33,930.00
Total transfer of all funds to Debt Service: $105,220.24
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 13th day of November, 2012.
AYES: Wainwright, Magers, Otto, Frieden, and Beer
NAYS: None
Jason M. abe, Mayor
ATTEST:
Cynt i . Stimson, City Clerk/Treasurer