HomeMy WebLinkAboutRESOLUTION NO. 2013-69 RESOLUTION NO. 2013-69
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A RESOLUTION AUTHORIZING THE TRANSFER OF FUNDS FOR THE
PAYMENT OF DEBT INTEREST AND FEES DUE DECEMBER 1, 2013
ANIS OPERATIONAL TRANSFERS
WHEREAS, the City Council of the City of Fairfax, Iowa, has numerous outstanding
general obligation debt notes with interest and fees due on December 1, 2013; and
WHEREAS, the City of Fairfax has operational transfers that were required to be made;
and
WHEREAS, the City Council of the City of Fairfax, Iowa., wishes -to make the required
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 the transfers
needed.
Section 1. Interest and fees due on $560,000 General Obligation Sanitary Sewer & Refunding
Notes, Series 2008A, dated March 1,2008 as follows:
a. Transfer Order: $4,635.00 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 and Sanitary
Sewer Improvement Project.
Section 2. Interest and fees due on $790,000 General Obligation Corporate Purpose Notes,
Series 2009, dated March 24, 2009 as follows:
a. Transfer Order: $11,098.50 for the interest payment and $228.62 for the
service fee from the TIF Fund to the Debt Service Fund. Purpose of notes:
Water Marin Replacement and East Drainage and Detention Basin Projects.
b. Transfer Order: $1,037.75 for the interest payment and $21.38 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 3. Interest due on $139,000 General Obligation FS-5'7-10-DWSRF-033 Notes, dated.
February 17, 2010 as follows:
a. Transfer Order: $1,205.40 for the interest payment from the TIF Fund to the
Debt Service Fund. Purpose of notes: Remote Meter Read Program.
b. Transfer Order: $264.60 for the interest payment from the Water Fund to the
Debt Service Fund. Purpose of notes: Remote Meter Read Program,.
Section 4. Interest and fees due on $335,000 General Obligation Combined Corporate Purpose
Loan Notes, Series 2010, dated September 9, 2010 as fellows:
a. Transfer Order: $1,295.00 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 5. Interest and fees due on$540,000 GO Note, dated May 12,2011 as follows:
a. Transfer Order: $6,755.00 for the interest payment and 5250.00 for the
servicing fee from the TIF Fund to the Debt Service Fund.. Purpose of
notes: Water Main Replacement.
Section 6. Interest and fees due on $2,260,000 GO Note, dated November 10, 2011 as follows:
a. Transfer Order: $23,945.00 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 7. Interest and fees due on $590,000 General Obligation Combined Corporate Purpose
Loan Notes, Series 2012, dated lune 26, 2012 as follows:
a. Transfer Order: $2,333.75 for the interest payment and $204.63 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: $517.50 for the interest payment and $45.37 for the service
fee from the General Fund, Fire Department Budget, to the Debt Service
Fund. Purpose of notes: 2012 Fire Truck Purchase.
Section 8. Interest and fees due on$2,485,000 GO Note, dated Septemberl0, 2013 as follows:
a. Transfer Order: $11,147.07 for the interest payment and $250.00 for the
servicing fee from the TIF Fund to the Debt Service Fund. Purpose of
notes: Phase 1 East Cemetery Road Reconstruction, Drainage, Storm
sewer, Water Main, and Sanitary Sewer Project and..Refunding.
Section 9. Interest due on$2,400,000 Revenue SRF Note, dated December 1, 2006 as follows:
a. Transfer Order: $32,100.00 for the interest payment from the Sewer Band
Retire Fund to the Debt Service Fund. Purpose of notes: Waste Water
Treatment Plant.
Section 10. Transfer Debt Proceeds to General Ledger Project Checking as follows:
a. Transfer Order: $1,970,797.31 to transfer the net debt proceeds from the
Debt Service Fund checking account to the General Fund Project checking for
the Phase 1 East. Cemetery Road Reconstruction, Drainage, Storm sewer,
Water Main, and Sanitary Sewer Project
Section.11. Farm Operations Fund surplus funds to General Fund to pay for old concession
stand repairs as follows:
a. Transfer Order: $5,758.25 for the old concession stand repairs from the
Farm Operations Fund to the General Fund.
Section 12. General Fund funds to Farm Operation Fund to correct balance:
a. Transfer Order: $13,887.08 for balance correction from the General Fund to
Farm Operations Fund.
Section 13. Total transfers for Debt Payments by fund:
a. From'I'IF Fund to Debt Service Fund: $62,552.97
b. From General Fund to Debt Service: 2,107.87
c. From Water Fund to Debt Service Fund: 1,323.73
d. From Sewer Bond Retire Fund to Debt Service Fund: 32,100.00
Total Transfers to Debt Service: $98,084.57
Section 14. Total Non-Debt Payment Transfers by Fund:
a. From Debt Service Fund to General Fund: $1,970,797.31
b, From Farm Operations Fund to General Fund: 5,758.25
c. From General Fund to Farm,Operations Fund: 13,887.08
Total Transfers Operational Transfers: $1,990,442.64
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 12t" day of November 2013.
AYES: Beer, Frieden, Otto, Magers, and Wainwright
NAYS: None
Jason M. Rabe, Mayor
ATTEST:
Cynthia K. Stimsonqty Clerk/Treasurer