HomeMy WebLinkAboutRESOLUTION NO. 2014-99 RESOLUTION NO. 2014-99
A RESOLUTION AUTHORIZING THE TRANSFER OF FUNDS FOR THE
PAYMENT OF` DEBTFEES AND INTEREST .DUE DECEMBER 1, 2014
WHEREAS, the City Council of the City of Fairfax, Iowa, has numerous outstanding
general obligation debt notes with fees and interest due on December 1, 2014; and
WHEREAS, the City Council of the City of Fairfax, Iowa, wishes to make the required
fees and 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: $700.00 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 2. Interest and fees due on $560,000 General Obligation Sanitary Sewer & Refunding
Notes, Series 2008A, dated March 1, 2008 as follows:
a. Transfer Order: $3,550.00 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 3. Interest and fees due on $790,000 General Obligation Corporate Purpose Notes,
Series 2009, dated March 24, 2009 as follows:
a. Transfer Order: $10,163.50 for the interest payment and $228.80 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: $941.50 for the interest payment and $21.20 for the service
fee fi-om the Water Fund to the Debt Service Fund. Purpose of notes: Water
Main Replacement and East Drainage and Detention Basin Projects.
Section 4. Interest due on $139,000 General Obligation FS-57-10-DWSRF-033 'Notes, dated
February 1.7, 201.0 as follows:
a, Transfer Order: $1,143.90 for the interest payment from the "I"IF Fund to the
Debt Service Fund. Purpose of notes: Remote Meter Read Program.
b, Transfer Order- $251.10 for the interest payment from the ''Water Fund to the
Debt Service Fund. Purpose ot'notes: Remote Meter Read Program.
Section 5. Interest due on $2,400,000 Revenue SRF Note, dated December 1, 2006 as follows:
a. Transfer Order: $30,225.00 .for the interest p ayment from the Sewe-rBond
Retire Fund to the Debt Service Fund. Purpose of notes: Waste Water
Treatment Plant.
Section 6. Interest and fees due on$540,000 GO Note, dated May 12, 2011 as follows:
a. Transfer Order: $6,417.50 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 7. Interest and fees due on$2,260,000 GO Note, dated November 10, 2011 as follows'.
a. Transfer Order: $22,195.00 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 8. 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: $2,153.75 for the interest payment and $207.39 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: $442.50 for the interest payment and $42.61 for the service
fee from the Local Option Sales and Services Fund, Fire Department Budget,
to the Debt Service Fund. Purpose of notes: 2012 Fire Truck Purchase.
Section 9. Interest and fees due on $2,485,000 GO Note, dated September 10, 2013 as follows:
a. Transfer Order. $23,771.25 for the interest payment and $250.00 for the
servicing fee from the TIF Fund to the Debt Service Fund. Purpose of notes:
Refunding and East Cemetery Road Area Improvements Phase 1.
Section 10. Interest and fees due on $1,330,000 GO Note, dated April 4, 2014 as follows:
a. Transfer Order: $19,240.30 for the interest payment and $250.00 for the
servicing fee from the TIF Fund to the Debt Service Fund. Purpose of notes:
East Cemetery Road Area Improvements Phase 2 and the Trail Project.
Section 11. Total transfers by fund:
a. From TIF Fund to Debt ServiceFund: 90,321.39
b. From General Fund to Debt Service: 950.00
c. From.LOST Fund to Debt Service: 485.11
d. From Water Fund to Debt Service Fund: 1,213,90
e. From Sewer Bond Retire Fund to Debt Service Fund: 30,225.00
Total transfer of all funds to Debt Service: 123,195.30
NOW, THEREFORE, BE IT RESOLVED, by the City COLUICH of the City of Fairfax,
Iowa, that the city clerl0reasurer 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 I 11h day of November 2014.
AYES: Beer, Frieden, Otto, Magers, and Wainwright
NAYS: None
Jasonk Rabe, Mayor
"I'M
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ATTEST:
Kathy J. Ev"er6tt, Deputy City Clerk
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