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HomeMy WebLinkAboutRESOLUTION NO. 2015-45 RESOLUTION NO. 2015-45 i A RESOLUTION AUTHORIZING THE TRANSFER OF FUNDS FOR THE PAYMENT OF DEBT PRINCIPLE, INTEREST, AND FEES DUE JUNE 19 2015 WHEREAS, the City Council of the City of Fairfax, Iowa, has numerous outstanding general obligation debt notes with fees, interest, and principle due on June 1, 2015; 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 clerkJtreasurer 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: $700.00 for the interest payment, $70,000.00 for the principle 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, principle, and fees due on $560,000 General Obligation Sanitary Sewer Refunding Notes, Series 2008A,dated March 1, 2008 as follows a. Transfer Order: $3,550.00 for the interest payment, $70,000.00 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 and 'Sanitary Sewer Improvement Project. Section 3. Interest, principle, 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, $68,000.00 for the principle payment, and $317.33 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,$7,000.00 for the principle payment, and $32.67 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, 4. 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: $1,143.90 for the interest payment, $4,100.00 for the principle payment, and$190.65 for the servicing fee from the TIF Fund to the Debt Service Fund. Purpose of notes: Remote Meter Read Program, b. Transfer Order: $251.10 for the interest payment, $900.00 for the principle payment, and $41.85 for the servicing fee from the Water Fund to the Debt Service Fund. Purpose of notes. Remote Meter Read Program. Section 5. Interest, principle, and fees due on $2,400,000 Revenue SRF Note, dated December 1,2006 as follows: a. Transfer Order: $30,225.00 for the interest payment, $129,000.00 for the principle payment, and $5,037.50 for the servicing fee from the Sewer Bond Retire Fund to the Debt Service Fund. Purpose of notes: Waste Water Treatment Plant. ,Section 6. Interest, principle, and fees due on $540,000 GO Note, dated May 12, 2011 as follows: a. Transfer Order: $6,417.50 for the interest payment, $50,000.00 for the principle payment, and $350.00 for the servicing fee from the TIF Fund to the Debt Service Fund. Purpose of-notes: Water Main Replacement. Section 7. Interest, principle, 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, $175,000.00 for the principle 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, principle, 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, $55,000.00 for the principle payment, and $226.47 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, $30,000.00 for the principle payment, and $123.53 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, principle, 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, $220,000.00 for the principle 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, principle, and fees due on $1,330,000 GO Note, dated April 8, 2014 as follows: a. Transfer Order: $14,863.75 for the interest payment mid $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, trail, sewer, drainage, and water systems improvements. Section 10. Total transfers by fund: a. From General Fund to Debt Service Fund: $70,950.00 b. From TIF Fund to Debt Service Fund: 728,443.10 c, From LOST Fund to Debt Service., 30,566.03 d. From Water Fund to Debt Service Fund: 9,167.12 e. From Sewer Bond Retire Fund to Debt Service Fund: 164262.50 Total transfer of all funds to Debt Service: $1,003,388.75 NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Fairfax, Iowa, that the city clerkitreasurer 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 12'h day of May 2015. AYES: Beer, Frieden, Otto, Magers, and Wainwright NAYS: None Jasoji M. Rabe, Mayor ATTEST: j Pk n i-z Cynt is K. Stimson, City Clerk/Treasurer