HomeMy WebLinkAboutRESOLUTION NO. 2015-103 RESOLUTION NO. 2015-103
A RESOLUTION AUTHORIZING THE TRANSFER OF FUNDS FOR THE
PAYMENT OF DEBT FEES AND INTEREST DUE DECEMBER 1, 2015
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, 2015; 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 $560,000 General Obligation Sanitary Sewer & Refunding
Notes, Series 2008A, dated March 1, 2008 as follows:
a. Transfer Order: $2,465.00 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: $8,973.50 for the interest payment and $227.85 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: $819.00 for the interest payment and $22.15 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-57-10-DWSRF-033 Notes, dated
February 17, 2010 as follows:
a. Transfer Order: $1,082.40 for the interest payment from the TIF Fund to the
Debt Service Fund. Purpose of notes: Remote Meter Read Program.
b. Transfer Order: $237.60 for the interest payment from the Water Fund to the
Debt Service Fund. Purpose of notes: Remote Meter Read Program.
Section 4. Interest due on$2,400,000 Revenue SRF Note, dated December 1, 2006 as follows:
a. Transfer Order: $28,290.00 for the interest payment from the Sewer Bond
Retire Fund to the Debt Service Fund. Purpose of notes: Waste Water
Treatment Plant.
Section 5. Interest and fees due on$540,000 GO Note, dated May 12, 2011 as follows:
a. Transfer Order: $5,905.00 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.
Section 6. Interest and fees due on$2,260,000 GO Note, dated November 10, 2011 as follows:
a. Transfer Order: $20,445.00 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 June 26, 2012 as follows:
a. Transfer Order: $1,920.00 for the interest payment and $190.68 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: $315.00 for the interest payment and $59.32 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 8. Interest and fees due on $2,485,000 GO Note, dated September 10, 2013 as follows:
a. Transfer Order: $22,671.25 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 9. Interest and fees due on $1,330,000 GO Note, dated April 4, 2014 as follows:
a. Transfer Order: $14,863.75 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 10. Total transfers by fund:
a. From TIF Fund to Debt Service Fund: 79,994.43
b. From LOST Fund to Debt Service: 374.32
c. From Water Fund to Debt Service Fund: 1,078.75
d. From Sewer Bond Retire Fund to Debt Service Fund: 28,290.00
Total transfer of all funds to Debt Service: 109,737.50
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 10th day of November 2015.
AYES: Beer, Frieden, Magers, and Wainwright
NAYS: None
ABSENT: Otto
J. •n M. Rabe, Mayor
ATTEST:
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Cynt/is K. Stimson 1 o z1
Ci Clerk/Treasurer o d, t�J
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