HomeMy WebLinkAboutRESOLUTION NO. 2016-122 REVOLUTION NO. 2016-122
A:RESOLUTION AUTHORIZING THE TRANSFER OF FUNDS FOR THE
PAYMENT OF DEBT INTEREST AND FEES DUE DECEMBER 1, 2016
AND LOAN ADVANCE FUNDS FOR PROJECT FUNDING
WHEREAS, the City Council of the City of Fairfax, Iowa, has numerous outstanding
general obligation debt notes with interest due on December 1,2016; 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 Council of the City of Fairfax, Iowa, has a Water Revenue Bond
Anticipation loan at Fairfax State Savings Banl(that is currently having draws; and
WHEREAS, the City Council of the City of Fairfax, Iowa, has a Sewer Revenue Bond
Anticipation loan at Fairfax State 'Savings Bank that is currently having draws; 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 l., 2008 as follows:
a. Transfer Order: $1,1.90.00 for the interest payment and $250.00 for the fees
from the TIF Fund to the Debt Service Fund. Purpose of notes: Water Main
Construction ProjectlReassigned 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: $7,783.50 for the interest payment and $229.47 for the fees
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: $696.50 for the interest payment and$20.53 for the:lees 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: $1,020.90 for the interest payment from the TIF Fund to the
Debt Service Fund. Purpose of notes: Remote Meter Read Program..
b. Transfer Order: $224.10 :{ior the interest payment from the Water. Fund to the
Debt Service Fund. Purpose of notes: Remote Meter Read Programa
Section 4. Interest due on $2,400,000 Revenue SRF Note, dated December 1, 2006 as follows:
a. Transfer Order: $26,295.00 for the interest payment from the Sewer Bond
Retire Fund to the Debt Service Fund. Purpose of notes: Waste Water
Treatment Plant.
Section S. Interest and fees due on$540,000 GO Note, dated May 12, 2011 as follows:
a. Transfer Order: $5,392.50 for the interest payment and$250.00 for fees 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: $18,695.00 for the interest payment and $250.00 for fees
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: $1,665.00 for the interest payment and$224.70 for fees fi-om
the TIF Fund to the Debt Service Fund. Purpose of notes: Refunding of Series
2004 Wastewater Note.
b. Transfer Circler: $187.50 for the interest payment and$25.30 for fees 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: $21,696.25 for the interest payment and $250.00 for fees
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 8, 2014 as follows:
a. Transfer Order: $13,863.75 for the interest payment and $250.00 for fees
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. Interest and fees due on$2,080,000 GO Note, dated:lune 10, 2015, as follows:
a, Transfer Order: $15,288.75 for the interest payment and $198.89 for fees
from the TIF Fund to the :Debt Service Fund. Purpose of notes: 'Vanderbilt
Street reconstruction, development planning, sewer system improvements, and
water systems improvements.
b. Transfer Order: $3,928.75 for the interest payment and $51.11 for fees from
the General Fund,Fire Department Budget,to the Debt Service Fund. Purpose
of notes: 2015 Fire Truck Purchase.
Section 11. Loan.Advance on the$445,000 Water Revenue Bond Anticipation Note, Series 2016,
elated.9-1-2016, as follows:
a. Transfer Order: $51,000.00 for project funding from the Debt Service Fund,
to the Water Extension Project Account,
Section 12. Loan Advance on the $1,200,000 Sewer Revenue Bond Anticipation Note, Series
2016, dated 9-1-2016, as follows:
a. Transfer Order: $330,000.00 for project funding from the Debt Service Fund,
to the Sewer Extension Project Account.
Section 13. Total transfers by fund:
a. From Debt Service Fund to the Water Extension Project $51,000.00
b, From Debt Service Fund to the Sewer Extension Project 330,000.00
c. From General Fund to Debt Service Fund: 3,979.86
d. From TIF Fund to Debt Service Fund: 88,498.71
e. From LOSTFund to Debt Service: 212.80
f. From Water Fund to Debt Service Fund: 941.13
g. From Sewer Bond Retire Fund to Debt Service Fund: 2626 2.95..00
Total transfer of all funds to Debt Service: $500,927.50
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Fairfax,
l;owa, that the city clerk/treasurer is directed to make these recommended transfers and payments.
BE IT FURTHER RESOLVED, that the Mayor and City Clerk/Treasurer are hereby
authorized and directed to execute said resolution.
Passed and approved this 9'h day of November 2016.
AWES: Beer, Daly, Kell, and Volk.
NAYS: None
ABSENT: Wainwright
`$urnell G. Frieden, Mayor
ATTEST:
Cynthia K. Stimson, City C.;lerkJTreasurer
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