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Home My WebLink AboutRESOLUTION NO. 2017-33 RESOLUTION NO. 2017-33 A RESOLUTION AUTHORIZING THE TRANSFER OF FUNDS FOR THE PAYMENT OF DEBT PRINCIPLE, INTEREST, AND FEES DUE JUNE 19 2017 AND OTHER TRANSFERS 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, 2017; 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, wishes to make other transfers as needed; and WHEREAS, the city clerk/treasurer has submitted the following list of the transfers needed. Section 1. 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: $1.190.00 for the interest payment, $35,000.00 for the principle payment, and $350.00 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, principle, 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, $73,000.00 for the principle 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: $696.50 for the interest payment, $7,000.00 for the principle 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, principle, and fees due on $139,000 General Obligation FS-57-10-DWSRF- 033 Notes, dated February 17, 2010 as follows: a. Transfer Order: $1,020.90 for the interest payment, $4,100.00 for the principle payment, and $170.15 for the servicing fee from the TIF Fund to the Debt Service Fund. Purpose of notes: Remote Meter Read Program. b. Transfer Order: $224.10 for the interest payment, $900.00 for the principle payment, and $37.35 for the servicing fee from the Water Fund to the Debt Service Fund. Purpose of notes: Remote Meter Read Program. Section 4. To correct the transfer and accounting entry made for the interest which was paid on December 1, 2016 and to transfer for the interest, principle, and fees due on June 1, 2017, 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 Debt Service Fund to the Sewer Revenue Debt Service Fund. According to the bond documents this payment is to be made directly from the Sewer Revenue Debt Service Fund. Purpose of notes: Waste Water Treatment Plant. b. Transfer Order: $15,338.75 for the interest payment, $137,000.00 for the principle payment, and$4,382.50 for the servicing fee from the Sewer Revenue Fund to the Sewer Revenue Debt Service Fund. Section 5. Interest, principle, and fees due on$540,000 GO Note, dated May 12, 2011 as follows: a. Transfer Order: $5,392.50 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 6. Interest, principle, 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, $180,000.00 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 7. 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: $1,665.00 for the interest payment, $55,000.00 for the principle payment, and $266.95 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: $187.50 for the interest payment,$30,000.00 for the principle payment, and $83.05 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, principle, 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, $135,000.00 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 9. Interest,principle,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, $100,000.00 for the principle payment, and $250.00 for the servicing fee from the TIF Fund to the Debt Service Fund. Purpose of notes: East Cemetery Road Area Improvements Phase 2, trail, sewer, drainage, and water systems improvements. Section 10. Interest, principle, and fees due on $2,080,000 GO Note, dated June 10, 2015, as follows: a. Transfer Order: $15,288.75 for the interest payment, $130,000.00 for the principle payment, and $188.10 for the servicing fee 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, $50,000.00 for the principle payment, and $61.90 for the service fee from the General Fund, Fire Department Budget, to the Debt Service Fund. Purpose of notes: 2015 Fire Truck Purchase. Section 11. Interest and fees due on $1,200,000 Sewer Revenue Bond Anticipation Note, Series 2016 dated September 1, 2016, as follows: a. Transfer Order: $20,250.00 for the interest payment and $250.00 for the service fee from Sewer Revenue Fund to the Sewer Revenue Debt Service Fund. Purpose of notes: Sewer Main Extension North. Section 12. Interest and fees due on $445,000 Water Revenue Bond Anticipation Note, Series 2016 dated September 1, 2016, as follows: a. Transfer Order: $7,509.38 for the interest payment and $250.00 for the service fee from Water Fund to the Water Debt Service Fund. Purpose of notes: Water Main Extension North. Section 13. Planning costs for the Heartland Heights have exceeded the $100,000 received in a previous bond. Local Option Sales Tax Funds were earmarked for an additional $100,000 in planning costs for this project. a. Transfer Order: $100,000 for planning costs from Local Option Sales Tax Fund to the General Fund. Section 14. The UV Project is completed. There is a remaining balance of$3,145.64 from the initial project estimate. These funds were part of a bond and designated for sewer system improvements. This transfer will move the funds from the regular sewer checking to the sewer system improvements checking. a. Transfer Order: $3,145.64 for sewer system improvements from regular Sewer Fund checking to the Sewer System Improvements Funds checking. Section 15. Total transfers by fund: a. From General Fund to Debt Service Fund: $53,990.65 b. From TIF Fund to Debt Service Fund: 850,998.70 c. From LOST Fund to General Fund: 100,000.00 d. From LOST Fund to Debt Service: 30,270.55 e. From Sewer Fund Chkg. to Sewer Imp. Chkg.: 3,145.64 f. From Water Fund to the Water Debt Service Fund: 7,759.38 g. From Water Fund to Debt Service Fund: 8,880.10 h. From Sewer Rev Fund to Sewer Rev Debt Service Fund: 177,221.25 i. From Debt Service Fund to Sewer Rev Debt Service Fund: 26,295.00 Total transfer of all funds to Debt Service: $1,258,561.27 NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Fairfax, Iowa, that the city clerkdtreasurer 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 11 t" day of April, 2017. AYES: Beer, Kell, and Wainwright NAYS: None ABSENT: Daly and Volk Burnell G. Frieden, Mayor ATTEST: r Cyn is K. Stimson, City Clerk/Treasurer a