HomeMy WebLinkAboutRESOLUTION NO. 2017-67 RESOLUTION NO. 2017-67
A RESOLUTION AUTHORIZING TRANSFERS FOR NEW
GO BOND FUNDED JUNE 279 2017
WHEREAS, the City of Fairfax received bond proceeds on June 27, 2017; and
WHEREAS, the City of Fairfax wants to transfer the funds from the Debt Service Fund
into the project funds by making accounting entries as of June 30, 2017; and
WHEREAS,the city clerk/treasurer has presented the following list of the transfers needed
to distribute the $949.747.50 received.
Section 1. Water System Projects as follows:
a. Transfer Order: $540,000.00 from the Debt Service Fund into the following
project accounts:
• $90,000 for the Well Upgrades
• $160,000 for the Water Study
• $150,000 for the Water Tower Design
• $140,000 for the Water Main Extension; and
Section 2. Transportation Projects as follows:
a. Transfer Order: $20,000.00 from the Debt Service Fund into the General
Fund Checking for the West Cemetery Intersection Design Project; and
Section 3. $362,702.67 to be paid directly from the Debt Service Fund for the following:
a. $250.00 to Banker's Trust for the hlitial Bond Fee
b. $346,758.67 to Banker's Trust for the refunding payment
e. $7,000.00 to Speer Financial for services in connection with this bond issue
d. $8,694.00 to Dorsey and Whitney LLP for services in connection with this
bond issue through April 30, 2017
Section 4. $27,044.83 to remain in the Debt Service Fund for the following:
a. $27,044.83 will remain in the Debt Service Fund to pay all of the final bills yet
to receive for services in connection with this bond issue.
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Fairfax,
Iowa, that the city clerk/treasurer is directed to make all listed entries.
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"' day of July, 2017.
AYES: Beer, Daly, Kell, Volk, and Wainwright
NAYS: None
Burnell G. Frieden, Mayor
ATTEST:
Cy is K. Stimson, City Clerk/Treasurer ¢