HomeMy WebLinkAboutRESOLUTION NO. 2017-103 RESOLUTION NO. 2017-103
A RESOLUTION AUTHORIZING THE TRANSFER OF FUNDS FOR THE
PAYMENT OF DEBT INTEREST AND FEES DUE DECEMBER 1, 2017
AND PROJECT COSTS
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, 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 the required
transfers from bond improvement funds to project funds as needed; and
WHEREAS, the city clerk/treasurer has submitted the following list of those payments
and 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: $595.00 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 Project/Reassigned to WWTF Project and Sanitary Sewer
Improvement Project.
Section 2. Interest due on $139,000 General Obligation FS-57-10-DWSRF-033 Notes, dated
February 17, 2010 as follows:
a. Transfer Order: $959.40 for the interest payment from the TIF Fund to the
Debt Service Fund. Purpose of notes: Remote Meter Read Program.
b. Transfer Order: $210.60 for the interest payment from the Water Fund to the
Debt Service Fund. Purpose of notes: Remote Meter Read Program.
Section 3. Interest and fees due on $540,000 GO Note, dated May 12, 2011 as follows:
a. Transfer Order: $4,730.00 for the interest payment and$250.00 for fees from
the TIF Fund to the Debt Service Fund. Purpose of notes: Water Main
Replacement.
Section 4. Interest and fees due on $2,260,000 GO Note, dated November 10, 2011 as follows:
a. Transfer Order: $16,895.00 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 5. 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: $1,321.25 for the interest payment and$250.00 for fees from
the TIF Fund to the Debt Service Fund. Purpose of notes: Refunding of Series
2004 Wastewater Note.
Section 6. Interest and fees due on$2,485,000 GO Note, dated September 10, 2013 as follows:
a. Transfer Order: $20,953.75 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 7. Interest and fees due on $1,330,000 GO Note, dated April 8, 2014 as follows:
a. Transfer Order: $12,863.75 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 8. Interest and fees due on $2,080,000 GO Note, dated June 10, 2015, as follows:
a. Transfer Order: $14,638.75 for the interest payment and $199.79 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: $3,678.75 for the interest payment and $50.21 for fees from
the General Fund, Fire Department Budget, to the Debt Service Fund. Purpose
of notes: 2015 Fire Truck Purchase.
Section 9. Interest and fees due on the $955,000 GO Bond, Series 2017, dated 6-27-2017, as
follows:
a. Transfer Order: $6,909.66 for the interest payment and$243.96 for fees from
the TIF Fund to the Debt Service Fund. Purpose of notes: constructing street
and waterworks improvements, planning for projects located in the Fairfax
Urban Renewal Area, and refunding the Outstanding Notes
b. Transfer Order: $171.13 for the interest payment and $6.04 for fees from the
Water Fund to the Debt Service Fund. Purpose of notes: constructing street and
waterworks improvements, planning for projects located in the Fairfax Urban
Renewal Area, and refunding the Outstanding Notes
Section 10. Interest due on $2,400,000 Revenue SRF Note, dated December 1, 2006 as follows:
a. Payment Information — No Transfer Needed: $14,140.00 for the interest
payment from the Sewer Bond Retire Fund. Purpose of notes: Waste Water
Treatment Plant.
Section 11. Interest on the $415,900 Water Revenue Bond Anticipation Note, Series 2016, dated
9-1-2016, as follows:
a. Transfer Order: $4,678.88 for the interest payment from the Water Fund to
the Water Debt Service Fund. Purpose of the note: constructing water system
improvements.
Section 12. Interest on the$1,200,000 Sewer Revenue Bond Anticipation Note, Series 2016,dated
9-1-2016, as follows:
a. Payment Information — No Transfer Needed: $13,500.00 for the interest
payment from the Sewer Debt Service Fund.
Section 13. Project costs for the 2016 80th Sanitary Sewer Interceptor Main Extension Project
from the Sewer Improvements Bond Funds:
a. Transfer Order: $3,866.07 for the payment of project costs from the Sewer
Improvements Bond Funds account to the 2016 80th Sanitary Sewer Interceptor
Main Extension Project account.
Section 14. Funds from the $1,330,000 Bond to the Sewer Improvements Bond Funds account:
a. Transfer Order: $26,207.26 from the $1,330,000 Bond funds to the Sewer
Improvements Bond Funds.
Section 15. Funds from the 2016 Water Main Extension Project Bond to the Water Improvements
Bond Funds account:
a. Transfer Order: $2,269.37 from the 2016 Water Main Extension Project Bond
to the Water Improvements Bond Funds account:
Section 16. Total transfers or payments by fund:
a. From General Fund to Debt Service Fund: 3,728.96
b. From TIF Fund to Debt Service Fund: 81,810.31
c. From Water Fund to the Debt Service Fund: 387.77
d. From Water Fund to Water Debt Service Fund: 4,678.88
e. From the $1,330,000 Bond funds to the Sewer Improvement
Bond Funds account 26,207.26
f. From Sewer System Improvement Bond Funds account to
the 2016 801h Sanitary Sewer Interceptor Main Extension
Project account 3,866.07
g. From 2016 Water Main Extension Project Bond to the
Water Improvements Bond Funds 2,269.37
h. Payment directly from Sewer Debt Service Fund: 27,640.00
Total transfers and payments: $150,588.62
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 14th day of November 2017.
AYES: Beer, Daly, Volk, and Wainwright
NAYS: None
ABSENT: Kell
urnell G. Frieden, Mayor
ATTEST:
C n is K. Stimson, City Clerk/Treasurer
W a.
a �
A �
w