HomeMy WebLinkAboutRESOLUTION NO. 2018-32 RESOLUTION NO. 2018-32
A RESOLUTION AUTHORIZING THE TRANSFER OF FUNDS FOR THE
PAYMENT OF DEBT PRINCIPLE, INTEREST,
AND FEES DUE JUNE 19 2018
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, 2018; 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 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: $595.00 for the interest payment,$35,000.00 for the principle
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, principle, and fees 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, $4,100.00 for the principle
payment, and $159.90 for the servicing fee 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, $900.00 for the principle
payment, and $35.10 for the servicing fee from the Water Fund to the Debt
Service Fund. Purpose of notes: Remote Meter Read Program.
Section 3. Interest, principle, and fees due on$540,000 GO Note, dated May 12, 2011 as follows:
a. Transfer Order: $4,730.00 for the interest payment, $55,000.00 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.
Section 4. Interest, principle, 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, $185,000.00 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 5. 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: $1,321.25 for the interest payment, $55,000.00 for the
principle payment, and $250.00 for the service fee from the TIF Fund to the
Debt Service Fund. Purpose of notes: Refunding of Series 2004 Wastewater
Note.
Section 6. Interest, principle, 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, $140,000.00 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 7. Interest,principle,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, $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 8. Interest, principle, 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, $135,000.00 for the
principle payment, and $199.79 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: $3,678.75 for the interest payment, $50,000.00 for the
principle payment, and $50.21 for the service fee 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$445,000 Water Revenue Bond Anticipation Note, Series 2016
dated September 1, 2016, as follows:
a. Transfer Order: $4,678.88 for the interest payment from Water Fund to the
Water Debt Service Fund. Purpose of notes: Water Main Extension North.
Section 10. Interest, principle, and fees due on $955,000 GO Bond, Series 2017 dated June 27,
2017 as follows:
a. Transfer Order: $8,076.22 for the interest payment, $77,350.00 for the
principle payment, and $241.64 for the servicing fee from the TIF Fund to the
Debt Service Fund. Purpose of notes: Refunding, Road Design, and Water
Projects
b. Transfer Order: $200.03 for the interest payment, $7,650.00 for the principle
payment, and$8.36 for the service fee from the Water Fund to the Debt Service
Fund. Purpose of notes: Refunding.
Section 15. Total transfers by fund:
a. From General Fund to Debt Service Fund: $53,728.96
b. From TIF Fund to Debt Service Fund: 869,584.45
c. From Water Fund to Water Debt Service: 4,678.88
d. From Water Fund to Debt Service Fund: 9,004.09
Total transfer of all funds to Debt Service: $936,996.38
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 8th day of May, 2018.
AYES: Daly, Kell, and Volk
NAYS: None
ABSENT: Otto and Wainwright
urnell G. Frieden, Mayor
ATTEST:
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Cy hia K. Stimson,'City' Clerk/Treasurer