HomeMy WebLinkAboutRESOLUTION NO. 2018-61 RESOLUTION NO. 2018-61
A RESOLUTION AUTHORIZING TRANSFERS
WHEREAS, the City of Fairfax has bonded for projects; and
WHEREAS,the city clerk/treasurer has presented the following list of the transfers needed
to distribute the $43,400.00 in bond funds received on July 24, 2018 and the $2,118,506.70
received on August 28, 2018.
Section 1. Sewer Revenue Bond Pay Off at FSSB in the amount of$1,206,600.00 as of August
29, 2018:
a. Transfer Order: $21,093.75 from the sewer connection fees in the Sewer
Fund to the Sewer Debt Service Fund.
This amount will be added to the $1,185,506.25 in new bond proceeds in the
Sewer Debt Service Fund to equal the total pay off amount needed.
Section 2. Water Revenue Bond Pay Off at FSSB in the amount of$418,187.45 as of August 29,
2018:
a. Transfer Order: $13,000 from the water connection fees in the Water Fund
to the Water Debt Service Fund.
This amount will be added to the $405,187.45 in new bond proceeds in the
Water Debt Service Fund to equal the total pay off amount needed.
Section 3. Debt Service Fund Transfers:
a. Transfer Order: $463,000.00 from the Debt Service Fund to the General Fund
for the Splash Pad Project.
b. Transfer Order: $35,000.00 from the Debt Service Fund to the Sewer Fund
for Heartland Heights Sewer Participation Project costs.
c. Transfer Order: $50,000.00 from the Debt Service Fund to the General Fund
for the Bridge Realignment Project.
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Fairfax,
Iowa, that the city clerk/treasurer is directed to make the listed transfers.
BE IT FURTHER RESOLVED, that the Mayor and City Clerk/Treasurer are hereby
authorized and directed to execute said resolution.
Passed and approved this 11th day of September, 2018.
AYES: Daly, Kell, Volk, and Wainwright
NAYS: None
ABSENT: Otto
Burnell G. Frieden, Mayor
ATTEST:
,,Cynthia K. Stimson City Clerk/Treasurer