HomeMy WebLinkAboutRESOLUTION NO. 76 RESOLUTION NO. 2018-76
A RESOLUTION AUTHORIZING THE TRANSFER OF FUNDS FOR THE
PAYMENT OF DEBT INTEREST AND FEES DUE DECEMBER 1, 2018
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, 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 those payments
and transfers needed for those payments and other project costs.
Section 1. Interest due on $139,000 General Obligation FS-57-10-DWSRF-033 Notes, dated
February 17, 2010 as follows:
a. Transfer Order: $897.90 for the interest payment from the TIF Fund to the
Debt Service Fund. Purpose of notes: Remote Meter Read Program.
a. Transfer Order: $197.10 for the interest payment from the Water Fund to the
Debt Service Fund. Purpose of notes: Remote Meter Read Program.
Section 2. Interest and fees due on $540,000 GO Note, dated May 12, 2011 as follows:
a. Transfer Order: $4,001.25 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 3. Interest and fees due on $2,260,000 GO Note, dated November 10, 2011 as follows:
a. Transfer Order: $15,045.00 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 4. 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: $977.50 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 5. Interest and fees due on$2,485,000 GO Note, dated September 10, 2013 as follows:
a. Transfer Order: $19,938.75 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 6. Interest and fees due on $1,330,000 GO Note, dated April 8, 2014 as follows:
a. Transfer Order: $11,863.75 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 7. Interest and fees due on $2,080,000 GO Note, dated June 10, 2015, as follows:
a. Transfer Order: $13,963.75 for the interest payment and $200.72 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: $3,428.75 for the interest payment and $49.28 for fees from
the General Fund, Fire Department Budget,to the Debt Service Fund. Purpose
of notes: 2015 Fire Truck Purchase.
Section 8. Interest and fees due on the $955,000 GO Bond, Series 2017, dated 6-27-2017, as
follows:
a. Transfer Order: $7,689.47 for the interest payment and$244.85 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: $161.78 for the interest payment and $5.15 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 9. Interest due on $2,400,000 Revenue SRF Note, dated December 1, 2006 as follows:
a. Payment Information — No Transfer Needed: $12,906.25 for the interest
payment from the Sewer Bond Retire Fund. Purpose of notes: Waste Water
Treatment Plant.
Section 10. 2,170,000 Bond Fees:
a. Transfer Order— $2,581.00 for bond fees over initial estimate from General
Fund to Debt Service Fund.
Section 11. Farming Income:
b. Transfer Order—$9,800.00 in farm income from Farming Operations Fund to
General Fund, Parks Savings Account.
Section 12. Total transfers or payments by fund:
a. From Farming Operations Fund to General Fund: 9,800.00
b. From General Fund to Debt Service Fund: 6,059.03
c. From TIF Fund to Debt Service Fund: 76,072.94
d. From Water Fund to the Debt Service Fund: 364.03
e. Payment directly from Sewer Debt Service Fund: 12,906.25
Total transfers and payments: $105,202.25
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 13`" day of November 2018.
AYES: Otto, Daly, Kell, Volk, and Wainwright
NAYS: None
Burnell G. Frieden, Mayor
ATTEST:
0
C nthia K. Stimson, City Clerk/Treasurer ".
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