HomeMy WebLinkAbout10-11-2006 Council Meeting AGENDA
FAIRFAX CITY COUNCIL
REGULAR MEETING
WEDNESDAY,OCTOBER 11, 2006 AT 7:00 PM
FAIRFAX CITY HALL—525 VANDERBILT STREET
Tentative Agenda with possible action on the following items:
1. Call to Order/Roll Call
2. Approval of Agenda and.Clerk's Financial Reports
3. Approval of and place on file:
a. Minutes dated September 12, 2006—Regular Meeting
b. Minutes dated September 25, 2005 - Special Meeting
c. Minutes dated October 2, 2006 - Special Meeting
4. Accept and place on file:
a. Minutes dated September 5, 2006—Planning& ,Zoning Commission Meeting
b. Minutes dated September 19, 2006 -Planning& Zoning Commission Meeting
c. Minutes dated October 3, 2006 -Board of Adjustment
5. Public Hearing - 7:00 PM
a. Proposed action to institute proceedings to enter into a loan agreement in
principal amount not to exceed $850,000 (General Obligation)
6. Resolution authorizing and approving a Loan Agreement and providing for the sale and
issuance of$800,000 General Obligation Urban Renewal Land Acquisition Notes,
Series 2006, and providing for the levy of taxes to pay the same
7. Public Hearing - 7:00 PM
a. Present information on proposed plans, specifications, form of contract, opinion
of probable cost &proposed improvements - 200+6 Fairfax Sanitary Sewer
Improvements
8. Resolution ordering bids &setting public hearing for the 2006 Sanitary Sewer
Improvements
9. Proposed Ordinance No. 61 pertaining to amending the Fairfax Code of Ordinances
of the City of Fairfax, Iowa, 2002 - Sewer Service Charges
a. Consider introduction of Ordinance No. 61
b. Consider motion to suspend rule requiring that an ordinance be voted on for
passage at two council meetings prior to this meeting be suspended with
respect to Ordinance No. 61
c. Consider motion for final passage and adoption with respect to Ordinance
No. 61, AN ORDINANCE AMENDING THE FAIRFAX CODE OF
ORDINANCES OF THE CITY OF FAIRFAX,IOWA, 2002, BY
AMENDING PROVISIONS PERTAINING TO 'SEWER SERVICE
CHARGES
10. Resolution to enter into real estate purchase agreement
11.Discussion on Sanitary Water&Sewer reimbursement -East Cemetery Road
12. Discussion on Prairie View Heights Park Acquisition
13. Resolution approving Pay Request#3 -Kleiman Construction
14. Resolution amending Resolution No. 2006-67 authorizing&providing a Sewer
Revenue Loan and Disbursement Agreement &providing for the issuance & securing
the payment of$2,400,000 Sewer Revenue Bonds
15. Resolution approving site plan Lot 5,Prairie Creek Estates 2nd Addition- Global
Automotive
16. Discussion on tree replacement at 155 Highland Ave.
17. Consider motion to approve Kafe Europa temporary liquor license.
18. Consider motion to approve claims list dated October 11,2006
19. Reports
a. Sheriff Department
b. Library
c. Fire Department
d. Maintenance Department
e. Parks Department
f Visioning Committee
20. Discussion
a. Opportunity for citizens not on agenda
21. Mayor Comments
22. Adjournment
CITY OF FAIRFAX
REGULAR COUNCIL MEETING
OCTOBER 11, 2006
Regular meeting of the Fairfax City Council was held Wednesday, October 11, 2006 at Fairfax City
Hall at 7:00 PM. Mayor Voss presided. Council members present: Beer, Scott, Magers, Wainwright.
Absent: Frieden. Others present: Nancy Flickinger, Ron Dusil, Dave Yanecek, Dan Zamastil, Dick
Ransom, Larry Burger,Nathan Lykkegaard, Kathy Kelly. Frieden arrived at 7:04 PM.
The agenda was amended to read as follows: Item#3 Approval of and place on file: b. Minutes dated
September 25, 2006.
Beer moved to approve the agenda as amended and Clerk's Financial Statements, seconded by Scott.
Roll call vote: Ayes: Beer, Scott, Magers, Wainwright. Absent: Frieden. Nays: None. Motion
carried.
Beer moved to approve and place on file the minutes of the regular meeting dated September 12,
2006, the minutes of the special meeting dated September 25, 2006, and the minutes of the special
meeting dated October 2, 2006, seconded by Scott. Roll call vote: Ayes: Beer, Scott, Magers,
Wainwright. Absent: Frieden. Nays: None. Motion carried.
Frieden arrived at 7:04 PM.
Beer moved to accept and place on file the minutes of the Planning and Zoning Commission meeting
dated September 5, 2006, the minutes of the Planning and Zoning Commission meeting dated
September 19, 2006, and the minutes of the Board of Adjustment meeting dated October 3, 2006,
seconded by Magers. Roll call vote: Ayes: Beer, Frieden, Scott, Magers, Wainwright. Nays: None.
Motion carried.
The sheriffs report was given by Deputy Brady and the Call for Service Log was submitted and
discussed.
Mayor Voss announced that this was the time and place for a public hearing on the matter of the
$850,000 General Obligation loan agreement.
Notice of this hearing was published in the Cedar Rapids Gazette on September 29, 2006.
There being no further comments or objections,Mayor Voss closed the Public Hearing at 7:07PM.
Larry Burger, Speer Financial, discussed the conditions of the 91800,000 General Obligation loan. He
reported that six bids were received for the loan and recommended that we award the bid to Bankers'
Bank,Madison, Wisconsin in cooperation with Fairfax State Savings Bank, Fairfax,Iowa.
The mayor announced that sealed bids were canvassed on behalf of the City on the 11t day of
October, 2006 and the following sealed bids were received:
Bidders Interest
Bankers' Bank,Madison,Wisconsin 3.8961%
Fairfax State Savings Bank, Fairfax, Iowa
Ruan Securities,Des Moines, Iowa 3.9548%
LIMB Bank,n.a.,Kansas City,Missouri 39702%
Northland Securities,Minneapolis,Minnesota 3.9792%
Bernardi Securities,Inc., Chicago, Illinois 4.0672%
Wells Fargo Brokerage Services LLC, Minneapolis, 4.1904%
Minnesota
Magers introduced the following Resolution and moved its adoption, seconded by Scott. Roll call
vote: Ayes: Beer, Frieden, Scott,Magers, Wainwright, Nays: None. Motion carried. Whereupon the
Mayor declared the following duly adopted: Resolution No. 2006-78 entitled, "A RESOLUTION
AUTHORIZING AND APPROVING A LOAN AGREEMENT AND PROVIDING FOR 'THE
SALE AND ISSUANCE OF $800,000 GENERAL OBLIGATION URBAN RENEWAL LAND
ACQUISITION NOTES, SERIES 2006, AND PROVIDING FOR THE LEVY OF TAXES TO
PAY THE SAME". Passed and approved this 11th day of October 2006.
Mayor Voss announced that this was the time and place for a public hearing on the matter of the 2006
Fairfax Sanitary Sewer.
Notice of this hearing was published in the Cedar Rapids Gazette on October 6, 2006.
Dick Ransom, Hall &Hall, discussed the details of the sanitary sewer improvements.
There being no further comments or objections,Mayor Voss closed the Public Hearing at 7:22 PM.
Frieden introduced the following Resolution and moved its adoption, seconded by Beer. Roll call
vote: Ayes: Beer, Frieden, Scott,Magers, Wainwright. Nays: None. Motion carried. Whereupon the
Mayor declared the following duly adopted: Resolution No. 2006-79 entitled, "A RESOLUTION
ORDERING BIDS AND SETTING A PUBLIC HEARING FOR THE 2006 SANITARY
SEWER IMPROVEMENTS". Passed and approved this 11th day of October 2006.
Wainwright introduced Ordinance No. 61, AN ORDINANCE AMENDING THE CODE OF
ORDINANCES OF THE CITY OF FAIRFAX, IOWA, 2002, BY AMENDING PROVISIONS
PERTAINING TO SEWER SERVICE CHARGES.
Frieden moved that the rule requiring that an ordinance be considered and voted on for passage at two
council meetings prior to this meeting be suspended with respect to Ordinance No. 61, seconded by
Magers. Roll call vote: Ayes: Beer, Frieden, Scott, Magers, Wainwright. Nays: None. Motion
carried.
Magers moved that Ordinance No. 61, AN ORDINANCE AMENDING THE CODE OF
ORDINANCES OF THE CITY OF FAIRFAX, IOWA, 2002, BY AMENDING PROVISIONS
PERTAINING TO SEWER SERVICE CHARGES be considered for the third time, placed upon its
passage and adopted, seconded by Scott. Roll call vote: Ayes: Beer, Frieden, Scott, Magers,
Wainwright.Nays: None. Motion carried.
Ordinance No. 61 is declared to have been enacted.
Frieden introduced the following Resolution and moved its adoption, seconded by Scott. Roll call
vote: Ayes: Beer, Frieden, Scott, Magers, Wainwright. Nays: None. Motion carried. Whereupon
the Mayor declared the following duly adopted: Resolution No. 2006-80 entitled, "A
RESOLUTION TO ENTER INTO REAL ESTATE PURCHASE AGREEMENT". Passed and
approved this 11th day of October 2006.
Magers introduced the following Resolution and moved its adoption, seconded by Frieden. Roll call
vote: Ayes: Beer, Frieden, Scott, Magers, Wainwright. Nays: None. Motion carried. Whereupon
the Mayor declared the following duly adopted: Resolution No. 2006-81 entitled, "A
RESOLUTION. TO ISSUE PARTIAL PAYMENT #3 TO KLLEIMAN CONSTRUCTION, INC.
FOR THE CONSTRUCTION OF THE NEW MECHANICAL WASTEWATER TREATMENT
FACILITY, 2006 WASTEWATER TREATMENT PLANT IMPROVEMENTS". Passed and
approved this 11th day of October 2006.
Larry Burger, Speer Financial, led a discussion on Resolution No, 2006-67 and stated that it needed
to be amended to reflect a revised estimated debt service schedule.
Frieden introduced the following Resolution and moved its adoption, seconded by Beer. Roll call
vote: Ayes: Beer, Frieden, Scott, Magers, Wainwright. Nays: None. Motion carried. Whereupon
the Mayor declared the following duly adopted: Resolution No. 2006-82 entitled, "A
RESOLUTION AMENDING RESOLUTION NO. 2006-67 AUTHORIZING AND APPROVING
A SEWER REVENUE LOAN AND DISBURSEMENT AGREEMENT AND PROVIDING FOR
THE ISSUANCE AND SECURING THE PAYMENT OF '$2,4000,000 SEWER REVENUE
BONDS". Passed and approved this 1 lth day of October 2006.
Nathan Lykkegaard, Global Automotive,reported on his building plans.
Wainwright introduced the following Resolution and moved its adoption, seconded by Beer. Roll
call vote: Ayes: Frieden, Scott, Magers, Wainwright. Nays: None. Motion carried. Whereupon the
Mayor declared the following duly adopted: Resolution No. 20016-83 entitled, "A RESOLUTION
APPROVING SITE PLAN FOR LOT 5, PRAIRE CREEK ESTATES SECOND ADDITION TO
THE CITY OF FAIRFAX, LINN COUNTY, IOWA — GLOTTAL AUTOMOTIVE". Passed and
approved this 1 lth day of October 2006.
Council discussed a tree replacement at 155 Highland Ave. The City will remove the tree in the
spring if it is dead and will determine whether the tree will be replaced.
Wainwright moved to approve Kate Europa's temporary liquor license, seconded by Magers. Roll
call vote: Ayes: Frieden, Scott, Magers, Wainwright. Nays: None. Motion carried.
Beer moved to approve the claims list dated October 11, 2006, seconded by Frieden. Roll call vote:
Ayes: Beer, Frieden, Scott,Magers,Wainwright. Nays: None. Motion carried.
Reports: Dan Zamastil, Fire Department, reported that the department had four hours of extrication
training. Stabilizing bars were purchased to prevent cars from rolling on their side at the scene of an
accident. Ron Dusil, Maintenance, reported that most of the stop signs and street signs have been
installed at the new additions, three shut-off valves have been replaced, hydrants are being flushed in
Prairie View Estates, the concession stand is winterized, new phone lines are in at the public works
building and gas will be connected soon. Councilor Beer, Parrs, reported that it rained the day of the
field trip to the Marengo gardens. The new re-surfaced tennis court is completed. at Linn Street Park
and can now be used. A new net will be installed next spring. The Visioning meeting is Tuesday,
October 17 and the Parks meeting is Thursday, October 19.
There being no further business, Wainwright moved adjournment at 7:58 PM, seconded by Magers.
All in favor.
MAYOR: Bill Voss
ATTEST: Connie Frame, City Clerk
Disclaimer: The foregoing minutes are not official until approved by Council.
STATE OF IOWA
Counties of Linn and Johnson ss.
I, Joe Hladky, do state that I am the publisher of
THE GAZETTE, a daily newspaper of general
circulation in Linn and Johnson Counties, in Iowa.
To fNs T1UTE FCp R6.0 ltp Nr.t To'.ENTt_R The notice, a printed copy of which is attached, was
`:" ty A L AMO%)NT NQf inserted and published in THE GAZETTE
TO
EXCf=ER$650 090
tteaA�oBLtGATtoN) ' newspaper in the issues) of September 29, 2006.
The Cfty Council:Df the CttY of t=airfax,Iowa,
wiII feet ons the 31fh daY of 4dober,-906,at
the Fslrfax QW:Balt in the CIN at 7:o dock
p.m.,for the purtiose of 1ns[1.tuting progeedings The reasonable fee for publishing said notice is
and tdkln0 action tQ enler:Into a Iran.agree
ment:;,the"°t_oen Agreement') Ina princlOal 1 36
amount out fo a*izeed S850,d00 for the purpose 1
of pay1p0 the cast, os that;extan.,of planning,
undattaktns,and carrying.out an urban re-
newaf;protact tiutthin
the Fairfax Urban Re-
nawat:Area,coins1sfing of a6quirtng certain re-
at rar�ap rfY for the development and
enhancament of.CitY Park and recreail.onal fa-
The Loan AgreQtnent is proposed 1a pe entered
Inks nlursuattf tolauthpritY contained in Section
44.24A of tdra Godo of tavya and will consfifute
a�enerat obttgafion of the CItY.
Af anY Ifine belore the a�foremenlioned date
fixed for fain9;acSion J6.enter Into She Loan
Aaraerrgient, a Qektlon may ba filed with the
CITY of the Yha City asking that the gree ant ge Su Ueskon
e
of enkering intoThis instrument was acknowledged by Joe Hladlcy
Loan Asbb-
mitilad fo 1registered uofers of the CI1Y,
pursu in , and 384 2b atI ha Code e1..a.
before 121e On October , 2006,
By order of:ftie CIIY Lound of the IN of
Fatrfatfs Iowa. : '::
Connts Frame, City Clerk'
Puhl➢skied In the Cedar.Rapids ra2eIte on
Septerniber 29,:'2006
o ary Public in and ftr,the State o owa
a� t
SHARON K.KEYS
o* 8y
COMMISSION NUMBER 708867
a Y COMMISSK)N E) SRFS
yaw* —
RESOLUTION NO. O
RESOLUTION ORDERING BIDS AND SETTING A PUBLIC HEARING
FOR THE 2806 SANITARY SEWER IMPROVEMENTS
WHEREAS, The City Engineer has recommended the construction of three new
wastewater pumping stations, 3,330 L.F. of 6" force main, 5160 L.F. of 10" force main, 1,417
L.F. of 18" sanitary sewer, 2,757 L.F. of 12" sanitary sewer and other work necessary to
complete the prof ect, and has filed Plans and Specifications for said work in the office of the City
Clerk; and
WHEREAS, Funding is available through user fees, general obligation bonds and other
sources.
NOW, THEREFORE, BE IT RESOLVED,By the City Council of the City of Fairfax,
Iowa, to set 4:00 PM, November 10, 2006 as the time and date to receive bids and to set
November 14, 2006 at 7:00 P.M. in the city council chambers of Fairfax, Iowa as the time and
place of the Public Hearing on the plans, specifications, form of contract, and estimated cost and
to direct the City Clerk to publish the notice of the same.
Passed and approved this day of 2006•
A S:
NAYS:
ABSENT:
Bil Voss,M(jjf{ayor
AEST:
Connie Frame, City Clerk
The foregoing Resolution No(J�- -—having been approved this date by the City
Council, I hereby pro �esarne'by affixing my signature as City Clerk on this
day of 2006.
RESOLUTION No.-46a-
RESOLUTION TO ENTER INTO REAL ESTATE PURCHASE AGREEMENT'
WHEREAS,The City of Fairfax,Iowa(the"City") and Murphy Estate, LLC
("Murphy") agree that Murphy will sell and the City will purchase real property for the sum of
$780,000.00 with a legal description as:
All that part of the S V2.NE 1/a Section 16-82-8, Linn County, Iowa lying North of
Chicago,Milwaukee & St. Paul Railway Company's land (now CRANDIC land),
except a tract in the Northwest corner which is 260 feet in length East and West
by 210 feet in width North and South (described as Lot 4 of the Irregular Survey
of the NE/4). Subject to Public Highway.
(the"Real Estate").
BE IT RESOLVED,By the Fairfax City Council of the City of Fairfax, Iowa
that the Mayor is hereby authorized and directed to execute the Real Estate Purchase
Agreement for the Real Estate,
NOW,THEREFORE,BE IT FURTHER RESOLVED,By the Fairfax City
Council of the City of Fairfax, Iowa,that the Mayor and the City Clerk are hereby
authorized and directed to execute said Resolution.
Passed and approved this day of
� 2006.
A � 9
NAYS:
ABSENT:
Al Voss,Mayor
A EST:
Connie Frame, City Clerk
The foregoing Resolution No. 6 having been approved this date by the
Fairfax City Council, I hereby rov th same by affixing my signature as City Clerk
on this day of 2006.
Connie Frame, City Clerk
THIS INSTRUMENT PREPARED BY."MARIA J. PARMENTER
9oyer&Bergman, PLC,2720 1 st Ave.NE,PQ Box 1943, Cedar Rapids, 1A 62406-1943, (319)366-7331
REAL ESTATE PURCHASE AGREEMENT
(NONRESIDENTIAL)
TO: Murphy Estate LLC, an Iowa limited liability company (the Seller")
The undersigned BUYER hereby offers to buy and the undersigned SELLER by its
acceptance agree to sell the real) property situated in Linn County, Iowa legally described as:
All that part of the S '/2 NE '. Section 16-82-8, Linn County" (Iowa lying North of Chicago,
Milwaukee & St. Paul Railway Company's land (now CRANI: IC land), except a tract in the
Northwest corner which is 260 feet in length East and West by 210 feet in width North and
South (described as Lot 4 of'the Irregular Survey of the NEI/4). Subject to Public Highway
together with any easements and appurtenant servient estates, but subject to any reasonable
easements of record for public utilities or roads, any zoning restrictions customary restrictive
covenants and mineral reservations of record, if any, herein referred to as the "Property,', upon
the following terms and conditions provided BUYER, on or 'before October 16, 2006, sells its
bonds in sufficient amounts to pay the Purchase Price.
1. PURCHASE PRICE. The Purchase Price shall be $780,000.00 and the method! of
payment shall be as follows: $780,000.00 shall be paid in cash at Closing.
2. REAL ESTATE TAXES. Sellers shall pay 2005-2006 areal estate taxes payable in 20106-
2007 and any unpaid real estate taxes payable in prior years. At the Closing, Seller shall either
give Buyer a credit for the 2005-2006 real estate taxes payable in 2006-2007, computed from
July 1, 2006 to the date of possession based upon the last known tax rate and assessed
valuation.
3. SPECIAL ASSESSMENTS,
A. SELLER shall pay in full at time of closing all special assessments which are a hien
on the Property as of the date of closing.
B. All charges for solid waste removal, sewage and maintenance that are attributable to
SELLER'S possession, including those for which assessments arise after closing, shall be
paid by SELLER.
C. Any preliminary or deficiency assessment which cannot be discharged by payment
shall be paid by SELLER through an escrow account with sufficient funds to pay such liens
when payable, with any unused funds returned to SELLER.
D. SELLER shall pay all other special assessments or,!installments.
4. POSSESSION AND CLOSING. If BUYER and SELLER timely perform all obligations
under this Agreement, possession of the Property shall be delivered to Buyer on October 16,
2006, or earlier by mutual agreement, and any adjustments of rent, insurance, interest and all
charges attributable to the SELLER' S possession shall be made as of the date of possession.
100375906-DOCI
Closing shall occur after the approval of title by BUYER, and vacation of the Property by
SELLER, but prior to possession by BUYER. SELLER agrees to permit BUYER to inspect the
Property within 48 hours prion to closing to assure that the premises are in the condition
required by this Agreement. If possession is given on a day other than closing, the parties shall
make a separate agreement with adjustments as of the date of possession. This transaction
shall be considered closed upon delivery of the title transfer documents to BUYER and receipt
of all funds then due at closing from BUYER under this Agreement.
6. CONDITION OF PROPERTY. The property as of the date of this Agreement, including
buildings, grounds, and all improvements, if any, will be preserved by the SELLER in its present
condition until possession, ordinary wear and tear excepted... SELLER makes no warranties,
expressed or implied, as to the condition of the property. BUYER acknowledges that they have
made a satisfactory inspection of the Property and are purchasing the Property in its existing
condition.
7. ABSTRACT AND TITLE. SELLER,'at its expense, shall promptly obtain an abstract of
title to the Property continued through a date no sooner than ninety (90) days prior to closing
and deliver it to BUYER' S attorney for examination. It shall show marketable title in SELLER in
conformity with this Agreement„ (Iowa law, and title standards of the Iowa State Bar Association.
The SELLER shall make every reasonable effort to promptly, perfect title. If closing is delayed
due to SELLER'S inability to provide marketable title, this Agreement shall continue in force and
effect until either party rescinds the Agreement after giving teen (10) days written notice to the
other party. The abstract shall) become the property of BUYER when the Purchase Price is paid
in full. SELLER shall pay the costs of any additional abstracting and title work due to any act or
omission of SELLER, including transfers by or the death of SELLER or their assignees. Unless
stricken, the abstract shall be obtained from an abstracter qualified by the Guaranty Division of
the Iowa Housing Finance Authority.
8. SURVEY. If a survey is required under Iowa Code Chapter 354, or city or county
ordinances, SELLER shall pay the costs thereof. BUYER may, at BUYER'S expense prior to
closing, have the property surveyed and certified by a registered land surveyor. If the survey
shows an encroachment on the Property or if any improvements located on the Property
encroach on lands of others, the encroachments shall be treated as a title defect.
9. ENVIRONMENTAL MATTERS. SELLER warrants to the best of its knowledge and belief
that there are no abandonedwells, solid waste disposal sites, hazardous wastes or substances,
or underground storage tanks located on the Property, the Property does not contain levels of
radon gas, asbestos, or urea-formaldehyde foam insulation which require remediation under
current governmental standards, and SELLER has done nothing to contaminate the Property
with hazardous wastes or substances. SELLER warrants that the property is not subject to any
Vocal, state, or federal judicial or administrative action, investigation or order, as the case may
be, regarding wells, solid waste disposal sites, hazardous wastes or substances, or
underground storage tanks. SELLER shall also provide BUYER with a properly executed
GROUNDWATER HAZARD STATEMENT showing no wells, solid waste disposal sites,
hazardous wastes and underground storage tanks on the Property unless disclosed here:
10. DEED. Upon payment of the Purchase Price, SELLER shall convey the Property to
BUYER by warranty deed, free and clear of all liens, restrictions, and encumbrances except as
provided in this Agreement. General warranties of the title shall extend to the time of delivery of
the deed excepting liens and encumbrances suffered or permitted by BUYER.
{00375906.DDC}2
11. JOINT TENANCY IN PROCEEDS AND IN REAL ESTATE. If SELLER, immediately
preceding acceptance of the offer, hold title to the Property, joint tenancy with full rights of
survivorship, and the joint tenancy is not later destroyed by operation of law or by acts of the
SELLER, then the proceeds of this sale, and any continuing or recaptured rights of SELLER in
the Property, shall belong to SELLER as joint tenants with full rights of survivorship and not as
tenants in common; and BUYER in the event of death of any SELLER, agree to pay any
balance of the price due SELLER under this contract to the surviving SELLER and to accept a
deed from the surviving SELLER consistent with Paragraph 15.. j
i
12. STATEMENT AS TO LIENS. If Buyer intends to assume or take subject to a lien on the
Property, SELLER shall furnish BUYER with a written statement prior to closing from the holder
of such lien, showing the correct balance due.
13. USE OF PURCHASE PRICE. At time of settlement, funds of the Purchase Price may be
used to pay taxes and other liens and to acquire outstanding interests, if any, of others.
14. REMEDIES OF THE PARTIES.
A. If BUYER fails to timely perform this Agreement, SELLER may forfeit it as provided in
the Iowa Code (Chapter 656), and all payments made shall be forfeited; or, at SELLER' S
option, upon thirty (30) days written notice of intention to accelerate the payment of the
entire balance because of BUYER'S default (during which thirty days the default is not
corrected), SELLER may declare the entire balance limmediately due and payable.
Thereafter this Agreement may be foreclosed in equity and the Court may appoiint a
receiver.
B. BUYER and SELLER are also entitled to utilize any and all other remedies or actions
at law or in equity available to them, and the prevailing, parties shall be entitled to obtain
judgment for costs and attorney fees.
15. NOTICE, Any notice under this Agreement shall be in writing and be deemed served
when it is delivered by personal delivery or mailed by certified mail, addressed to the parties at
the addresses given below.
16. GENERAL PROVISIONS. In the performance of each Ipart of this Agreement, time shall
be of the essence. Failure to promptly assert rights herein shall not, however, be a waiver of
such rights or a waiver of any existing or subsequent default. This Agreement shall apply to and
bind the successors in interest of the parties. This Agreement shall survive the closing. This
Agreement contains the entire agreement of the parties and shall not be amended except by a
written instrument duly signed by SELLER and BUYER. Paragraph headings are for
convenience of reference and shall not limit or affect the meaning of this Agreement. `'cords
and phrases herein shall be construed as in the singular or plural number, and as masculine,
feminine or neuter gender according to the context.
17. NO REAL ESTATE AGENT OR BROKER. Neither party has used the service of a real
estate agent or broker in connection with this transaction.
18. TAX-DEFERRED EXCHANGE. Seller agrees and confirms that the Real Estate is not
being conveyed pursuant to any Tax-Deferred Exchange.
{00375906.DOC}3
19, FARM TENANCY. Seller agrees and confirms that no farm tenancy other than through
the 2006 crop year remains on the Real Estate. Seller further agrees that it has not entered) into
any future contract to lease the Real Estate.
20. FARM CROPS. Seller and Buyer agree that title to any farm crops remaining on the
Real Estate after Closing shall remain with the Seller. Seller further agrees that all existing farm
crops shall be removed from the Real Estate no later than December 31, 2006,
21. INDEMNITY. Seller agrees to indemnify and hold harmless the Buyer, its successors,
assigns, representatives, current and/or former employees, officers or agents from any and all
claims, damages or injuries, including attomeys' fees, made against or sustained by the Buyer,
its successors, assigns, lessees, tenants, representatives, current and/or former employees,
officers and members whether directly or indirectly as a result of picking, combining, removing
or transporting any farm crops which remain on the Real Estate after closing. Seller further
agrees that Buyer shall not be responsible for any damages to the farm crops remaining on the
Real Estate after Closing.
22. ACCEPTANCE. then accepted, this Agreement shall become a binding contract. If
not accepted and delivered to BUYER on or before the day of October, 2006 at 5:00
p.m., this Agreement shall be null and void and all payments made shall be returned
immediately to BUYER. If accepted by SELLER at a later date and acceptance is satisfied in
writing, then this contract shall be valid and binding.
Accepted October , 2006. Dated October , 2006.
SELLER BUYER.
Murphy Estate LLC, an Iowa limited City of Fairfax, Iowa
liability company
By:
Donald Murphy, Manager By: Bill "doss, Mayor
By:
George Martin, Manager
By:
Daniel O'Connell, Manager
{00375906.Dc)q 4
00100
NOTICE OF HEARING AND LETTING
FOR
2006 FAIRFAX SANITARY SEWER IMPROVEMENTS
NOTICE OF HEARING
At 7:00 p.m., local time, on the 11th day of October, 2006 at the Council Chambers, City Hall, in the City of
Fairfax, Iowa, a hearing will be conducted on the proposed plans, specifications, form of contract, opinion
of probable cost and the proposed 'improvements described thereby for the 2006 Fairfax Sanitary Sewer
Improvements. The City Council has previously filed these documents with the City Clerk of the City of
Fairfax, Iowa. The proceedings of the City Council referring to the proposed plans, specifications, form of
contract, and cost opinion are also made part of this notice. At this hearing, any interested person may
fide written and/or oral objections to,these documents and the proposed improvements.
NOTICE OF LETTING
Description of Work
The Work generally consists of construction of three new wastewater pumping stations, 3,330 L.F. of 6'
force main, 560 L.F. of 10" force main, 1,417 L.F. of 18" sanitary sewer, 2,757 L.F. of 12" sanitary sewer
and other work necessary to complete the project.
Type of Bid
Bids shall be on a unit price basis for pipelines and lump sum basis for the wastewater pumping stations.
Contract Time Information
Start Date: November 15,'2006
Milestones: Fairfax Road Pumping Station—August 31, 20017
Completion Date: November 1,2007
Bid Opening Time, Date and Location
The City Council will receive sealed bids at the City Clerk's office„ 525 Vanderbilt Street, Fairfax, (Iowa
until 4:00 PM on the 10�h day of (November, 2006. Bids received after this time will not be opened. The
bids will be opened and read aloud at 4:00 PM on November 10, 2006 at City Clerk's office in Fairfax.
The bids will be acted upon at 7:00 PM on November 14, 2006 at the Council Chambers, City Hall, in the
City of Fairfax, Iowa or at a later date as determined by the City Council.
Contract Terms
In addition to the Project Specifications, Cedar Rapids Metropolitan Area Standard Specifications and
Details are applicable to this project and are available for purchase at the City of Cedar Rapids
Engineering Department and the City of Marion Engineering Department.
Examination and Procurement of Documents
Bid Documents may be examined at the following locations:
Construction Update Plan Room Hall and Hall Engineers City Clerk's Office
521 3rd Avenue SW, Ste A 1860 Boyson Rd. 525 Vanderbilt Street
Cedar Rapids, IA 52404 Hiawatha, IA 52233 Fairfax, lA 52228
Construction Update Plan Room Construction Update Plan Room 11lowa Builders Exchange
221 Park Street, P.O. Box 695 215 East 4th Street 520 24th Street
Des Moines, IA 50303 Waterloo, IA 50704 Rock Island, 1L 61201
00100-1
Copies of the Bidding Documents may be obtained at Hall & H'a'll Engineers, 1860 Boyson Road,
Hiawatha, Iowa 52233, in accordance with the Instructions to Bidders.. A nonrefundable deposit of$25.00
is required for each printed set of plans and specifications.
Bid Security and Other Bond's
Bid security in the amount of 10 (percent of the Bid must accompany each Bid in accordance with the
Instructions to Bidders.
Applicabie Laws and Regulations
Ainy bidder or equipment supplier whose firm or affiliate is listed in the GSA publication "List of Parties
Excluded from Federal Procurement and Nonprocurement Programs'" will be prohibited from the bidding
process. Anyone submitting a bid who is listed in this publication will be determined to be a
nonresponsive bidder in accordance with 40 CFR Part 31. A contractor's Suspension/Debarment
Certification will be contained in the specifications; however, this certification should not preclude any
interested party from ascertaining whether the certifying person is actually on the"List of Parties Excluded
from Federal Procurement and Non-procurement Programs".
By virtue of statutory authority, preference will be given to Iowa produced products and Iowa domestic
labor to the extent lawfully required lander State Statutes, providing that award of contract will be made to
the bidder submitting the lowest responsible bid.
lin all contracts to be awarded for a public improvement, which shall include building or construction Work
to be paid for in whole or in part by the use of funds of the municipality, resident bidders shall be allowed
a preference against nonresident bidders from a state or foreign country which gives or requires a
preference to bidders from that state or foreign country. The preference is equal to the preference given
or required by the state or foreign country with which the nonresident bidder is a resident. "Resident
bidder" means a person authorized to transact business in Iowa and having a place of business for
transacting business within Iowa at which it is and had conducted business for at least six months prior to
the first advertisement for the public improvement and in the case of a corporation, at least fifty percent of
the common stock is owned by residents of this state. if another state or foreign country has a more
stringent definition of a resident bidder, the more stringent definition is applicable as to bidders from that
state or foreign country.
OWNER's Right to Reject Bids
'The City Council of the City of Fairfax reserves the right to reject any and all bids, to waive informallitiies
and technicalities, and to enter such contracts as it deems in the (best interest of the City. The City
reserves the right to defer acceptance of any proposal for 30 calendar days after the bids have been
received and opened.
By order of the City Council, City of(Fairfax
Dated this 5th day of October, 2006.
Connle i City erk
(Published in the Cedar Rapids Gazette on the day of October, 2006.
00100-2
RESOLUTION NO._ �� f
A RESOLUTION TO ISSUE PARTIAL PAYMENT#3 TO KLEIMAN
CONTSTRUCTION,INC. FOR THE CONSTRUCTION OF THE NEW
MECHANICAL WASTEWATER TREATMENT FACILITY, 2006
WASTEWATER TREATMENT PLANT IMPROVEMENTS
WHEREAS, The City of Fairfax., Iowa has contracted with Kleiman
Construction, Inc. for the construction of the new mechanical wastewater treatment
facility, 2006 Wastewater Treatment Plant Improvements,
WHEREAS, The City engineers, Hall & Hall Engineers, Inc. has reviewed
Kleiman Construction, Inc."s Partial Pay Request No. 3 for work through 09-30-06 and
have found it to be in accordance with their Schedule of Values and work completed to
date and has, therefore, recommended payment of $306,432.00 on the Contract for 2006
Wastewater Treatment Plant Improvements.
BE IT RESOLVED, By the City Council of the City of Fairfax, Fairfax, Iowa,
that the City Clerk is hereby directed to issue Partial Payment No. 3 in the amount of
$306,432.00 to Kleiman Construction, Inc. for the construction of the new mechanical.
wastewater treatment facility, 2006 Wastewater Treatment Plant Improvements.
NOW, THEREFORE, BE IT FURTHER RESOLVED, By the Fairfax City
Council of the City of Fairfax, Iowa, that the Mayor and City Clerk are hereby authorized
and directed to execute said Resolution.
Passed and approved this �� day of ,2006.
AYE
NAYS:
ABSENT:
Bill Voss, Mayor
A EST:
ffi r>vl'
Connie Frame, City Clerk
The foregoing Resolution No., having been approved this date by the Fairfax
Ci Council,I her ap roy she same by affixing any signature as City Clerk on this
day of 2006.
Connie IFrame, City C er c
Fairfax/419915-9/2"%Ilrg/S ale/Iss
419915-9
yol1
j ( "d %2 Hearin 'Sale/Issuance - G.O.
Fairfax, Iowa
October 11, 2006
The City Council of the City of Fairfax, Iowa, met on October 11, 2006, at 7:00 o'clock
p.m., at the City Hall, Fairfax, Iowa.
The meeting was called to order by the Mayor, and the roll was called showing the
following Council Members present and absent:
Present F &(--'
, A�
Absent: .
The City Council investigated and found that notice of the proposed action of the City to
enter into a General Obligation Urban Renewal Land Acquisition Loan Agreement (the "Loan
Agreement") had been published according to law and as directed by the City Council and that
no petition had been filed asking that the question of entering into the Loan Agreement be
submitted to the registered voters of the City.
Whereupon after due discussion, the Mayor declared the bearing on the Loan Agreement
closed.
This also being the time and place fixed by the City Council for the consideration of bids
for the purchase of General Obligation Urban Renewal Land Acquisition Notes, Series 2006, to
be issued in evidence of the City's obligation under the Loan Agreement, the Mayor announced
that bids had been received and canvassed on behalf of the City at the time and place fixed
therefor.
Whereupon, such bids were placed on file, and the substance of such bids was noted in
the minutes, as follows:
Final Bid
Name and Address of Bidder (interest cost)
(ATTACH BID TABULATION)
-1-
DORSE'Y&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA
19/1212996 98:24 FAX 319 291 8628 SPEER FINANCIAL X902
SPEER FINANCIAL, INC.
5800,000
City of Fairfax
Linn County,Iowa
General Obligation Urban Renewal Land
Acquisition Notes,Series 2006
Date of Sale= October 11,2006
Average Life. 3.172 Years
Bond Buyer Index. 4.19%
(Based on TIC)
Bidders* Price 'Maturities Rates Interest*
Bankers" Bank,Madison, Wisconsin 99.700% 2008 3.700% 3.8961%
Fairfax State Savings Bank, Fairfax,Iowa 2009 3.750% $98,735
2010 3.800%
2011 3.850%
Ruan Securities, Des Moines, Iowa 99.400% 2'008-2009 3,700% 3.9548%
2010 3.750% 5100,021
2011 3.800%
UMB Bank, n.a.., Kansas City, Missoui 99.330% 2008 3.700% :3.9702%
2+009-2011 3,750% 5100,352
Northland Securities, Minneapolis,Minnesota 99.225% 2008-2009 3.650% 3.9792%
2010]-2011 3.750% $1001525
Bernardi Securities, Inc., Chicago,lilinois 99.200% 2008 3.700% 4.0672%
2009 3.750% $102,735
2010 3.800%
2011 3.850%
Wells Fargo Brokerage Services LLC, Minneapolis, 99.000% 2008-2011 3.850% 4.1904%
Minnesota $105,684
*Syndicate Information is provided by the underwriter, The information contained in this report is the most current available.
Fairfa-,0419915-9/2"'/z Hrgf Saldlss
After due consideration and discussion, Council Member
introduced the resolution next hereinafter set out and moved its adoption, second by Council
Membe d The Mayor put the question upon the adoption of said resolution,
and the roll bein called, the following Council Members voted:
Ayed 00A-, -1 .
Nays:
Whereupon, the Mayor declared the resolution duly adopted as hereinafter set out.
At the conclusion of the meeting, and upon motion and vote,the City Council adjourned.
Mayor
Attest:
City Clerk
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DOR.SEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA
FacrTax/4I9915-9/2°d'/z HrWSalelIss
RESOLUTION NO.
aw
Resolution authorizing and approving a Loan Agreement and providing for the
sale and issuance of '$500,000 General Obligation Urban Renewal Land
Acquisition Notes, Series 2006, and providing for the levy of taxes to pay the
same
WHEREAS,pursuant to the provisions of Section 384.24A of the Code of Iowa, the City
of Fairfax, Iowa (the "City"), has heretofore proposed to contract indebtedness and enter into a
loan agreement (the "Loam Agreement") for the purpose of planning, undertaking, and carrying
out an urban renewal project within the Fairfax Urban Renewal Area, consisting of the
acquisition of certain real property for the development and enhancement of City park and.
recreational facilities, and has published notice of the proposed action and has held a hearing
thereon, and no petition has been tiled asking that the question of entering into the Loan
Agreement be submitted to the registered voters of the City; and
WHEREAS,pursuant to advertisement of sale,bids for the purchase of$500,000 Gencral
Obligation Land Acquisition Notes, Series 2006 (the "Notes"), to be issued in evidence of the
City's obligation under the Loan Agreement were received and canvassed on behalf of the City
and the substance of such bids noted in the minutes; and
WHEREAS, upon final consideration of all bids received for the purchase of the Notes,
the bid of 13 q P4 t r age e r d (the "Purchaser"),
is the best, such bid proposing the lowest interest cost to the City;
NOW, THEREFORE, Be It Resolved by the City Council of the City of Fairfax, Iowa, as
follows:
Section 1. The bid referred to in the preamble hereof is hereby accepted, and the City
shall enter into the Loan Agreement with the Purchaser, in substantially the form as will be
presented to the City Council, providing for a loan to the City in the principal amount of
$800,000 for the purpose or purposes set forth in the preamble hereof.
The Mayor and City Clerk are hereby authorized and directed to sign the Loan
.agreement on behalf of the City" and the Loan Agreement is hereby approved.
Section 2. The Nates, dated October 15, 2006, maturing on June I in each of the
years, in the principal amounts, in the denomination of $5,000 each or any integral multiple
thereof, and bearing interest at the respective rates as follows:
Principal Interest Rate Principal Interest Rate
Year Amount Per Annum Year Amount Per Annum
2008 $190,000 3. 7p % 2010 $205,000 %
2009 $195,000 3,76- % 2011 $210,000 J< gy %
are hereby awarded and authorized to be issued to the Purchaser at the price specified in such
bid,together with accrued interest.
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DORSEY&WHFrNEY CLP,ATTORNEYS,DES MOINES,IOWA
Fairfaax/419915-912°"%2 Hrg/Sale/lss
Section 3. The form of agreement of sale of the Notes to the Purchaser is hereby
approved, and the Mayor and City Clerk are hereby authorized to execute the same for and on
behalf of the City.
Bankers Trust Company, N.A., Des Moines, Iowa, is hereby designated as the Registrar
and Paying Agent for the Notes and may be hereinafter referred to as the "Registrar" or the
"Paying Agent". The City shall enter into an agreement (the "Registrar Agreement") with the
Registrar, in substantially the form as has been placed on file with the City Council; the Mayor
and City Clerk are hereby authorized and directed to sign the Registrar Agreement on behalf of
the City; and the Registrar Agreement is hereby approved.
The City reserves the right to prepay part or all of the Notes maturing in each of the years
2010 and 2011 prior to and in any order of maturity on June 1, 2009, or on any date thereafter
upon terms of par and accrued interest. If less than all of the Nates of any like maturity are to be
redeemed, the particular part of those Notes to be redeemed shall be selected by the Registrar by
lot. The Notes may be called in part in one or more units of $5,000. If less than the entire
principal amount of any Note in a denomination of more than $5,000 is to be redeemed, the
Registrar will issue and deliver to the registered owner thereof, upon surrender of such original
Note, a new Note or Notes, in any authorized denomination, in a total aggregate principal
amount equal to the unredeemed balance of the original Note. Notice of such redemption as
aforesaid identifying the Note or Notes (or portion,thereof) to be redeemed shall be mailed by
certified mail to the registered owners thereof at the addresses shown on the City's registration
books not less than 30 nor more than 60 days prior to such redemption date. All of such Notes as
to which the City reserves and exercises the right of redemption and as to which notice as
aforesaid shall have been given and for the redemption of which funds are duly provided, shall
cease to bear interest on the redemption date.
All of the interest on the Notes shall be payable semiannually on the first day of June and
December in each year, commencing June 1, 2007. Interest shall be calculated on the basis of a
360-day year comprised of twelve 30-day months. Payment of interest on the Notes shall be
made to the registered owners appearing on the registration books of the City at the close of
business on the fifteenth day of the month next preceding the interest payment date and shall be
paid by check or draft mailed to the registered owners at the addresses shown on such
registration books. Principal of the Notes shall be payable in lawful money of the United Mates
of America to the registered owners or their legal representatives upon presentation and
surrender of the Note or Notes at the office of the Paying Agent.
Section 4. The Notes shall be executed on behalf of the City with the official manual
or facsimile signature of the Mayor and attested with the official manual or facsimile signature of
the City Clerk and shall have the City's seal impressed or printed thereon, and shall be fully
registered Notes without interest coupons. In case any officer whose signature or the facsimile
of whose signature appears on the Notes shall cease to be such officer before the delivery of the
Notes, such signature or such facsimile signature shall nevertheless be valid and sufficient for all
purposes, the same as if such officer had remained in office until delivery.
The Notes shall not be valid or become obligatory for any purpose until the Certificate of
Authentication thereon shall have been signed by the Registrar..
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DORSEtt'&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA
Fairfax/419915_9/21d'/�Hrg/Sale/IsS
The Notes shall be fully registered as to principal and interest in the names of the owners
on the registration books of the City kept by the Registrar, and after such registration, payment of
the principal thereof and interest thereon shall be made only to the registered owners or their,
legal representatives or assigns. Each Note shall be transferable only upon the registration books
of the City upon presentation to the Registrar, together with either a written instrument of
transfer satisfactory to the Registrar or the assignment form thereon completed and duly
executed by the registered owner or the duly authorized attorney for such registered owner,
The record and identity of the owners of the Notes shall be kept confidential as provided
by Section 22.7 of the Code of Iowa.
Section 5. Notwithstanding anything above to the contrary, the Notes shall be issued
initially as Depository Bonds, with one fully registered Note for, each maturity date, in principal.
amounts equal to the amount of principal maturing on each such date, and registered in the name
of Cede & Co., as nominee for The Depository Trust Company, New York,New York ("DTC").
On original issue, the Notes shall be deposited with DTC for the purpose of maintaining a book-
entry system for recording the ownership interests of its participants and the transfer of those
interests among its participants (the "Participants"). In the event that DTC determines not to
continue to act as securities depository for the Notes or the City determines not to continue the
book-entry system for recording ownership interests in the Notes with DTC, the City will
discontinue the book-entry system with DTC. If the City does not select another qualified
securities depository to replace DTC (or a successor depository) in order to continue a book-
entry system, the City will register and deliver replacement Notes in the form of fully registered
certificates, in authorized denominations of$5,000 or integral multiples of$5,000, in accordance
with instructions from Cede & Co., as nominee for DTC. In the event that the City identifies a.
qualified securities depository to replace DTC, the City will register and deliver replacement
Notes, fully registered in the name of such depository, or its nominee, in the denominations as
set forth above, as reduced from time to time prior to maturity in connection with redemptions or
retirements by call or payment, and in such event, such depository will then maintain the book-
entry system for recording ownership interests in the Notes.
Ownership interest in the Notes may be purchased by or through Participants. Such
Participants and the persons for whom they acquire interests in the Notes as nominees will not
receive certificated Notes,but each such Participant will receive a credit balance in the records of
DTC in the amount of such Participant's interest in the Notes, which will be confirmed in
accordance with DTC's standard procedures. Each such person for which a Participant has an
interest in the Notes, as nominee,may desire to make arrangements with such Participant to have
all notices of redemption or other" communications of the City to DTC, which may affect such
person, forwarded in writing by such Participant and to have notification made of all interest
payments.
The City will have no responsibility or obligation to such.Participants or the persons for
whom they act as nominees with respect to payment to or, providing of notice for such
Participants or the persons for whom they act as nominees.
As used herein, the terra '`'Beneficial Owner" shall hereinafter be deemed to include the
person for whom the Participant acquires an interest in the Notes..
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DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA
F'a,idiaa,/419915-9/2'd'/a Hrg/Saledss
DTC will receive payments from the City, to be remitted by DTC to the Participants for
subsequent disbursement to the Beneficial Owners. The ownership interest of each Beneficial
Owner in the Notes will be recorded on the records of the Participants whose ownership interest
will be recorded on a computerized book-entry system kept by DTC.
When reference is made to any action which is required or permitted to be taken by the
Beneficial Owners, such reference shall only relate to those permitted to act (by statute,
regulation or otherwise) on behalf of such Beneficial Owners for such purposes. When notices
are given, they shall be sent by the City to DTC, and DTC shall forward (or cause to be
forwarded) the notices to the Participants so that the Participants can forward the same to the
Beneficial Owners.
Beneficial Owners will receive written confirmations of their purchases from the
Participants acting on behalf of the Beneficial Owners detailing,the terms of the Notes acquired.
Transfers of ownership interests in the Notes will be accomplished by book entries made by
DTC and the Participants who act on behalf of the Beneficial Owners. Beneficial Owners will
not receive certificates representing their ownership interest in the Notes, except as specifically
provided herein. Interest and principal will be paid when due by the City to DTC, then paid by
DTC to the Participants and thereafter paid by the Participants to the Beneficial Owners.
Section 6. The Notes shall be in substantially the following form;
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DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA
E2irfax/419915-9/2n 1/�HreSale/lss
(Form of Note)
UNITED STATES OF AMERICA
STATE OF IOWA COUNTY OF LINN
CITY OF FAIRFAX
GENERAL OBLIGATION LAND ACQUISITION NOTE,
SERIES 2006
No. $
RATE MATURITY DATE NOTE DATE CUSIP
% June 1, October 15,2006
The City of Fairfax (the "City"), in the County of Linn, State of Iowa, for value received,
promises to pay on the maturity date of this Note to
or registered assigns, the principal,sum of
DOLLARS
in lawful money of the United States of America upon presentation and surrender of this Noteat
the office of Bankers Trust Company, N.A., Des Moines, Iowa (hereinafter referred to as the
"Registrar" or the "Paying Agent"), with interest on said sura, until paid, at the rate per annum
specified above from the date of this Note, or from the most recent interest payment date on
which interest has been paid, on June 1 and December 1 of each year, commencing June 1, 2007,
except as the provisions hereinafter set forth with respect to redemption prior to maturity may be
or become applicable hereto. Interest on this Note is payable to the registered owner appearing
on the registration boobs of the City at the close of business on the fifteenth day of the month
next preceding the interest payment date, and shall be paid by check or dram mailed to the
registered owner at the address shown on such registration books. Interest shall be calculated on
the basis of a 360-day year comprised of twelve 30-day months,
This Note shall not be valid or become obligatory for any purpose until the Certificate of
Authentication hereon shall have been signed by the Registrar.
This Note is one of a series of General Obligation Urban Renewal Land Acquisition
Notes, Series 2006 (the "Notes', issued in the aggregate principal amount of$800,000 by the
City to evidence its obligation under a certain loan agreement, dated as of October 15, 2006 (the
"Loan Agreement"), for the purpose of providing funds to pay costs of planning, undertaking,
and carrying out an urban renewal project within the Fairfax Urban Renewal Area, consisting, of
the acquisition of certain real property for the development and enhancement of City park and
recreational facilities.
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DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES„IOWA
P'airfax/419915-9/2°x'/1 Hrg/Sale/Iss
The Notes are issued pursuant to and in strict compliance with the provisions of
Chapters 384 and 76 of the Code of Iowa, 2005, and all other laws amendatory thereof and
supplemental thereto, and in conformity with a resolution of the City Council authorizing and
approving the Loan Agreement and providing for the issuance and securing the payment of the
Nates (the "Resolution"), and reference is hereby made to the Resolution and the Loan
Agreement for a more complete statement as to the source of payment of the Notes and the rights
of the owners of the Notes.
The City reserves the right to prepay part or all of the Notes maturing in each of the years
2'010 and 2011 prior to and in any order of maturity on June 1, 2009, or on any date thereafter
upon terms of par and accrued interest, If less than all of the Notes of any like maturity are to be
redeemed, the particular part of those Notes to be redeemed shall be selected by the Registrar by
lot. The Notes may be called in part in one or more units of $5,000. If less than the entire
principal amount of any Note in a denomination of more than ' 5,000 is to be redeemed, the
Registrar will issue and deliver to the registered owner thereof, upon surrender of such original
Note, a new Note or Notes, in any authorized denomination, in a total aggregate principal
amount equal to the unredeemed balance of the original Note.,. Notice of such redemption as
aforesaid identifying the Note or Notes (or portion thereof) to be redeemed shall be mailed by
certified mail to the registered owners thereof at the addresses shown on the City's registration.
books not less than 30 nor more than 60 days prior to such redemption date. All of such Notes as
to which the City reserves and exercises the right of redemption and as to which notice as
aforesaid shall have been given and for the redemption of which funds are duly provided, shall
cease to bear interest on the redemption date.
This Note is fully negotiable but shall be fully registered as to both principal and interest
in the name of the owner on the books of the City in the office of the Registrar, after which no
transfer shall be valid unless made on said books and then only upon presentation of this Nate to
the Registrar, together with either'a written instrument of transfer satisfactory to the Registrar or
the assignment form hereon completed and duly executed by the registered owner or the duly
authorized attorney for such registered.owner.
The City, the Registrar and the Paying Agent may deem and treat the registered owner
hereof as the absolute owner for the purpose of receiving payment of or on account of principal.
hereof, premium, if any, and interest due hereon and for all other purposes, and the City, the
Registrar and the Paying Agent shall not be affected by any notice to the contrary.
And It Is Hereby Certified and Recited that all acts, conditions and things required by the
laws and Constitution of the State of Iowa, to exist, to be had, to be done or to be performed
precedent to and in the issue of this Note were and have been properly existent, had, done and
performed in regular and due form and time; that provision has been made for the levy of a
sufficient continuing annual tax on all the taxable property within the City for the payment of the
principal of and interest on this Note as the same will respectively become due; that the faith,
credit, revenues and resources and all the real and personal property of the City are irrevocably
pledged for the prompt payment hereof, both principal and interest; and that the total
indebtedness of the City, including this Note, does not exceed any constitutional or statutory
limitations.
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DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA
Fairfax/419915-9/2'd'A HrglSalellss
IN TESTIMONY WHEREOF, the City of Fairfax, Iowa,by its City Council, has caused.
this Note to be sealed with the facsimile of its official seal, to be executed with the duly
authorized facsimile signature of its Mayor and attested with the duly authorized facsimile
signature of its City Clerk, all as of October 15, 2006.
CITY OF FAIRFAX, IOWA
By(DO NOT SIGN)
Mayor
Attest:
O NOT SIG
City Clerk
(Facsimile Seal)
Registration Date: (Registration Date)
REGISTRARS CERTIFICATE OF AUTHENTICATION
This Note is one of the Notes described in the within-mentioned Resolution,
BANKERS TRUST COMPANY,N.A.
Des Moines„Iowa
Registrar
By Authorized Simature)
Authorized Officer
ABBREVIATIONS
The following abbreviations, when used in this Note, shall be construed as though they
were written out in full according to applicable laws or regulations:
TEN COM - as tenants in common UTMA
TEN ENT - as tenants by the entireties (Custodian)
,IT TEN - as joint tenants with right of As Custodian for,
survivorship and not as (Minor)
tenants in common under Uniform Transfers to Minors Act
(State)
Additional abbreviations may also be used though not in the list above.
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DORSEY&WITITNEY LLP,ATTORNEYS,DES MOINES,IOWA
I
F'a rtax/A19915-9/2"%Hrg/Sale/lss
ASSIGNMENT
For valuable consideration, receipt of which is hereby acknowledged, the undersigned
assigns this Note to
(Please print or type name and address of'Assignee)
PLEASE INSERT SOCIAL SECURITY OR OTHER
IDENTIFYING NUMBER OF ASSIGNEE
and does hereby irrevocably appoint , Attorney, to transfer
this Note on the books kept for registration thereof with full power of substitution.
]Gated:
Signature guaranteed:
(Signature guarantee must be provided in accordance
with the prevailing standards and procedures of the
Registrar and Transfer Agent. Such standards and
procedures may require signatures to be guaranteed by
certain eligible guarantor institutions that participate in
a recognized signature guarantee program.)
NOTICE: The signature to this Assignment must
correspond with the name of the registered owner as
it appears on this Note in every particular, without
alteration or enlargement or any change whatever.
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DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA
Fairfax/419915-9/2" Hrg/Sale/]ss
Section 7. The Notes shall be executed as herein provided as soon after the adoption
of this resolution as may be possible, and thereupon they shall be delivered to the Registrar for
registration, authentication and delivery to or upon the direction of the Purchaser, upon receipt of
the loan proceeds, and all action heretofore taken in connection with the Loan Agreement is
hereby ratified and confirmed in all respects.
Section 8. For the purpose of providing for the levy and collection of a direct annual
tax sufficient to pay the principal of and interest on the Notes as the same become due, there is
hereby ordered levied on all the taxable property in the City in each of the years while the Notes
are outstanding, a tax sufficient for that purpose, and in furtherance of this provision, but not in
limitation thereof, there is hereby levied on all the taxable property in the City the following
direct annual tax for collection in each of the following fiscal years, to-wit:
For collection in the fiscal year beginning July 1, 2007,
sufficient to produce the net annual sum of$4,1 o, t
For collection in the fiscal year beginning July 1, 2008,
sufficient to produce the net annual sum of$ 191
For collection in the fiscal year beginning July 1, 2009,
sufficient to produce the net annual sum of$ doq Y 75.
For collection in the fiscal year beginning July 1, 2010,
sufficient to produce the net annual sum of$ tom , oa
Section 9. A certified copy of this resolution shall be filed with the County Auditor
of Limn County, and the County Auditor is hereby instructed to enter for collection and assess the
tax hereby authorized. When annually entering such taxes for collection, the County Auditor
,shall include the same as a part: of the tax levy for Debt Service Fund purposes of the City and
when collected, the proceeds of the taxes shall be converted into the Debt Service Fund of the
City and set aside therein as a special account to be used solely and only for the payment of the
principal of and interest on the Notes hereby authorized and for no other purpose whatsoever.
Any amount received by the City as accrued interest on the Notes shall be deposited into such
special account and used to pay interest due on the Notes on the first interest payment date.
Section 10. The interest or principal and both of them falling due in any year or years
shall, if necessary, be paid promptly from current funds on hand in advance of taxes levied and
when the taxes shall have been collected, reimbursement shall be made to such current funds in
the sum thus advanced.
The City hereby pledges the faith, credit, revenues and resources and all of the real and
personal property of the City for the full and prompt payment of the principal of and interest on
the Notes.
Section 11. It is the intention of the City that interest on the Notes be and remain
excluded from gross income for federal income tax purposes pursuant to the appropriate
provisions of the Internal Revenue Cade of 1986, as amended, and the Treasury Regulations in
effect with respect thereto (ally of the foregoing herein referred to as the "Internal Revenue
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DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA
Fairfax/419915-9/2"A Erg/Sale/[ss
Code'). In fin therance thereof, the City covenants to comply with the provisions of the Internal
Revenue Code as they may from time to time be in effect or amended and further covenants to
comply with the applicable future laws,regulations,published rulings and court decisions as may
be necessary to insure that the interest on the Notes will remain excluded from gross income for
federal income tax purposes. Any and all of the officers of the City are hereby authorized and.
directed to take any and all actions as may be necessary to comply with the covenants herein
contained.
The City hereby designates the Notes as "Qualified Tax Exempt Obligations" as that terra
is used in Section 265(b)(3)(B)of the Internal Revenue Code.
Section 12, Continuing Disclosure. The Securities and Exchange Commission (the
"SEC")has promulgated certain amendments to Rule 15c2-12 under the Securities Exchange Act
of 1934 (17 C.F.R. § 240.15c2-12) (the "Rule") that make it unlawful for an underwriter to
participate in the primary offering of municipal securities in a principal amount of$1,000,000 or
more unless, before submitting a bid or entering into a purchase contract for the bonds, it has
reasonably determined that the issuer or an obligated person has undertaken in writing for the
benefit of the bondholders to provide certain disclosure information to prescribed information.
repositories on a continuing basis or unless and to the extent the offering is exempt from the
requirements of the Rule.
The principal amount of the Notes is less than $1,000,000. The City hereby represents
that it has not issued within the six months before the date of issuance of the Notes, and that it
reasonably expects that it will not issue within six months after the date of issuance of the Notes,
other securities of the City of substantially the same security and providing financing for the
same general purpose or purposes as the Notes. Consequently, the City Council hereby finds
that the Rule is inapplicable to the Notes, because the aggregate principal amount of the Notes
and any other securities required to be integrated with the Nates under the Rule is less than
$1,000,000.
Section 13. All resolutions or parts thereof in conflict herewith are hereby repealed to
the extent of such conflict.
Passed and approved October 11, 2006.
Mayor
Attest;
City Clerk
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DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA
F,'airfa 419915-912"%Hrg/Sale/Iss
STATE OF IOWA
COUNTY OF LINN S S:
CITY OF FAIRFAX
I, the undersigned, City Clerk of the aforementioned City, do hereby certify that as such
City Clerk I have in my possession or have access to the complete corporate records of the City
and of the City Council and officers and that I have carefully compared the transcript hereto
attached with the aforesaid corporate records and that the transcript hereto attached is a true,
correct and complete copy of all the corporate records showing the hearing on a certain Loan
Agreement referred to therein and the adoption of a resolution entitled, "Resolution authorizing
and approving a Loan Agreement and providing for the sale and issuance of$800,000 General
Obligation Land Acquisition Notes, Series 2006, and providing for the levy of taxes to pay the
same," and that the transcript hereto attached contains a true, correct and complete statement of
all the measures adopted and proceedings, acts and things had done and performed up to the
present time with respect thereto.
I further certify that no appeal has been taken to the District Court from the decision of
the City Council to enter into the Loan Agreement, to issue the Notes or to levy taxes to pay the
principal of and interest on the Notes.
WITNESS MY HAND and the seal of the City hereto affixed this day of
October, 2006.
C1 y er
('Seal)
(Attach here a copy of the bid of the successful bidder.)
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DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA
QCT-11-1010 10c06AM FROM-Bankers' Bank (Investments coli 829 5589 T-306 P-001/0011 F-39A
O"ICLAL RID FORK
City afFairfix Ontober 11,2006
PO 13tx337,525 Vanderbilt St .peer FMancial, Inc.
Fail,1A 52228-0337 Phone (319) 291-2077
Fax(319) 291-8628
Members of the City Cou=il:
Fox the$$00,000 Csneral Oblipdon Urban Renewal Land Acquisitim Notes(Tax Exemp't),Sedes 2006(the'Notes'')
oftbg City of paitfay,Lhm County,l owa�, ((the`Ut Vo as described inihe at exedPrelimimy Term Sheer,which is expressly
made a part her=o we will Pay you 9 Dq L (no less than$792,000)plus accrued interest from October 1.5,
2006 to the date of delivery. TheNowsmv to bear interest at the following mp=tive rates(each rate a multiple of 1/8 or 11100
of I91'u)for Notes of each designated maturky.
MATURITIES-JUNE I
IAtst Interest
Rnta (tate
$190,000..........2008 3. 1) S205,000..........2010 11311 0 m
$195,000.........2009_1=7_5DA
'fie 10,000..........2011 �,$
The Nates are to be mamted anddelitr=6 to us-M accordance with the terms of this hid accompanied by the approving legal
opinion ofDorsey&WhhneyLLP,Des es,lawn. The City isto pay forth*legal vgiaiaa. The Purchaser agroes W apply for CUSIF
uumbm and,spay the fee charged by the CUS7 Service Bureau.
U} Fair` � 54- -e ,.Saar jn�x &"K Pu
Name a, eS [in Direct Tclap lune No_ U :29—
By
2I—Sy FaxN=bcr
Address �? i Po I►�F she
City Aq ad i Email Addr
5tatrlmp W I '7 t r?
The foregab*bid was aaceptad=d the 9800,000 Crerterai Obllg4don Urban R=ewal Land Acgwslrion Notes(Tact Exempt),
Series 2006,sold by resolution of the City ofFafifm Town,on October 11,2006.,
CITY OF FAIRFFAX
A T: 1 LINN COUNTY,IOWA
City Clerk Muycar
NOT PART OF'aM EI1]---�—
C.trlauladdta atrue trrterast'cps
Grass Intcreet � " ' ���/• ��
L=Prevolua I"Discount: $ 2. &/00, o
True Intim C=
True Lamm!Raw
TOTAL,BOND YEARS 2.537.22
AVEMORUM 3.172 yCars
Fairfax/419915-9/2n, Hrg/Sale/Iss
STATE OF IOWA
SS:
COUNTY OF LINN
I, the undersigned, County Auditor of the aforementioned County, in the State of Iowa,
do hereby certify that on the day of October, 2006, the City Clerk of the City of Fairfax
filed in my office a certified copy of a resolution of such City shown to have been adopted by the
City Council and approved by the Mayor thereof on October 11, 2006, entitled: "Resolution
authorizing and approving a Loan Agreement and providing for the sale and issuance of
$800,000 General Obligation Land Acquisition Notes, Series 2006, and providing for the levy of
taxes to pay the same," and that I have duly placed the copy of the resolution on file in nay
records.
I further certify that the taxes provided for in that resolution will in due time, manner and
season be entered on the State and County tax lists of this County for collection in the fiscal year
beginning July 1, 2007, and subsequent years as provided in the resolution.
WITNESS MY HAND and the seal of the County hereto affixed this day of
October, 2006.
ounty Au itor
alp
(Seal)
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DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA
P',ar'rfax/419915-9/Re&A-Bankers
PAYING AGENT AND
REGISTRAR AND TRANSFER AGENT AGREEMENT
This Agreement is entered into the date hereof between BANKERS TRUST
COMPANY, N.A., Des Moines, Iowa(the "Agent") and the CITY OF FAIRFAX, IOWA (the
"'Issuer').
1. Definition of Terms—The terms "Item," "receipt," "transfer," ..turnaround,"
"`process," "business day," and other terms used throughout this Agreement shall be deemed to
have the meanings provided in the regulations promulgated pursuant to the Securities Exchange
Act of 1934 and the Code of Iowa as amended and in effect from time to time.
2. Issuance Resolution Incorporated By Reference—The Agent agrees to act on
behalf of the Issuer pursuant to the terms of this Agreement and pursuant to the Issuer's
resolution (the "Resolution") authorizing and.providing for the issuance of $800,000 General
Obligation Urban Renewal Land Acquisition Notes, Series 2006, dated October 15, 2006 (the
""Notes"). The Resolution and the terms thereof are hereby incorporated by reference and the
provisions of this Agreement are to be construed to be consistent with the Resolution. In the
event of inconsistent language between the Resolution and this Agreement, the terms of the
Resolution shall prevail.
3. Registrar Function—The Agent shall maintain records of the identity of the
owners of the Notes in order to carry out its function as Registrar and upon request of the Issuer
shall from time to time deliver, to the Issuer records, documents and other writings made or
accumulated in the performance of its duties as Registrar. In such capacity the Agent is
authorized at any time to register for original issue certificates representing the Notes and not
exceeding the total principal amount of the Notes ("certificates') and upon surrender for
cancellation of certificates to register new certificates for the principal amount of Notes
represented by the certificates so cancelled and to redeliver such new certificates.
4. Transfer Agent Function/Charges—For the purpose of the original issue of
certificates the Agent is hereby directed to record and authenticate certificates signed by or
bearing the facsimile signatures of the officers of the Issuer authorized to sign certificates in such
names and in such amounts as the Issuer may direct.
The Agent shall make transfers from time to time upon the records of the Issuer of any
outstanding certificates and of certificates issued in exchange therefor signed by the officers of
the Issuer upon surrender thereof for transfer properly endorsed and upon reasonable assurance
that such endorsements are genuine and effective in accordance with Section 554.8401, Code of
Iowa. Signature guarantee must be provided in accordance with the prevailing standards and
procedures of the Registrar and Transfer Agent. Such standards and procedures may require
signatures to be guaranteed by certain eligible guarantor institutions that participate in 'a
recognized signature guarantee program.
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DORSEY ,WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA
E'airfax/419915-9/Re0A-Bankers
The Issuer and the Agent may also require payment by the person requesting an exchange
or transfer of the certificates of 'a service charge and a sum sufficient to cover any tax, fee or
other governmental charge that may be imposed in relation thereto, except in the case of the
issuance of a certificate for the unredeemed portion of a certificate surrendered for redemption.
Upon request for cancellation of such certificates the Agent shall record and authenticate
new certificates duly signed and deliver such certificates to or upon the order of the person
entitled thereto.
Certified specimen signatures of the officers of the Issuer and certified specimen
certificates in the form duly approved by the Issuer shall be lodged with the Agent and upon
request of the Agent the Issuer will deliver to the Agent a sufficient supply of certificates in the
form approved.
5. Paying Agent Function—The Agent is hereby authorized and shall mare
payments of principal and interest to the registered owners of the Notes as follows:
(a) At least one business day prior to each payment date the Issuer will
deposit with the Agent in immediately available funds such amount as is required to
make such payment.
(b) One business day before each payment date the Agent will pay interest
and, upon presentation and surrender of the matured or called Note, will pay principal to
each registered owner of the Notes as of the record date by mailing a check to each such
owner. In any case where the date of maturity of interest on or principal of the Note or
the date fixed for redemption of any Note shall be a Sunday or a legal holiday or a day on
which banking institutions are authorized by law to close, then payment of interest or
principal may be made on the succeeding business day with the same force and effect as
if made on the date of maturity or the day fixed for redemption. Provided, however,that
payment of principal shall be made not later than the 'second day after receipt of the
matured Note.
(c) When the Agent shall receive notice from the Issuer of its option to
redeem Notes prior to maturity, the Agent shall select the Notes to be redeemed and give
notice of the redemption thereof, all in accordance with the terms of the Notes and the
Resolution.
6. Form of Records—The records of the Agent shall be in such form as to be in
compliance with standards issued from time to time by the Municipal Securities Rule Making
Board of the United States and any other securities industries standard and the requirements of
the Internal Revenue Code of 19,86 and Chapter 76 of the Code'of Iowa.
7. Confidentiality of Records—The Agent's records in connection with the Notes
shall remain confidential records entitled to protection and confidentiality pursuant to
Section 22.7, Code of Iowa. The Agent agrees that its use of the records will be limited to the
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DORSSE''m'"&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA
Faaeffax/419915-9/RcOA-Bankers
purposes of this Agreement and that the Agent will make no private use or permit any private
access thereto.
8. Reliance Upon Certain Certifications and Representations—The Agent may
rely conclusively and act, without further investigation, upon any list, instruction, certification,
authorization, certificate, or other instrument or paper suitably guaranteed and believed by it in
good faith and due diligence in performing its functions to be genuine and to have been signed,
countersigned, or executed by a duly authorized person or persons or upon the instruction of any
authorized officer of the Issuer or upon the advice of the Issuer"s counsel; and may register any
certificate representing the Notes or may refuse to register any such certificate if in good faith the
Agent deems such refusal necessary in order to avoid any liability on the part of either the Issuer
or the Agent, and the Issuer agrees to indemnify and hold harmless the Agent from and against
any and all losses, costs, claims, and liability for so relying or acting or refusing to act.
9. Rules and Regulations Governing Registration-The Agent shall comply at all
times with such rules, regulation's and requirements as may govern the registration, transfer and
payment of registered Notes including without limitation Chapter 76 and Sections 5 54.8 101 et
seq., Code of Iowa, and standards issued from time to time by the Municipal Securities Rule
Making Board of the United States and any other securities industries standard and the
requirements of the Internal Revenue Code of 1986.
10. Signature of facers—In case any of the officers of the Issuer whose manual or
facsimile signature appears on any certificate, Note or other record delivered to the Agent shall
cease to be such officer prior to the registration, processing, or transfer thereof, the Agent may
nevertheless process such docunnents as though the person signing the same or whose facsimile
signature appears thereon had not ceased to be such officer unless written instruction of the
Issuer to the contrary is received,
11. Record Date—For purposes of determining the registered owners of the Notes the
record date shall be deemed to be the fifteenth day of the month preceding the date on which
payment of principal, premium, if any, or interest is payable to the registered owners of the
Notes ("Payment Date") whether such payment is due to optional redemption, operation of a
sinking fund, or for any other reason,
12. Three Days Turnaround—The Agent agrees that it will turnaround within three
business days of receipt all items received in proper form for transfer, process or other action
pursuant to the terms of this Agreement,
13. Destruction of Cancelled Notes—The Agent will promptly cancel and destroyall
Notes or certificates representing the Notes which have been spoiled, surrendered to it for
transfer, or with respect to which principal, premium, if any, .and interest owing on such Notes
has been paid, and will provide the Issuer with a Certificate of Destruction certifying as to the
destruction of such cancelled Notes.
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DORSEY&WHrfNEY LLP,ATTORNEYS,DES MOINES,IOWA
P'airfax1419915-9/ReOA-Bankers
14. Payment of Unclaimed Amounts—In the event any payment check representing
payment of interest or principal on the Notes is returned to the Agent or is not presented for
payment or if any Note is not presented for payment of principal or premium at the maturity or
redemption date, if funds sufficient to pay such interest or principal shall have been made
available to the Agent for the benefit of the owner thereof, all liability of the Issuer to the owner
thereof for such interest or principal payment of such Notes shall forthwith cease, terminate and
be completely discharged, and thereupon it shall be the duty of the Agent to hold such funds,
without liability for interest thereon, for the benefit of the owner of such Notes who shall
thereafter be restricted exclusively to such funds for any claim of whatever nature on its part
under the Resolution or on, or with respect to, such interest or principal. The Agent's obligation
to hold such finds shall continue for a period equal to six months following the date on which
such interest or principal became due, whether at maturity, or at the date fixed for redemption
thereof, or otherwise, at which time the Agent shall surrender any remaining funds so held to the
Issuer, whereupon any claim under the Resolution by the owners of Notes of whatever nature
shall be made upon the Issuer.
15. No Obligation to Invest—The, Agent will have no obligation to invest any funds
in its possession.
16. Compensation of the Agent—The Issuer will pay the Agent reasonable
compensation for its services based upon the schedule of fees attached or such other schedule .of
fees as may be agreed upon from time to time between the Agent and the Issuer. The Agent's
compensation may include the amount of any attorney fees incurred by it under Section 17
hereof.
17. Bond Counsel—When the Agent deems it necessary or reasonable it may apply to
Bernd Counsel for the Issuer or such other law firm or attorney approved by the Issuer for
instructions or advice.
1$. Termination of Agreement—This Agreement may be terminated by either party
by giving the other party at least 90 days advance written notice. At termination of the
Agreement, the Agent shall deliver to the Issuer any and all records, documents or other writings
made or accumulated in the performance of its duties under this Agreement and shall refund the
unearned balance,if any, of fees paid in advance by the Issuer.
19. Examination of Records—The Issuer or its duly authorized agents may examine
all records relating to the Notes at the principal office of the Agent at reasonable times as agreed
upon with the Agent and such records shall be subject to audit from time to time at the request of
the Issuer or the Agent. The Agent, on request, will furnish the Issuer with a list of the names,
addresses, and other information concerning the owners of the Notes or any of them.
20. Obligations, Rights and Privileges of the Agent—The Agent shall have, with
regard to the particular functions it performs, the same obligation to the owner or owners of the
Notes and shall have the same rights and privileges the Issuer has in regard to those functions.
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DORSEY&WHITNEY LLP,ATTORNEYS,DES MOVES,IOWA
EalrfW419915-9/ReOA-Bankers
Dated as of October 15, 2006.
CITY OF FAIRFAX, IOWA
By
ayar
.Attest:
City Clerk
(Seal)
BANKERS TRUST COMPANY,N.A.
AGENT
By
Trust Officer
(Seal)
UUARAJ%flE D:111'
.•' 'flit.r r
C.S
r4
�4Ut r3.b`r F ALILPaM G'R067( RAMi"'
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DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA
BANKERS TRUST COMPANY
PAYING AGENT,BOND REGISTRAR AND TRANSFER AGENT FEE SCHEDULE
(BOOK ENTRY)
INITIAL FEE
100.00 (Minimum initial fee)
ANNUAL FEES
$400.00 (Minimum annual fee) Effective July 1, 2004
ADDITIONAL SERVICES
Reasonable charges will be made for additional services or reports not contemplated at the time
of execution of the Agreement or not covered specifically elsewhere in this schedule, such as
preparation of bondholder lists or government reports or termination of our services prior to the
issue's final maturity. Charges will be based on our analysis of the cost of providing the
additional services.
OUT-OF-POCKET EXPENSES
Extraordinary out-of-pocket expenses will be charged at cost. However, this does not include
ordinary out-of-pocket expenses such as normal postage and supplies, which are included in the
annual fees quoted above.
CHANGES IN FEE SCHEDULE
Bankers Trust reserves the right to renegotiate this fee schedule,
BANKERS TRUST
Trust Division
(515)245-5269
(800) 362-1688 in Iowa
Faprfaxf419915-8/2"1A Hrgf lss—Sewer Rev.
MINUTES OF MEETING AMENDING
RESOLUTION NO. 2006-67
AUTHORIZING A LOAN AND
DISBURSEMENT AGREEMENT AND
.H PROVIDING FOR THE ISSUANCE OF
O , SEWER REVENUE BONDS
419915-8
Fairfax,Iowa
October I ,2006
A meeting of theC' F ounci f Fairfax,.Iowa, was held on October 11, 2006, at
o'clockn m. at the ' , Fairfax, Iowa.
The meeting was called to order by the Mayor, and the roll was called showing the
following Council embers present and absent: `
P r e s e t:
Absent:
After due consideration and discussion, Council Member
in ced the f flowing resolution and moved its adoption, seconded by Council Member
The Mayor put the question upon the adoption of said resolution,
a e roll being called, the following.Council Members voted:
Ay
Nays: /
Whereupon, the Mayor declared the resolution duly adopted as hereinafter set out.
At the conclusion of the meeting, and upon motion and vote,the Council adjourned.
C
Mayor
Att t:
City Clerk
DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA
Fairfax/419915-0"V ftllss--Sewer Rev.
RESOLUTION NO. r ° '-
Resolution Amending Resolution No. 2006-67 authorizing and approving a
Sewer Revenue Loan and Disbursement Agreement and providing for the
issuance and securing the payment of$2,400,000 Sewer Revenue Bonds
WHEREAS, the City of Fairfax (the "City"), in the County of Linn, State of Iowa,
did heretofore establish a Municipal Sanitary Sewer System in and for the City
(hereinafter referred to as the '""Utility") which has continuously supplied sanitary sewer
service in and to the City and its inhabitants since its establishment; and
WHEREAS, the management and control of the Utility are vested in the Council,
and no board of trustees exists for this purpose; and
WHEREAS, the City has heretofore proposed to contract indebtedness and enter
into a certain Sewer Revenue Loan and Disbursement Agreement in a principal amount.
not to exceed $2,400,000 (the "Agreement") to provide funds to pay a portion of the cost of
constructing improvements and extensions to the Utility (the'"'Project"), and has published
notice of the proposed action and has held a hearing thereon;
WHEREAS, on September 12, 2006, the City Council adopted Resolution No. 2006-
67 which approved and authorized the Agreement and provided for the issuance and
secured the payment of$2,4001,000 Sewer Revenue Bonds(the `Bonds"); and
WHEREAS, it is now necessary to amend Resolution No. 2006-67 to reflect changes
of the principal and interest payment dates of the Bonds;
NOW, THEREFORE, ]Be It Resolved by the City Council of the City of Fairfax,
Iowa, as follows:
Section A. Resolution No. 2006-67 is hereby amended to read as follows:
Section 1. It is hereby determined that the City shall enter into the Agreement with
the Iowa Finance Authority, an .agency and public instrumentality of the State of Iowa, as lender
(the "Lender"), the Iowa Department of Natural Resources (the "Department") and Wells Fargo
]Flank, National Association, as trustee [the "Trustee" shall mean Wells Fargo Bank, National
Association, with its principal office located in the City of Des Moines, Iowa, and its successors
and any corporation resulting fn:om or surviving any consolidation or merger to which it or its
successors may be a party and any successor trustee at the time serving as successor trustee
under the Master Trust Agreement dated as of December 1, 2001, between the Trustee and the
Lender as the same may be supplemented or amended from time to time (the "Master Trust
Agreement")]. The Agreement shall be in substantially the form as has been placed on file with
the City and shall provide for a loan to the City in the amount of$2,400,000, for the purpose as
set forth in the preamble hereof,
The Mayor and City Clerk are authorized and directed to sign the Agreement on behalf of
the City, and the Agreement is hereby approved.
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DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA
FairlaxA 19915-8/2"d Yz HrgAss—Sewer Rev,
Section 2. Sewer Revenue Bonds (the "Bonds") are hereby authorized to be issued in
evidence of the obligation of the City under the Agreement, in the total aggregate principal
amount of$2,400,000, to be dated the date of delivery to or upon the direction of the Lender, and
bearing interest from the date of each advancement made at the rate of 3.0%per annum pursuant
to the Agreement, until payment thereof, as set forth in Exhibit B attached to the Agreement.
The Bonds may be in the denomination of$1,000 each or any integral multiple thereof
and, at the request of the Lender, shall be initially issued as a single Bond in the denomination of
$2.,400,000 and numbered R-1.
The City Clerk is hereby designated as the Registrar and Paying Agent for the Bonds and.
may be hereinafter referred to as the"Registrar" or the"Paying Agent".
Payment of the principal of and interest on the Bonds and premium, if any, shall be
payable at the office of the Paying Agent by mailing of a check, wire transfer or automated
Clearinghouse System transfer, to the registered owners thereof appearing on the registration
books of the City at the addresses shown on such registration books. All such payments, except
full redemption, shall be made to the registered owners appearing on the registration books at the
close of business on the fifteenth day of the month next preceding the payment date. Final
payment of principal shall only be made upon surrender of the Bond or Bonds to the Paying
Agent.
In addition to the payment of principal of and interest on the Bonds, the City also agrees
to pay the Initiation Fee and the Servicing Fee (defined in the Agreement) in accordance with the
terms of the Agreement.
The Bonds shall be executed on behalf of the City with the official manual or facsimile
signature of the Mayor and attested with the official manual or facsimile signature of the City
Clerk, and shall be fully registered bonds without interest coupons. The issuance of the Bonds
and the amount of the Loan advanced thereunder shall be recorded in the office of the City
Treasurer, and the certificate on the back of each Bond shall be executed with the official manual
or facsimile signature of the City Treasurer. In case any officer whose signature or the facsimile
of whose signature appears on the Bonds shall cease to be such officer before the delivery of
such Bonds, such signature or such facsimile signature shall nevertheless be valid and sufficient
for all purposes, the same as if such officer had remained in office until delivery.
The Bonds shall be fully registered as to principal and interest in the names of the owners
on the registration books of the City kept by the Registrar. Each Bond shall be transferable
without cost to the registered owner thereof only upon the registration books of the City upon
presentation to the Registrar, together with either a written instrument of transfer satisfactory to
the Registrar or the assignment form thereon completed and duly executed by the registered
owner or the duly authorized attorney for such registered owner.
The record and identity of the owners of the Bonds shall be kept confidential as provided
by Section 22.7 of the Code of lowa.
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DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA
Fafifax1419915-8/2°d'/2 HrOs—Sewer Rev.
The Bonds are subject to optional redemption by the City at a price of par plus accrued
interest (1) on any interest payment date after the ten (10) year anniversary date of the
Agreement, or (ii)in the event that all or substantially all of the Project is damaged or destroyed.
Any optional redemption of the Bonds by the City may be made from any funds regardless of
source, in whole or from time to time in part, in inverse order of maturity upon not less than
thirty(30) days notice of redemption by certified or registered mail to the Iowa Finance
Authority (or any other registered owner of the Bonds). The Bonds are also subject to
mandatory redemption as set forth in Section 5 of the Agreement.
All of the Bonds and the interest thereon, together with any additional obligations as may
be hereafter issued and outstanding from time to time ranking on a parity therewith under the
conditions set forth herein (which additional obligations are hereinafter sometimes referred to as
"'Parity Obligations"), shall be payable solely from the Net Revenues of the Utility and the
Sinking Fund hereinafter referred to, both of which are herebypledged to the payment of the
Bonds. The Bonds shall be a valid claim of the owners thereof only against said Net Revenues
and Sinking Fund. None of the Bonds shall be a general obligation of the City, nor payable in
any manner by taxation, and under no circumstances shall the City or the Utility be in any
manner liable by reason of the failure of the Net Revenues of the Utility to be sufficient for the
payment in whole or in part of the Bonds and the interest thereon.
Section 3. The Bonds shall be executed as herein provided as soon after the adoption
of this resolution as may be possible and thereupon they shall be delivered to the Registrar for
registration and delivery to the Lender, upon receipt of the loan proceeds, and all action
heretofore taken in connection with the Agreement is hereby ratified and confirmed in all
respects.
Section 4. The Bonds shall be in substantially the following form:
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DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA
Fairfax/419915-8/2nd Y2 Hrg/Iss—Sewer Rev.
(Form of Bond)
UNITED STATES OF AMERICA
STATE OF IOWA
COUNTY OF LIMN CITY OF FAIRFAX
SEWER REVENUE BOND, SERIES 2006
No. R-1 $2,400,000
RATE MATURITY BOND DATE
3.0% June 1, 2027 , 2006
The City of Fairfax (the "City"), in the County of Linn, State of Iowa, for value received,
promises to pay from the source and as hereinafter provided, to the
IOWA FINANCE AUTHORITY
or registered assigns, the principal sum of
TWO MILLION FOUR HUNDRED THOUSAND DOLLARS.
Interest at the rate specified above shall be payable semiannually on June 1 and
December 1 of each year, commencing December 1, 2006, and principal shall be due and
payable in installments in the amounts shown on the Principal Payment Schedule hereon on June
1, 2008, and annually thereafter on June 1 in each year until the principal and interest are fully
paid, except that the final installments of the entire balance of principal and interest, if not sooner
paid, shall become due and payable on June 1, 2027, Interest shall be computed on the basis of a
360-day year of twelve 30-day months.
The City Clerk shall act as Registrar and Paying Agent and may be hereinafter referred to
as the"Registrar" or the "Paying Agent".
Payment of the principal of and interest on this Bond and premium, if any, shall be
payable at the office of the Paying Agent by mailing of a check, wire transfer or automated
Clearinghouse System transfer; to the registered owners thereof appearing on the registration
books of the City at the addresses shown,on such registration books. All such payments, except
full redemption, shall be made to the registered owners appearing on the registration books at the
close of business on the fifteenth day of the month next preceding the payment date. Final
payment of principal shall only be made upon surrender of this Bond to the Paying Agent.
This Bond is one of a series of bonds (the `Bonds") issued by the City to evidence its
obligation under a certain Loan and Disbursement Agreement, dated the date hereof (the
"Agreement") entered into by the City for the purpose of providing funds to pay a portion of the
cost of constructing improvements and extensions to the Municipal Sanitary System of the City
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DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA
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(the "Project"). The Bonds are issued pursuant to and in strict compliance with the provisions of
Sections 384.24A and 384.83 of the Code of Iowa, 2005, and all other laws amendatory thereof
and supplemental thereto, and in conformity with a resolution of the City Council authorizing
and approving the Agreement and providing for the issuance and securing the payment of the
Bonds (the "Resolution"), and reference is hereby made to the Resolution and the Agreement for
a more complete statement as to the source of payment of the Bonds and the rights of the owners
of the Bonds.
The Bonds are subject to optional redemption by the City at a price of par plus accrued
interest (i) on any interest payment date after the ten(10) year anniversary date of the
Agreement, or (ii)in the event that all or substantially all of the Project is damaged or destroyed.
Any optional redemption of the Bonds by the City may be made from any funds regardless of
source, in whole or from time to time in part, in inverse order of maturity upon not less than.
thirty(30) days notice of redemption by certified or registered mail to the Iowa Finance
Authority (or any other registered owner of the Bonds). The Bonds are also subject to
mandatory redemption as set forth in Section 5 of the Agreement.
The Bonds are not general obligations of the City but, together with any additional
obligations as may be hereafter issued and outstanding from time to time ranking on a parity
therewith under the conditions set forth in the Resolution, are payable solely and only out of the
future Net Revenues of the Municipal Sanitary Sewer System of the City, a sufficient portion of
which has been ordered set aside and pledged for that purpose, This Bond is not payable in any
manner by taxation, and under no circumstances shall the City be in any manner liable by reason
of the failure of the said Net Revenues to be sufficient for the payment of this Bond and the
interest thereon.
This Bond is fully negotiable but shall be fully registered as to both principal and interest
in the name of the owner on the books of the City in the office of the Registrar, after which no
transfer shall be valid unless made on said books and then only upon presentation of this Bond to
the Registrar, together with either a written instrument of transfer satisfactory to the Registrar or
the assignment form hereon completed and duly executed by the registered owner or the duly
authorized attorney for such registered owner.
The City, the Registrar and the Paying Agent may deem and treat the registered owner
hereof as the absolute owner for the purpose of receiving payment of or on account of principal
hereof, premium, if any, and interest due hereon and for all other purposes, and the City, the
Registrar and the Paying Agent shall not be affected by any notice to the contrary.
And It Is Hereby Certified, Recited and Declared that all accts, conditions and things
required to exist, happen and be performed precedent to and in the issuance of the Bonds have
existed, have happened and have been performed in due time, form and manner, as required by
law, and that the issuance of the Bonds does not exceed or violate any constitutional or statutory
limitation or provision.
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DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA
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IN TESTIMONY WHEREOF, the City of Fairfax, Iowa, has caused this Bond to be
executed by its Mayor and attested by its City Clerk, all the day of ,
2006.
CITY OF F'AIRFAX, IOWA
By(Signature)
Mayor
Attest;
Si iature
City Clerk
(On the back of each Bond the following certificate shall be executed with the duly
authorized signature of the City Treasurer)
STATE OF IOWA
COUNTY OF LINN SS: CITY TREASURER'S CERTIFICATE
CITY OF FAIRFAX
The original issuance of the Bonds, of which this Bond is a part, was duly and properly
recorded in my office as of , 2006.
(Signature)
City Treasurer
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DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA
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ABBREVIATIONS
The following abbreviations, when used in this Bond, shall be construed as though they
were written out in full according to applicable laws or regulations:
TEN COM - as tenants in common UTMA
TEN ENT - as tenants by the entireties (Custodian)
JT TEN - as joint tenants with right of As Custodian for
survivorship and not as (Minor)
tenants in common under Uniform Transfers to Minors Act
(State)
Additional abbreviations may also be used though not in the list above.
ASSIGNMENT
For valuable consideration, receipt of which is hereby acknowledged, the undersigned
assigns this Bond to
(Please print or type name and address of Assignee)
PLEASE INSERT SOCIAL SECURITY OR OTHER
IDENTIFYING NUMBER OF ASSIGNEE
and does hereby irrevocably appoint , Attorney, to transfer
this Bond on the books kept for registration thereof with full power of substitution.
Dated:
Signature guaranteed:
NOTICE: The signature to this Assignment must
correspond with the name of the registered owner as
it appears on this Bond in every particular, without
alteration or enlargement or any change whatever.
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DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA
Fairfax/419915-V2" Hrg/lss—Sewer Rev.
PRINCIPAL PAYMENT SCHEDULE
Date Date
June 1 Amount June l Amount
2008 $5,000 2018 $141,000
2009 $5,000 2019 $145,000
2010 $5,000 2020 $150,000
2011 $5,000 2021 $154,000
2012 $118,000 2022 $159,000
2013 $1.22,000 2023 $163,000
2014 $125,000 2024 $168,000
2015 $ 129,000 2025 $173,000
2016 $133,000 2026 $179,000
2017 $137,000 2027 $184,000
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DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA
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Section 5. The loan proceeds, exclusive of any accrued interest and except as
provided below, shall be held by the Trustee and disbursed for costs of the Project, as referred to
iu-1 the preamble hereof.
Section 6. So long as any of the Bonds or any Parity Obligations are outstanding,the
City shall continue to maintain the Utility in good condition, and the Utility shall continue to be
operated in an efficient manner and at a reasonable cost as a revenue producing undertaking.
The City shall establish, impose,, adjust and provide for the collection of rates to be charged to
customers of the Utility, including the City, to produce gross revenues (hereinafter sometimes
referred to as the "Gross Revenues") at least sufficient to pay the expenses of operation and
maintenance of the Utility, which shall include salaries, wages, cost of maintenance and.
operation, materials, supplies, insurance and all other items normally included under recognized
accolanting practices (but does not include allowances for depreciation in the valuation of
physical property) (which such expenses are hereinafter sometimes referred to as the "Operating
Expenses") and to leave a balance of net revenues (herein referred to as the "Net Revenues''')
equal to at least 110% of the principal of and interest on all of the Bonds and any other Parity
Obligations due in such fiscal year, as the same become due.
Section 7. From and after the issuance of the Bonds, the Gross Revenues of the
Utility shall be set aside into a separate and special fund which is hereby established, to be
known and hereinafter referred to as the"Sewer Revenue Fund"'. The Sewer Revenue Fund shall
be used in maintaining and operating the Utility, and after payment of the Operating Expenses
,shall, to the extent hereinafter provided, be used to pay the principal of and interest on the Bonds
and any Parity Obligations, and to create and maintain the several separate funds hereinafter
established.
Section 8. There shall be and there is hereby created, and there shall be maintained,
an account to be known as the "Sewer Revenue Bond Sinking Fund" (herein referred to as the
"Sinking Fund"), into which there shall be set aside from the future Net Revenues of the Utility
such portion thereof as will be sufficient to pay the interest on and principal of all of the Bonds
and any Parity Obligations at any time outstanding as the same become due, and it is hereby
determined that the minimum amounts to be set aside into the Sinking Fund from the Net
Revenues during each month of each year shall be not less than as follows:
An amount equal to 116th of the installment of interest coming due on the next
interest payment date on the then outstanding Bonds and any Parity Obligations,
plus an amount equal to 1/12th of the installment of principal coming due on such
Bonds and any Parity Obligations on the next succeeding principal payment date
until the full amount of such installment is on deposit in the Sinking Fund.
Money in the Sinking Fund shall be used solely for the purpose of paying principal of and
interest on the Bonds and any Parity Obligations as the same shall become due and payable.
Whenever Parity Obligations are issued under the conditions and restrictions hereinafter set
forth, provisions shall be made for additional payments to be made into the Sinking Fund for the
purpose of paying the interest on.and principal of such Parity Obligations.
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If at any time there be a failure to pay into the Sinking Fund the full amount above
stipulated, then an amount equivalent to the deficiency shall be paid into the Sinking Fund from
the Net Revenues of the Utility as soon as available, and the same shall be in addition to the
amount otherwise required to be so set apart and paid into the Sinking Fund.
No further payments need be made into the Sinking Fund when and so long as the
amount therein is sufficient to retire all of the Bonds and any Party Obligations then outstanding
which are payable from the Sinking Fund and to pay all interest to become due thereon prior to
such retirement, or if provision for such payment has been made.
Section 9. All of such payments required to be made into the Sinking Fund shall be
made in equal monthly installments on the first day of each month, except that when the first day
of any month shall be a Sunday or legal holiday, then such payments shall be made on the neat
succeeding secular day.
Section 14. There shall be and there is hereby created a special fund to be known and
designated as the Surplus Fund into which there shall be set apart and paid all of the Net
Revenues remaining after first snaking the required payments into the Sinking Fund. All money
credited to the Surplus Fund shall be transferred and credited to the Sinking bund whenever
necessary to prevent or remedy a default in the payment of the principal of or interest on the
Bonds and any Parity Obligations.
As long as the Sinking Fund has the full amounts required to be deposited therein by this
resolution, any balance in the Suurplus Fund may be made available to the City as the Council, or
such other duly constituted body as may then be charged with the operation of the Utility, may
from time to time direct.
Section 11. All money held in any fund or account created or to be maintained under
the terms of this resolution shall be deposited in lawful depositories of the City or invested in
accordance with Chapters 12B and 12C of the Code of Iowa and continuously held and secured
as provided by the laws of the State of Iowa relating to the depositing, securing, holding and
investing of public funds. All interest received by the City as a result of investments under this
section shall be considered to constitute Gross Revenues of the Utility and shall be deposited in
or transferred to the Sewer Revenue Fund and used solely and only for the purposes specified
herein for such funds.
Section 12. The City hereby covenants and agrees with the owner or owners of the
Bonds and Parity Obligations, or any of them, that from time to time may be outstanding, that it
will faithfully and punctually perform all duties with reference to the Utility required and
provided by the Constitution and laws of the State of Iowa, that it will segregate the Gross
Revenues of the Utility and make application thereof in accordance with the provisions of this
resolution and that it will not sell, lease or in any manner dispose of the Utility or any pain
thereof, including any and all extensions and additions that may be made thereto, until all of the
Bonds and Parity Obligations shall have been paid in full, both principal and interest, or unless
and until provisions shall have been made for the payment of said Bonds and Parity Obligations
and interest thereon in full; provided, however, that the City may dispose of any property which
in the judgment of the Council, or the duly constituted body as may then be charged with the
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operation of the Utility, is no longer useful or profitable in the operation of the Utility nor
essential to the continued operation thereof and when the sale thereof will not operate to reduce
the revenues to be derived from the operation of the Utility.
Section 13. Upon a breach or default of a term of the Bonds or any Parity Obligations
and this resolution, a proceeding may be brought in law or in equity by suit, action or mandamus
to enforce and compel performance of the duties required under the terms of this resolution and.
Division V of Chapter 384 of the Code of Iowa or an action may be brought to obtain the
appointment of a receiver to take possession of and operate the Utility and to perform the duties
required by this resolution and Division V of Chapter 384 of the Code of Iowa.
Section 14. The Bonds or any Parity Obligations shall not be entitled to priority or
preference one over the other in the application of the Net Revenues of the Utility regardless of
the time or times of the issuance of such Bonds or Parity Obligations, it being the intention of the
City that there shall be no priority among the Bonds or Parity Obligations, regardless of the fact
that they may have been actually issued and delivered at different times. The City hereby
reserves the right and privilege of issuing additional obligations from time to time payable from
the Net Revenues of the Utility and ranking on a parity with the Bonds (herein referred to as
"Parity Obligations").
Section 15. The City agrees that so long as the Bonds or any Parity Obligations remain
outstanding, it will maintain insurance for the benefit of the owners of the Bonds and any Parity
Obligations on the insurable portions of the Utility of a kind and in an amount which usually
would be carried by private companies or municipalities engaged in a similar type of business.
The proceeds of any insurance, except public liability insurance, shall be used to repair or
replace the part or parts of the Utility damaged or destroyed. The City will keep proper books of
record and account, separate from all other records and accounts, showing the complete and
,correct entries of all transactions relating to the Utility, and the owners of the Bonds or any
Parity Obligations shall have the right at all reasonable times to inspect the Utility and all
records, accounts and data of the City relating thereto.
Section 16. The provisions of this resolution shall constitute a contract between the
City and the owners of the Bonds and Parity Obligations as may from time to time be
outstanding, and after the issuance of the Bonds, no change, variation or alteration of any kind of
the provisions of this resolution shall be made which will adversely affect the owners of the
Bonds or Parity Obligations until all of the Bonds and Parity Obligations and the interest thereon
shall have been paid in full, except as hereinafter provided.
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DORSEY&WIHTNEY LLP,ATTORNEYS,DES MOINES,IOWA
Fairfaxf4199B-812"d'/HTg/[ss—Sewer Rev.
The owners of a majority in principal amount of the Bonds and Parity Obligations at any
time outstanding (not including in any case any obligations which may then be held or owned by
or for the account of the City, but including such obligations as may be issued for the purpose of
refunding any of the Bonds or Purity Obligations if such obligations shall not then be owned by
the City) shall have the right from time to time to consent to and approve the adoption by the
City of a resolution or resolutions modifying or amending .any of the terms or provisions
contained in this resolution; provided, however, that this resolution may not be so modified or
amended in such manner as to;
(a) Make any change in the maturity or redemption terms of the Bonds or
Parity Obligations.
(b) Make any change in the rate of interest borne by any of the Bonds or
Parity Obligations.
(c) Reduce the amount of the principal payable on any Bonds or Parity
Obligations.
(d) Modify the terms of payment of principal of or interest on the Bonds or
Parity Obligations, or any of them, or impose any conditions with respect to such
payment.
(e) Affect the rights of the owners of less than all of the Bonds or Parity
Obligations then outstanding.
(f) Reduce the percentage of the principal amount of the Bonds or Parity
Obligations, the consent of the owners of which shall be required to effect a further
modification.
Whenever the City shall propose to amend or modify this resolution under the provisions
of this section, it shall cause notice of the proposed amendment to be (1) filed with the Lender
and (2) mailed by certified mail to each registered owner of any Bond or Parity Obligation as
shown by the records of the Registrar. Such notice shall set forth the nature of the proposed
amendment and shall state that a copy of the proposed amendatory resolution is on file in the
office of the City Clerk.
Whenever at any time within one year from the date of the mailing of said notice, there
shall be filed with the City Clerk an instrument or instruments executed by the owners of at least
a majority in aggregate principal amount of the Bonds and Parity Obligations outstanding at the
time of the adoption of such amendatory resolution specifically consenting to the adoption
thereof as herein provided, no owner of any Bonds or Parity Obligations shall have any right or
interest to object to the adoption of such amendatory resolution or to object to any of the terms or
provisions therein contained or to the operation thereof or to enjoin or restrain the City from
talking any action pursuant to the provisions thereof.
Any consent given by the owners of a Bond or Parity Obligation pursuant to the
provisions of this section shall be irrevocable for a period of six (6) months from the date of such
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DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA
Fatrfaxl419915-812""%IlrglIss—Sewer Rev.
consent and shall be conclusive and binding upon all future owners of the same Bond or Parity
Obligation during such period. Such consent may be revoked at any time after six (6) months
from the date of such consent by the owner who gave such consent or by a successor in title,but
such revocation shall not be effective if the owners of a majority in aggregate principal amount
of the Bonds and Parity Obligations outstanding as in this section defined shall have, prior to the
attempted revocation, consented to and approved the amendatory resolution referred to in such
revocation.
The fact and date of the execution of any instrument under the provisions of this section
may be proved by the certificate of any officer in any jurisdiction, who by the laws thereof is
authorized to take acknowledgments of deeds within such jurisdiction, that the persons signing
such instrument acknowledged before such officer the execution thereof, or may be proved by an
affidavit of a witness to such execution sworn to before such officer.
Section 17. It is the intention of the City that interest on the Bonds be and remain
excluded from gross income for federal income tax purposes pursuant to the appropriate
provisions of the Internal Revenue Code of 1956, as amended, and the Treasury Regulations in
effect with respect thereto (all of the foregoing herein referred to as the "Internal Revenue
Code"). In furtherance thereof the City covenants to comply with the provisions of the Internal
Revenue Code as they may from time to time be in effect or amended and further covenants to
comply with applicable future laws, regulations, published rulings and court decisions as may be
necessary to insure that the interest on the Bonds will remain excluded from gross income for
federal income tax purposes. Any and all of the officers of the City are hereby authorized and
directed to take any and all actions as may be necessary to comply with the covenants herein
contained.
The City hereby designates the Bonds as "Qualified Tax Exempt Obligations" as Haat
term is used in Section 265(b)(2)(B) of the Internal Revenue Code,
Section 1S. If any section, paragraph, clause or provision of this resolution shall be
held invalid, the invalidity of such section, paragraph, clause or provision shall not affect any of
the remaining provisions of this,resolution,
Section 19. All resolutions and orders or parts thereof in conflict with the provisions
of this resolution are, to the extent of such conflict,hereby repealed,
Section 20. This resolution shall be in full force and effect immediately upon its
adoption and approval, as provided by law.
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Section B. All resolutions and orders, or any part thereof, of the City Council in
conflict with this resolution are hereby repealed, to the extent of such conflict.
Section C. This resolution shall take effect and be in full force from and after its
passage and approval.
Passed and approved October 11, 2006.
Mayor
Attest:
City Clerk
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DORSEY&WHITNEY LLP,ATTORNEYS,DES MOMS,IOWA
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On motion and vote, the meeting adjourned.
Mayor
Attest:
City Clerk
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DORSEY&WIDTNEY LLP,ATTORNEYS,DES MOINES,IOWA
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STATE OF IOWA
COUNTY OF LINN SS;
CITY OF FAIRFAX
I, the undersigned, do hereby certify that I have in my possession or have access to the
complete corporate records of the aforesaid City and of its Council and officers and that I have
carefully compared the transcript hereto attached with the aforesaid corporate records and that
the transcript hereto attached is a true, correct and complete copy of all the corporate records in
relation to the authorization and approval of a certain Sewer Revenue Loan and Disbursement
Agreement and the issuance of '$2,400,000 Sewer Revenue Bonds of said City evidencing the
City's obligation under such Agreement and that the transcript hereto attached contains a true,
correct and complete statement of all the measures adopted and proceedings, acts and things had,
done and performed up to the present time with respect thereto.
I further certify that no objections were filed in my office and no objections of any kind
were made to the matter of entering into such Agreement or issuing such Bonds at the time and
place set for hearing thereon, and that no petition of protest or objections of any kind have been
filed or made, nor has any appeal been taken to the District Court from the decision of the City
Council to enter into the Agreement or to issue the Bonds..
WITNESS MY HAND this day of L% ' 2006.
City Clerk `
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DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA
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STATE OF IOWA
COUNTY OF INN SS:
CITY OF FAIRFAX
I, the undersigned, City Clerk of the aforementioned City, do hereby certify that the City
did heretofore establish a Municipal Sanitary Sewer System (hereinafter referred to as the
"'Utility"), that the management and control of the Utility are vested in the City Council, and that
no board of trustees exists which has any part of the control and management of such Utility.
I further certify that there is not pending or threatened any question or litigation
whatsoever touching the establishment, improvement or operation of such Utility and that there
are no bonds or other obligations of any kind now outstanding which are payable from or
constitute a lien upon the revenues derived from the operation of such Utility, except for the
current issue of$2,400,000 Sewer Revenue Bonds of the City.
WITNESS MY HAND this��day of _ ._ _ � , 2006.
G�
City Clerk
T18
DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA
RESOLUTION NO.
A RESOLUTION APPROVING SITE PLAN FOR LOT 5,PRAIRIECREEK
ESTATES SECOND ADDITION TO THE CITY OF FAIRFAX,LINN COUNTY,
IOWA- GLOBAL AUTOMOTIVE
WHEREAS, A Site Plan has been filed by Global Automotive with the Fairfax..
City Council, Fairfax, Iowa, and after consideration, the same is found to be correct and
in accordance with the provisions of the laws of the State of Iowa and the ordinances of
the City of Fairfax, Iowa; and
WHEREAS, Hall & Hall Engineers, Inc. has reviewed said Site Plan and hereby
recommends approval.
BE IT RESOLVED, By the Fairfax City Council of the City of Fairfax, Iowa,
that said Site Plan for Lot 5,Prairie Creek Estates Second Addition to the City of Fairfax,
Linn County, Iowa, be and'the same is hereby acknowledged and approved on the part of
the Fairfax City Council of Fairfax, Iowa.
NOW, THEREFORE, BE IT FURTHER RESOLVED, By the Fairfax City
Council of the City of Fairfax, Iowa, that the Mayor and City Clerk are hereby authorized
and directed to execute said Resolution,
c
Passed and approved this day of_ ' 2006.
A
NAYS:
ABSENT:
Bill Voss, Mayor
ATT ST:
*onmmeerame, City Clerk
The foregoing Resolution No 2 0--?-S having been approved this date by the
City Council, I hey a prve the same by affixing my signature as City Clerk on this
��day of , 2006.
ORDINANCE NO. 61
AN ORDINANCE AMENDING THE CODE OF ORDINANCES
OF THE CITY OF FAIRFAX, IOWA, 2002, BY AMENDING
PROVISIONS PERTAINING TO SEWER SERVICE CHARGES
BE IT ENACTED by the City Council of the City of Fairfax, Iowa:
SECTION 1. SECTION MODIFIED. Section 99.02 of the Code of Ordinances of the
City of Fairfax, Iowa, 2002,is repealed and the following adopted in lieu thereof.
99.02 RATE. Each customer shall pay sewer service charges for the use
of and for the service supplied by the municipal sanitary sewer system
based upon the amount of water consumed and a flat charge for the Debt
Service Retirement Fund as follows:
1. Amount of water consumed:
A. 0 to 1,500 gallons or lesser amount per month — $6.00
(minimum bill).
B. 1,501 to 25,000 gallons of water, usage — $6.00 plus an
additional $3.15 for each 1,000 gallons of water usage over
1500 gallons.
C. 25,001 gallons of water usage and up --- $75.00 plus an
additional $1.65 for each 1,000 gallons of water usage over
25,000 gallons.
2. Flat charge of$10,00 per month for the Debt Service Retirement
Fund.
SECTION 2. REPEALER. All ordinances or parts of ordinances in conflict
with the provisions of this ordinance are hereby repealed.
SECTION 3. SEVERABILITY CLAUSE. If any section, provision or part of this
ordinance shall be adjudged invalid or unconstitutional, such adjudication shall not affect.
the validity of the ordinance as a whole or any section, provision or part thereof not
adjudged invalid or unconstitutional.
SECTION 4. WHEN EFFECTIVE. This ordinance shall be in effect from and after its
final passage, approval and publication as provided by law.
Introduced and passed by the Coun ' on he day of 2006,
and approved this day of , 2006.
Bill Voss,Mayor
AT-PPST:
Connie rame, City Clerk
First Reading:
Second Reading:
Third Reading: 'i �
I ce ' t th foregoing was posted as Ordinance No. on the day of
20016,
Connie Frame, City Clerk
i
Utility Billing Month End Worksheet
Month of
1. Month Utilities Receivables on f b �� $ b• 1
{ te) (Billing Register)
2. Billing of Penalties on U D� b•DD
(rate-Pen lty Calculation)
3. Total Billed (Add lines l &2)
4. Adjustments to Balance (Adjustment Report)
S. Net Receivables (Add/Subtract Lines 3, 4)
6. Less Payments Received (Deposits for month)
7. Current Utilities Receivables (Calculated) (Subtract line 5 from 6)
8. Current Utilities Receivable(Trial Balance) -
9. Difference (Zero if balanced) (Subtract line 7 from 10)
10. Balance due City as of
(Supporting documents on file)
Date Prepared 3b &O6qiqr DIP Date Approved `7
Prepared By 11 '''hP Approved By '�
)3PASTRP Fri Sep 29, 2006 3:58 PM CITY OF FAIRFAX IA OPER: DTI PACE 1
10.19,05 DELINQUENT ACCOUNT LISTING
CYCLE ALL SERV CODE ALL
ACCOUNT NO/CUSTOMER NAME LAST PMT AMOUNT ACTUAL AMT TIME
CUSTOMER ADDRESS DATE PERIOD I PERIOD 2 PERIOD 3 PERIOD 4 DUE DUE (RGT) DELQ
------------------------------------------- -------------------------------------------------------------------------------
6500 MA'T'T WILLEMSEN 9/20/06 73.10 00 .00 DO 73,10 9
142DO TIM STRIMPLE 9/29/06 14.57 .00 '00 .00 14.57 .00 5
169DO DENISE EVEbAND 9/29/06 6.40 .00 Do .00 6.40 DID 4
20100 CHAD PEGUMP 8/19/06 78.21 .00 .00 .00 78.21 OD 6
22400 DUANE CARVER 9/19/06 .05 .00 .00 .00 .05 .00 2
24200 DAN WEAVER 9/25/06 15.DO OD .00 '00 15.00 .010 1
24603 CHRISTINE KAMSTRA 58.46 .00 .00 .00 58.46 .010 1
34300 JIMMREN MAPLE 9/19/06 1.32 .00 .00 .00 1.32 .010
37800 JASON RASE 9/29/06 15.OD .00 .00 .00 15.00 ®Do 1
40200 LISA HALM-WERNER 9/29/06 15.00 '00 .00 .00 15,00 010 2
443DO KENNETH MC COLLEY 9/17/06 .29 Do DO Oc .29 010
49601 DUANE RHOADS 9/17/06 .70 'DO .00 .00 .70 '00
5350D STARK ENTERPRISES, INC, 9/20/06 19.33 OD .00 .00 19.33 .00 2
54600 MATT' ORTON 9/17/06 .44 .00 .00 .00 .44 .010
57200 DARIN PINT 9/29/06 15,00 .00 .00 .00 15.00 .010 2
57201 DARIN PINT 9/29/06 15.00 .00 .00 '00 15.00 30 1
57801 DARIN UNDERWOOD 9/17/06 .63 .00 .00 DO .63 .010
DISCONNECT EXEMPT. F FINAL BILLED, 'TIME DELQl 4 OF TIMES DELINQUENT IN THE LAST 12 MONTHS.
JPPASTRP Fri Sep 29, 2006 3;58 PM CITY OF FAIRFAX IA OPER: DTI PACE 2
L0.19-05 DELINQUENT ACCOUNT LISTING
REPORT TOTALS
ACCOUNT NO/CUSTOMER NAME LAST PMT AMOUNT ACTUAL AMT TIME
CUSTOMER ADDRESS DATE PERIOD 1 PERIOD 2 PERIOD 3 PERIOD 4 DUE DUE (BGT) DELA
----------------------------------------------------------------------------------------------------
-- ----------------------------
REPORT TOTALS SERVICES 231.59 .00 .00 .00 231-99
TAX 2.65 .00 .00 .00 2.65
PEN 68.70 .00 .00 '00 68.70
MISC 25.16 .00 .00 DO 25.16
TAX '00 OD .00 .00 OD
PEN '00 .00 .00 .OD .00
TOTALS 328.50 .00 .00 .00 328.50 '010
City of Fairfax
Claims dated 11 October 106
Checks 25605 ® 25747
General Fund
Check 25605 USPO Postage 310.00
Check 25606 Ron Dusil Clothing allotment 66.77
Check 25607 Municipal Emergency Services Gear 138.00
Check 25613 Fairfax Car Wash Tokens 50.00
Check 25614 Walford State Savings Bank Tokens 12,00
Check Debit USPO Postage 129.07
Check ACH Elan Various 203.54
Check ACH Elan Various 559.40
Check 25624 HUK Rubber Stamp Co. Stamp&tags 66.26
Check 25625 CEC Pager repair 20.00
Check 25626 Hungry Hobo Bakery items 60.00
Check 25627 USPO Postage 357.60
Check 25633 Catherine Bayne Wage 1,10417
Check 25634 Kathy J.Everett Janitorial wage 174.46
Check 25635 Kathy J. Everett Wage 662.52
Check 25636 Beth A.Wiz Wage 85.71
Check 25641 Van Meter Industrial,Inc. Bulb 10.93
Check 25642 Gazette Communications,Inc. Publishing 210,76
Check 25652 Don's Lock&Key Combo lock 605.40
Check 25653 Shelton Technologies,Inc. Copies 53.03
Check 25655 Office Express Paper 139.70
Check 25656 GCR Tire Centers Check torque 155.98
Check 25657 Linn County Sheriff Police services 5,148.00
Check 25658 Port'O'Johnny Toilet service 177,50
Check 25659 Pace Supply Cups 61.65
Check 25663 Croell Concrete Products Concrete 177,00:
Check 25669 AJIIant Energy Electricity 774.34
Check 25671 CEC Pager repair 21,25
Check 25672 GSTC Fuel 145.86
Check 25673 Storm Steel Steel 154.27
Check 25674 Fareway Stores Pop/groceries 111.26
Check 25675 Doug Exline Reimbursements 52.48
Check 25680 Connie Frame Mileage/recording 39.70:
Check 25681 Barngrover Glass Co.,Inc. Glass replacement 180.99
Check 25682 Cathy Bayne ReImbs 266.80
Check 25683 Baker&Taylor Books/DVD 758,19
Check 25684 Demco, Inc. Supplies 74.67
Check 25685 Penworthy Books 609.45
Check 25686 Nancy Terpstra Books 252.00
Check 25687 Pace Supply Supplies 101.90
Check 25688 Catering By Design Books 32.45
Check 25689 Thomas Bouregy&Company Books 13.851
Check 25690 Golden Horse, LTD Books 13,39,
Check 25691 Pam Sellner Advertising 100,001
Check 25693 Nancy Flickinger Mileage Reimb 33.82:
Check 25694 L.L.Pelling Co. Tennis court 20,038.50
Check 25695 Atkins Lumber Lumber 76.76
Check 25698 US Cellular Phones 219.23
Check 25702 Treasurer,State of Iowa Taxes 174,00
Check 25703 Fairfax State Savings Bank Taxes 562.34
Check 25706 IPERS Taxes 262.74
City of Fairfax
Claims dated 11 October 06
Checks 25605 - 257417
Check 25710 Fareway Stores Pop 851.69
Check 25711 Welter Storage Equipment Co., Inc. File cabinets 482.00
Check 25712 Grainger Drill 259.00'
Check 25714 Gazette Communications,Inc. Publishing 1736
Check 25719 South Slope Telephone Phones 158.66
Check 25720 The Sled Shed Bagger Vac 2,734.00
Check 25721 CTS Textile Leasing Mat rental 39.41
Check 25722 Fire Service Training Bureau Training 303.60
Check 25723 Sandry Fire Supply,LLC Equipment 98.00
Check 25724 ORKIN Exterminating 51.45
Check 25729 Aaron Voss Computer services 35.00
Check 25734 Menards-Cedar Rapids SO Various items 106.61
Check 25735 Michael Todd and Company Blade 276.1118
Check 25736 Hungry Hobo Food items 68,44
Check 25737 Municipal Emergency Services Gear kit 23.71
Check 25738 Staples Credit Plan Supplies 201.77
Check 25739 Graybill Electronics„Inc. Radio repair 40.001
Check 25740 i wireless Phone 52.63
Check 25746 Hall&Hall Engineers„Inc. Fees 6,963.45
Total General Fund'.: Total General Fund: 47,807.65
Road Use Tax Fundi
Check 25645 Fauser Energy Resources Fuel 559.59
Check 25661 L.L. Pelting Co. Pre-mix 317.60
Check 25667 Alliant Energy Electricity 958.84
Check 25697 Wolf Construction,Inc. Labodgrout 955.010
Check 25713 Sankot's Garage Maintlsupplies 1,445.18
Check 25725 Linn County REG Electricity 387.68
Total Road Use Tax: 4,623.89
Water Fund
Check ACH Elan Postage 4.20
Check 25649 Advanced Water Technology,Inc. Chemicals 221.,50
Check 25650 Iowa One Call Digging 20,70
Check 25651 Schimberg Co. Meters&cpl 3,028.69
Check 25660 Keystone Laboratories„Inc. Tests 220.001
Check 25662 Data Technologies,Inc. FUJI conversion 755.39
Check 25670 Alliant Energy Electricity 420.103
Check 25676 Ronald G.Dusil Wage 550.51
Check 25677 Connie R. Frame Wage 421.82
Check 25678 David Yanecek Wage 476.21
Check 25679 Daniel R.Zamastil Wage 463.36
Check 25699 Treasurer,State of!Iowa Sales tax 1,908..00
Check 25709 Crawford Quarry Co. Rock 59.59
Check 25715 The Waterworks C &II Potassium 95.,40
Check 25716 Keystone Laboratories, Inc. Tests 57.00
Check 25726 Linn County REC Electricity 526.03
Check 25731 Hall&Hall Engineers,Inc. Fees 905.38
Check 25744 Hach Company Chlorine 531.50,
Total Water Fund': 10,665.31
City of Fairfax
Claims dated 11 October 106
,Checks 25605 - 25747
Sewer Fund
Check 25608 Ronald G.Dusil Wage 550.50
Check 25609 Connie R. Frame Wage 421.80
Check 25610 David Yanecek Wage 476.22
Check 25611 Daniel R.Zamastil Wage 463.36
Check 25612 Ronald G.Dusil Wage 550.50
Check 25620 Wellmark Health insurance 1,394.54
Check 25621 Connie R.Frame Wage 421.82
Check 25622 David Yanecek Wage 476.22
Check 25623 Daniel R.Zamastil Wage 463.36
Check ACH Elan Postage/ice 286.80
Check 25628 Ronald G.Dusil Wage 550.50
Check 25629 Connie R.Frame Wage 421.80
Check 25630 David Yanecek Wage 476.22
Check 25631 Daniel R.Zamastil Wage 463.36
Check 25632 Nancy Flickinger Wage 2,473.65
Check 25647 Pete Howe Industrial Yearly Maintenance 2,875.00
Check 25648 City Treasurer 28 E PVE 2,888.42'
Check 25664 Terracom Soil&concrete tests 11,066.75.
Check 25668 Alliant Energy Electricity 188.99
Check 25700 Treasurer,State of Iowa Taxes 80.00
Check 25701 Treasurer,State of Iowa. Taxes 2,007.00
Check 25704 Fairfax State Savings(Bank Taxes 4,5B2.86
Check 25705 IPERS Taxes 1,574.95
Check 25717 Keystone Laboratories,Inc. Tests 130.00'
Check 25727 Linn County REC Electricity 85.9
Check 25728 Alliant Electricity 1,615.81
Check 25732 Hall&Hall Engineers,,Inc. Fees 805.38
Check 25745 Terracom Soil&concrete tests 913.60
Check 25747 Hall&Hall Engineers,Inc. Fees 392.00,
Total Sewer Fund: 29,197.301
Garbage Fund
Check 25718 Johnson County Refuse,Inc. Trash service 5,323.50
Total Garbage Fund: 5,323.50,
WWTF Project
Check 25639 Fastenal Company TruBolts 82.18
Check 25640 Van Meter Industrial,Inc. Cement,conduit 57.28
Check 25644 Don's Lock&Key Keys/cylinder 105.00
Check 25646 Star Equipment Equip rental 155.73
Check 25654 Kings Material, Inc. NP-1 Stone 18.53
Check 25665 Van Meter Industrial,,'Inc. Conduit 134.29
Check 25666 Wendling Quarries, Inc. Road stone 62,75
Check 25695 Atkins Lumber Materials 1,643.66
Check 25707 Sevig Construction Co. Hauling 3,500.36
Check 25708 Crawford Quarry Co,. Rock 117,07
Check 25730 Hall&Hall Engineers,Inc. Fees 22,400.201
Total WWTF Project: 28,277.05
Trust&Agency
City of Fairfax
Claims dated 11 October 06
Checks 25605 - 25747''
Check 25615 Don Richards III Deposit refund 49.76
Check 25616 Michelle Rivera Deposit refund 76.49
Check 25617 Paul Daniels Deposit refund 40.11
Check 25618 Scott Brimeyer Deposit refund 73.38
Check 25619 City of Fairfax Applied to bill 86.02
Check 25637 Phil Ehrsam Deposit refund 53..55
Check 25638 City of Fairfax Applied to bill 66.45
Check 25741 City of Fairfax Applied to bill 41.58
Check 25742 Missy Liddell Deposit refund 48.:42
Total Trust&Agency: 529.70
Total Checking: 126,424.40
Aaron Voss Services 35.00
Advanced Water Tech Chemicals 221.50
Alliant Electricity 3958.01
Atkins Lumber Lumber 1720.42
Baker&Taylor Books/DVD 758.19
Barngrover Glass Glass 180.99
Catering By Design Books 32.45
Cathy Bayne Reimbs 266.80
CEC Repairs 41.25
City of Fairfax Utilities 194.05
City,Treasurer 28 E PVIE 2888.42
Connie Frame Reimbs 39.70
Crawford Quarry Rock 176.66
Croell Concrete Concrete 177.00
Crown Trophy Trophy 28.00
CTS Textile Leasing Mat rental 39.41
Data Tech Conversion 755.39
Demico Supplies 74,67
Don Richards III Refund 49.70
Don's Lock&Key Keys/cylinder 710.40
Doug Exiine Reimbs 52.48
Elan Various 1053.94
Fairfax Car Wash Tokens 50.00
Fairfax Bank Taxes 5145.20
Fareway Grocery items 191.95
Fastenal Cc Tru Bolts' 82.18
Fauser Energy Fuel 1514.05
Fire,Service Trng Bureau Trainingi 303.60
Gazette Publishing 228.12
GCR Tire Centers Check torque 155.98
Golden Horse Books 13.39
Grainger Drill bit 259.00
Graybill Repairs 40.00
GSTC Fuel 145.86
Hach Co Chlorine! 531.50
Hall&Hall Eng Fees 31572.41
HUK Rubber Stamp Stamp/tags 66.26
Hungry Hobo Food items 128.44
1 wireless Phone 52.63
Iowa One Call Digging 40.50
IPERS Taxes 1837.69
Johnson Cc Refuse Service! 5323.50
Keystone Lab Tests 407,00
Kings Material NP-1 Stone 18.53
LL Pefling LbrImaterials 20356.10
Linn County REC Electricity 999.64
Linn County Sheriff Law services 5148.00
Mena,rds Various:items 1041.58
Michael Todd Co' Blade 276.18
Michelle Rivera Refund 70.49
Mlssy Liddell Refund 48.42
MES Gear 161.71
Nancy Flickinger Reimbs 33,82
Nancy Terpstra Books 262.00
Nordstrom Oil Permit refund 37.50
Office Express Paper 139.70
ORKIN Exterminating 51.45
P12ceSupply Supplies 163.55
Pam Sellner Advertising 100.00
Paull[Daniels Refund 40.11
Pena worthy Books 609.45
Pete Howe Ind Maint 2875.00
Phil IEhrsam Refund 53.55
Port"0'Johnny Tollet service 177.50
Ron IDusil Clothing allot 66.77
Sandry Fire Supply Equipment 98.00
Sanklors Garage Maint/suppilies 1445.18
Schimberg Co Meters/cpI 3028.69
Scott Briirneyer Refund 73.38
Savig Const Hauling 3500.36
Shelton Tech Copies 53.03
South Slope Phones 158.66
Staples Supplies, 201.77
Star Equip Equip rentall 155.73
Storm Steel Steel 154.27
Terracorn Tests 1980.35
Sled'Shed Bagger Vac 2734.00
The Waterworks Potassium 95.40
Thomas Bouregy Co Books 13.85
Treas,State of A Taxes 4169.00
US Cellular Phones 219,23
USIPO Postage 796.67
Vain Meter Materials 202.50
Wilford Bank Tokens 12.00
Well1mark Insurance 1394.50
Walters File cabinets 482.00
Wendlling Quarries Road stone 62.75
Wollf Const Labor/grout 955.00
Net salaries 14059.94
Totaill Claims 130311.00
September Receipts
General Fund 20090.70
Road Use Tax 12102.65
T&A Meter Dep 720.00
Water Fund 13297.15
Sewer Fund 12588.05
Garbage Fund 5380.19
TIF 11202.65
WWTF Project 326.22
Savings Revenue
FD Equipment Fund 314.47
FID Firework's Fund 57.72
FID Truck Fund 56.41
Library Gifts/Bequests 93.03
LOST Prop Relief 01-02 66.73
LOST Street Imp 01-02 22.03
LOST Street Imp 04-05 605.18
LOST Sewer Imp 04-05 605.18
LOST'Lawful Purp 04-05 302.59
Arbor Team 5.96
UPRR Taney Market 19.22
Total Revenue: 77856.13
September Expenses
General Fund 24927.26
Road Use Tax 20414.43
Water Fund 4114.88
Seer Fund 29718,36
Garbage Fund 5442.36
T&A-Meter Deposits 450.00
WWTF Project 214409.72
Total(Expenses: 299477.01
Transfers Out-ACH Debit
Water Fund 65.11
TOTAL: 65.11
Transfers In-ACH Credit
Water Fund 65.11
Totall. 65.11
5:50 PM City of Fairfax
10/09/06 Balance Sheet
Accrual l Basis As of September 30,2006
Sep 30, 06
ASSETS
Current Assets
Checking/Savings
Fairfax Visioning 5,788.58
Money Market UiIPRR Fund 5,970.71
Certificates of Deposit
General Fund 118,430.05
Sewer Fund 43,326.14
Total Certificates of Deposit 161,756.19
Checking Account
General Fund 227,180.26
Special Revenue
Road Use Tax 40,113.47
TIF Fund108,134.23
Total Special Revenue 148,247.70
Enterprise Fund
Water 119,217.52
Sewer 34,466.75
Garbage 69,411.81
Lagoon/WWT'F Project 282,394.30
Trust&Agency 14,337.00
Total Enterprise Fund 519,827.38
Total Checking Account 895,255.34
Savings Accounts
Arbor Team 1,066.67
FD Equipment
Memorial' Fund 6,674.97
Merle Merritt 74.60
Public Education 768.36
Regular Savings 16,064.52
St Luke's Grant 681.00
Truck Memorial 8.95
Total FD Equipment 24,272.40
FD Fireworks 10,340.34
FD Truck Fund 9,997.05
Library Gifts &Bequests
Memorials 1,911.63
Library Gifts & Bequests -Other 16,403.35
Total Library Gifts &Bequests 18,314.98
Local Option 2001.02
Property Tax Relief 11,939.28
Street Improvements 3,941.54
Total Local Option 2001-02 15,880.82
Local Option 2004-2005
Any Lawful (Purpose 54,136.02
Sewer Improvements 108,272.05
Pagel
5,50 PMI City of Fairfax
10/09106 Balance Sheet
Accrual (Basis As of September 30, 2006
Sep 30,06
Street Improvements 108,272.05
Total Local Option 2004-2005 270,680.12
Total Savings Accounts 350,552.38
Total Check!ng/Savliings 1,419,323.20
Total Current Assets 1,419,323.20
TOTAL ASSETS 1,419,323.20
LIABILITIES &EQUITY
Equity
Opening Bal Equity 2,037,680.90
Net Income -618,357.70
Total Equity 1,419,323.20
TOTAL LIABILITIES & EQUITY 1,419,323.20
Page 2
5:51 PM Certificates of Deposit
10/09106 Balance Sheet
Accrual Basis As of September 30, 2006
Sep 30, 06
ASSETS
Current Assets
Check!ng/Savings
General Fundi
Maintenance Fund
6000 316 6,000.00
Total Maintenance Fund 6,000.00
Library
10274 7,852.46
10679 7,240.00
Total Library 15,092.46
Park
10180 12,820.66
60010224 3,774.70
Total Park 16,595.36
Policy&Administration
60008575 2,392.13
10681 7„240.00
60006871 2'11,782.14
60007237' 6,118.67
Total Policy&Administration 37,532.94
Transportation
10680 7,240.00
600072'.28 8,215.64
600102'33 27,753.65
Total Transportation 43,209.29
Total General Fund 118,430.05
Sewer Fund
60006773 6,558.64
60006853 36,767.50
Total Sewer Fund 43,326.14
Total Checking/Savings 161,756.19
Total Current Assets 161,756.19
TOTAL ASSETS 161,756.19
LIABILITIES & EQUITY
Equity
Opening Bal Equity 160,403.74
Retained Earnings 905.81
Net Income 446.64
Total Equity 161,756.19
TOTAL LIABILITIES & EQUITY 161,756.19
Page 1
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City of Fairfax
Balance Sheet
Cash Basis As of September 30, 2006
Sep 30, 06
ASSETS
Current Assets
Checking/Savings
CP Fairfax Visioning 5,788.58
Money Market- UiPIRR Fund 5,970.71
Certificates of Deposit
General Fund 118,430.05
Sewer Fund 43,326.14
Total Certificates of Deposit 161,756.19
Checking Account
General Fund 227,606.36
Special Revenue
Road Use Tax. 40,113.47
TIF Fund108,134.23
Total Special Revenue 148,247.70
Enterprise Fund
Water 119,217.52
Sewer 34,466.75
Garbage 69,411.81
LagoonlVNWTF Project 282,394.30
Trust&Agency 14,337.00
Total Enterprise Fund 519,827.38
Total Checking Account 895,681.44
Savings Accounts
Arbor Team 1,066.67
FD Equipment'.
Memorial Fund 6,674.97
Merle Merritt 74.60
Public Education 768.36
Regular Savings 16,064.52
St Luke's Grant 681.00
Truck Memorial 8.95
Total FD Equipment 24,272.40
FD Fireworks 10,340.34
FD Truck Fund 9,997.05
Library Gifts & Bequests
Memorials 1,911.63
Library Gifts& Bequests -Other 16,403.35
Total Library Gifts & Bequests 18,314.98
Local Option 2001-02
Property Tax (Relief 11,939.28
Street Improvements 3,941.54
Total Local Option 2001-02 15,880.82
Pagel
City of Fairfax
Balance Sheet
Cash Basis As of September 30,2006
Sep 30, 06
Local Option 2004-2005
Any Lawful'Purpose 54,136.02
Sewer Improvements 108,272.05
Street Improvements 108,272.05
Total Local Option 2004-2005 270,680.12
Total Savings Accounts 350,552.38
Total Check!ng/Savliings 1,419,749.30
Total Current Assets 1,419,749.30
TOTAL ASSETS 1,419,749.30
LIABILITIES & EQUITY
Equity
Opening Bal Equity 2,037,680.90
Net Income -617,931.60
Total Equity 1,419,749.30
TOTAL LIABILITIES & IEQUITY 1,419,749.30
Page 2