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8-8-2008 Council Meeting
CITY OF FAIRFAX REGULAR COUNCIL MEETING APRIL 8,2008 The regular meeting of the Fairfax City Council was held Tuesday, April 8, 2008, at 7:00 PM at Fairfax City Hall. Mayor Voss presided. Council members present: Beer, Frieden, Magers, Rabe, Wainwright. Absent: None. Otherspresent: Jim Houser, Joe Kell, John Hill, Cathy Bayne, Ron Dusil,Dave Yanecek, Dan Zamastil. Magers moved to approve the agenda and the Clerk's financial reports, seconded by Beer. Roll call vote: Ayes: Beer, Frieden, Magers, Rabe, Wainwright. Nays: None. Motion carried. Magers moved to approve and place on file the minutes of the regular council meeting dated March 11, 2008, the special council meeting dated March 31, 2008, seconded by Beer. Roll call vote: Ayes: Beer, Frieden, Magers, Rabe, Wainwright. Nays: None.. Motion carried. Frieden moved to accept and place on file the minutes of the Planning & Zoning regular meeting dated March 18, 20018, seconded by Beer. Roll call vote: Ayes: Beer, Frieden, Magers, Rabe, Wainwright. Nays: None. Motion carried. Reports — Sheriff— The Sheriff's report was given by Deputy Dunn and the Call for Service log was submitted and discussed. Library — Cathy Bayne reported on Library activities. Fire Department — Dan Zamastil reported on Fire Department activity, Maintenance Department — Ron Dusil reported on Maintenance Department activities. Parks Department—Jo Ann Beer reported on Parks Department news. Council accepted the name `Hawk's Ridge' for the new park. Council discussed replacing volleyball nets and having portable restrooms available in the parks. Discussion was held on the tree planting event in the new park. Visioning Committee—Jo Ann Beer discussed Visioning activities, reporting on the success of the recent tea party fundraiser. Discussion was held on the landscaping of the north entry sign. Joe Kell led a discussion on the Fairfax Youth Sports Association, which now includes a girls' softball league in addition to the boys' baseball league. Magers moved to give , 3�l 00 to the Fairfax Youth Sports Association to help cover uniform costs and startup coasts for the girls' teams, seconded by Rabe. Roll call vote: Ayes: Beer, Frieden, Magers, Rabe, Wainwright. Nays: None. Motion carried, Frieden introduced the following Resolution and moved its adoption, seconded by Magers. Roll call vote: Ayes: Beer, Frieden, Magers, Rabe„ Wainwright. Nays: None. Motion carried. Whereupon the Mayor declared the following duly adopted: Resolution 2008-25 entitled, "RESOLUTION PROVIDING FOR PREPAYMENT OF $290,000 GENERAL OBLIGATION WATER NOTES, SERIES 20,01A, DATED OCTOBER 1,2001." Passed and approved this 8b day of April, 2008. Rabe introduced the following Resolution and moved its adoption, seconded by Magers. Roll call vote: Ayes: Beer, Frieden, Magers, Rabe, Wainwright. Nays: None.. Motion carried. Whereupon the Mayor declared the following duly adopted: Resolution 2008-26 entitled, "RESOLUTION AUTHORIZING AND APPROVING A LOAN AGREEMENT AND PROVIDING FOR THE ISSUANCE OF $780,000 GENERAL OBLIGATION REFUNDING NOTES, SERIES 2008B AND PROVIDING FOR THE LEVY OF TAXES TO PAY THE SAME." Passed and approved this 8"' day of April, 2008. Discussion was held on networking City computers. Council would like to take bids on the project. Magers moved to pay Aaron Voss up to two hours at ;J /hour as consulting fees to figure specifications to be used in bidding networking project, seconded by Wainwright, Roll call vote: Ayes: Beer, Frieden, Magers, Rabe, Wainwright. Nays: None. Motion carried. Magers moved to approve Costigan Construction bid for work on the library roof, seconded by Wainwright. Roll call vote: Ayes: Beer, Frieden, Magers, Rabe, Wainwright. Nays: None.Motion carried. Discussion was held on options for the City Hall/Fire Station sidewalk. Jo Ann will get. landscaping bids to consider,at the May meeting. Discussion was held on the requirements for sprinkler head inspections. City Clerk and maintenance department will work together to write an ordinance to be considered at the May meeting. Frieden moved to approve the claims list dated April 8,2008, seconded by Wainwright. Roll call vote: Ayes: Beer, Frieden, Magers, Rabe, Wainwright. Nays: None. Motion carried. Other items of discussion—Jim Houser, Linn County Board of Supervisors,reported on activities of the Board of Supervisors and the E911 Service Board. There being no further business before the Council,Mayor Voss adjourned at 8:18 PM. MAYOR: Bill Voss ATTEST: Vickie Kindl, City Clerk City of Fairfax Balance Sheet As of March 31, 2008 Mar 31, 08 ASSETS Current Assets Checking/Savings Fairfax Visioning 15,351.48 Money Market- UPRR F'u'nd 6,319.07 Certificates of Deposit. General Fund CD General Murphy' Land 20,039.71 General Fund -Other 159,180.14 Total General Fund 179,219.85 Sewer Fund 46,076.81 Total Certificates of Deposit 225,296.66 Checking Account General Fund 170,874.75 Special Revenue Road Use Tax 44,279.04 TIF Fund 338,881.04 Total Special Revenue 383,160.08 Enterprise Fund Water 56,142.25 Sewer 27,922.17 Garbage 47,260.84 Lagoon/WWTF Project $295,000 Series 2001A Note 290,000.00 LagoonlWWTFP'r'oject-Other 144„926.43 Total Lagoon/W'IfiiTF Project 434,926.43 SRF Bond Fund 53,085.70 Trust&Agency 15,105.00 Total Enterprise Fund 634,442.39 Total Checking Account 1,188,477.2'2 Savings Accounts Parks Department 753.24 Arbor Team 1,101.83 FD Equipment Memorial Fund 4,223.50 Public Education 340.51 Regular Savings 10,225.29 Total FD Equipment 14,789.30 FD Fireworks 11,823.20 Library Gifts & Bequests Memorials 1,911.63 Library Gifts &Bequests -Other 15,420.48 Total Library Gifts &'Bequests 17,332.11 Page 1 City of Fairfax Balance Sheet As of March 31, 2008 Mar 31,08 Local Option 2001-02 Property Tax Relief 12,332.72 Street Improvements 4,071.43 Total Local Option 2001-02 16,404.15 Local Option 2004-20105 Any Lawful Purpose 95.13 Sewer Improvements 59,158.17 Street Improvements 115,544.44 Total Local Option 2004-2005 174,797.74 Total Savings Accounts 237,001.57 Total CheckinglSavings 1,672,446.00 Total Current Assets 1,672,446.00 TOTAL ASSETS 1,672,446.00 LIABILITIES & EQUITY Equity 3000 - Opening Bal Equity 1,202,573,31 Net Income 469,872.619 Total Equity 1,672,446.00 TOTAL LIABILITIES & EQUITY 1,672,446.00 Page 2 19:03 AIM( Certificates of Deposit Balance Sheet Cash Basis As of March 31, 2008 Mar 31, 08 ASSETS Current Assets Checking/Savings General Muriphy Land 4610013670 20,039.71 Total General (Murphy Land 20,039.71 Manitenance(Fund 07 60012454 6,300.69 Total Manitenance Fund 07 6,300.69 Nature Trail Project 60012463 26,252.88 Total Nature Trail Project 26,252.88 General Fundl Maintenance Fund 600083116 6,424.00 Total Maintenance Fund 6,424.00 Library 10274 8„388.87 10679 7„821.35 Total Library 16,210.22 Park 10180 13„735,36 60010224 4,024.00 Total Park 17,759.36 Policy &Administration 60008575 2,561.17 106$1 7,821.36 6001'1'42'8(9208) 23,174.96 60007237 6,517.02 Total Policy & Administration 40,074.51 Transportation 10680 7,821.36 60007228 8,750.52 60010233 219,586,60 Total Transportation 46,158.48 Total General Fund 126,626.57 Pagel 10:03 AIM Certificates of Deposit Balance Sheet Cash Basis As of March 31, 2008 Mar 31, 08 Sewer Fund 60011277 (8940) 6,958.27 60011660 39,118.54 Total Sewer Fund 46,076.81 Total Checking/Savings 225,296.66 Total Current Assets 225,296.66 TOTAL ASSETS 225,296.66 LIABILITIES & EQUITY Equity Opening Bal Equity 191,403.74 Retained Earnings 7,459.65 Net Income 26,433.27 Total Equity 225,296.66 TOTAL LIABILITIES& EQUITY 225,296.66 Page 2 I its .+. +nh, (%1 C1] X19 C/} CD m CD ars Irm- m cu + 0- o Ns Nfs O Ov Y4 C = C zn JF- Z Cts 0 CD r+ CD n C9 CD d C b . 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Current Credit Balances (Trial Balance) -' ', � 1 10. Current Utilities Receivable(Trial Balance) 11. Difference (Zero if balanced) D 12. Balance due City as of 6 W (Supporting documents on file) Date Prepared Date Approved 9 Prepared By 1 Approved By �',L�Apr{/ �t UBPASTRP Fal Mar 28, 2008 5:03 PM *** CITY OF FAIRFAX IA *** OPER: DTI PAGE I 10.19.05 (DELINQUENT ACCOUNT LISTING CYCLE ALL SERV CODE ALL ACCOUNT NO/CUSTOMER NAME LAST PMT AMOUNT ACTUAL MIT TIME CUSTOMER ADDRESS DATE PERIOD 1 PERIOD 2 PERIOD 3 PERIOD 4 DUE DUE {BG'T) DELA ------------------------------------------------------------------------------------------------------------------------------------ 5300 DAVID & LAURA LAMBRECHT 3/28/08 15100 DO 00 00 15.00 00 2 12600 RAKE DIETRICH 2/17/08 173.65 ,00 .00' .00 173,65 .00 4 1410D LAURL KELL 3/16/08 96.21 .00 ,00 .00 96.21 ,00 4 16600 CARL EMERSON 1/17/08 84,28 65.21 .00 00 149.49 .D0 3 20100 CHAD PEGUMP 2/20/08 86.30 ,00 .00 .00 86.30 .DO 5 22300 STEVE & MARY HUBER 2/17/08 55.24 .00 .00 .00 55.24 D0 3 24603 C'OLBY STEPANEK 3/28/08 8,16 .00 .00 .00 8.16 .00 6 26300 LINDSY 14ALLY 2/17/08 91.79 91,79 80.99 .00 264.57 ,00 6 26703 NERME CLOSE 2/20/08 43.79 00 .00 00 43.79 .00 5 27300 ANDREA COOPER 3/19/08 72,54 ,00 .00' .00 72.54 .00 1 28503 BEN MITCHELL 2/17/08 54.75 .00 .00 .DO 54.75 DO 3 29900 ANORIK S BHANGU 3/28/08 15.00 ,00 ,00 DO 15.00 .00 1 40403 O LLOYD INTERNATIONAL 3/28/08 15,00 .00 .00 .00 15.00 00 3 41100 WENDELL & MEGAN CAN 3/28/08 15.00 .00 .00 .00 15,00 .00 4 45500 KEN/C'ONNIE VAN WINKLE 3/16/08 .09 .00 DO .00 D9 CIO 1 49800 CHARLES ADAMS 2/20/08 73.58 .00 .00 .00 73.58 CIO 2 51200 ST'E'PHEN STREFF 3/16/08 5,50 .00 .00 .00 5.50 00 51600 TOM LINDLEY 3/16/08 .80 .00 DO .00 80 .0i0 2 55700 STEVE TOMASH 3/16/08 .27 .00 ,p0 .00 .27 .UO 60200 ROTONYA BUSH 3/28/08 15,00 .00 00 .00 15.00 .00 1 104000 CLINT PRICE 1/17/08 25.00 25.00 .00 Co. 50.00 .00 3 DISCONNECT EXEMPT. F FINAL BILLED. "'TIME DELA' # OF TIMES DELINQUENT IN THE LAST 12 MONTHS, UBPASTRP Fri Mar 28, 2008 5:03 PM *** CITY OF EAIRFAX TA *** OPER: DTT PAGE 2 10.19.05 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') DELQ REPORT TOTALS SERVICES 722.92 119.69 80.99 ,00 923.60 TAX 14.03 2,31 .00 .00 16,34 PEN 165.00 45,00 .00 ,00 210.00 MLSC 45.00 15.00 ,00 ,00 60.00 TAX .00 ,00 .00 .00 ,00 PEN 00 .00 .00 .00 ,00 TOTALS 946.95 182,00 80.99 ,00 1209.94 AD Claims List Dated 8 April O8 28266-28538 General Fund Check ACH Elan Various items 829.33 Check 28405 Victoria A.Kindl Wage 507.30 Check 28408 Wellmark Insurance 218.62 Check 28413 Fairfax State Savings Bank Taxes 13124 Check 28416 Victoria A. Kindl Wage 507,32 Check 28419 Fairfax State Savings Bank Taxes 131.60 Check 28422 Nancy Flickinger Wage 2,448.13 Check 28423 Dan's Overhead Doors 1 Doors/labor 900.00 Check 28426 Tom Hill Reimb for N Entrance Sign 216,14 Check 28427 Lawson Products, Inc. Tuf-torque,nuts.washers 71,20 Check 28428 Kirkwood Community College Training 734.00 Check 28430 Northern Tool&Equipment Hydraulic pipe 51.63 Check 28432 Alex Air Apparatus Tool,axe,strap 665.110 Check 28433 Heiman, Inc. Glas Master 289.93 Check 28434 Toyne, Inc. Truck maintenance 183.82 Check 28438 Strategic Print Solutions,Inc. Copies&staples 221.20 Check 28440 Fareway Stores Grocery items 22,44 Check 28441 Gazette Communications, Inc. Publishing 159.79 Check 28442 Van Meter Industrial,Inc. Bulbs 6,16 Check 28444 Moyer&Bergman,PLC Legal fees 952.00 Check 28445 Mike Sankot ReImb for Gift Certificate! 60.00 Check 28446 Crown Trophy Trophy 32,00 Check 28447 Iowa Prison Industries Sign 66.00 Check 28449 Batteries Included Batteries 99.00 Check 28451 Catherine Bayne Wage 1,163.09 Check 28452 Raymond C. Davis Wage 174.07 Check 28453 Kathy J. Everett Wage 708.89 Check 28454 Jenna L.Mumm Wage 346.115 Check 28455 Beth A.Wilz Wage 67.45 Check 28459 Dave Yanecek Wage 524,69 Check, 28461 Jo Ann Beer Meetings 277,05 Check 28463 Nancy Flickinger Meetings 221,11:3 Check 28464 Burnell G. Frieden Meetings 277,05 Check 28466 Marc E.Magers. Meetings 277.0:5 Check 28467 Jason M.Rabe Meetings 323.2!2 Check 28468 William H.Voss Salary 1,154.37 Check 28469 Marianne Wainwright Meetings 277-015 Check 28470 David Yanecek Wage 158,910 Check 28472 Fairfax State Savings Bank Taxes 809,314 Check 28473 IPERS Taxes 891.99 Check 28478 Treasurer,State of Iowa Taxes 910.00 Check 28479 Sandersfeld Clerking Seeder 170.00 Check 28482 Wilson-Hite insurance,Inc, Insurance 19,656.00 Check 28486 Fairfax State Savings Bank Taxes 1,257.90 Check 28489 Mid American Energy Gas 679.30 Check 28492 Menards-Cedar Rapids SO Various materials 35162 Page 1 of 4 Check 28500 Bergers Machine&Repair Shaft for seeder 2`7,50 Check 28501 Tyler R.Schwartz Lock screw 4.21 Check 28502 Alliant Energy Electricity 562.43 Check 28507 Commercial Towel Service, Inc, Mat rental&uniforms 234.46 Check 28508 Fareway Stores Grocery items 1E5.14 Check 28509 Eastern Iowa Carpet Care,Inc. Clean carpet 200.00 Check 28511 Graybill Electronics, Inc. Radio repairs 74.95 Check 28513 QRKIN Exterminating 56.72 Check 28514 Linn County SheriffPolice contract 5,382.00 Check 28515 Strategic Print Solutions,line, Staples 106,00 Check 28516 Pace Supply Janitorial supplies 53.80 Check 28519 South Slope Telephone Phone 702.18 Check 28520 Hall&Hall Engineers, Inc. Fees 539.00 Check 28521 CRL Lawn Care Weed control 1,900.00 Check 28522 Staples Credit Plan Various supplies 363:15 Check 28526 Mike Machula EMT Training 65.00 Check 28527 Hall&Hall Engineers, Inc. Fees 1,481.34 Check 28529 1 wireless Phone 46.41 Check 28532 Airgas Gas monitor 553.97 Check 28534 Acme Electric Permit refund 60.00 Check 28535 Van Meter Industrial, Inc. Bulbs 160.12 Check 28537 Grainger Seeder parts 116.37 Total General Fund 52,787.41 Road Use Tax Check ACH Elan Various items 292.51 Check 28404 Ronald G. Dusil Wage 611036 Check 28406 David Yanecek Wage 524.69 Check 28407 Daniel R.Zamastil Wage 5114.84 Check 28409 Wellmark Insurance 1,1116.71 Check 28411 Fairfax State Savings Bank Taxes 676.54 Check 28415 Ronald G. Dusil Wage 6 10.36 Check 28417 David Yanecek Wage 524,70 Check 28418 Daniel R.Zamastil Wage 514.84 Check 28420 Fairfax State Savings Bank Taxes 678„52 Check 28425 Wendling Quarries, Inc. Rock 39.29 Check 28431 L.L.Pelling Co. Premix 82.36 Check 28457 Ronald G. Dusil Wage 610.36 Check 28460 Daniel R.Zamastil Wage 514.84 Check 28462 Ronald G. Dusil Meetings 158.90 Check 28471 Daniel R.Zamastil Meetings 158.90 Check 28474 1PERS Taxes 9 0.08 Check 28477 Treasurer, State of Iowa Taxes 1,26+9,00 Check 28486 Fairfax State Savings Bank Taxes 558.00 Check 28497 Linn County REC Electricity 465.55 Check 28505 Alliant Energy Electricity 879.86 Check 28506 Wendling Quarries,Inc. Rock 55.38 Check 28510 Sankot's Garage Maintlsupplies 1,177.85 Total Road Use Tax 12,966.24 Page 2 of 4 Water Check ACH Elan Postage&phone 54.60 Check 28429 Advanced Water Technology,Inc. Chemicals&metering pumps 1,749.92 Check 28436 Schrader Excavating&Grading,Co. Backhoe labor&materials 712.65 Check 284431AMU Dues 395.43 Check 28480 Wilson-Hite Insurance, Inc. Insurance 3,558.00 Check 28490 Mid American Energy Gas 916.83 Check 28494 Menards-Cedar Rapids SCI Various items 110,35 Check 28495 Linn County REC Electricity 1,103.38 Check 28499 US Cellular Phones 172.89 Check 28504 Alliant Energy Electricity 330.26 Check 28523 Keystone Laboratories,Inc.. Tests 35.00 Check 28524 Storm Steel Steel 40.2'6 Check 28525 Schimberg Co. Cplg,tees, pipe 50.31 Check 28528 Advanced Water Technology,Inc. Chemicals&tubing 1,026.56 Total Water 10,256.45 Sewer Check 28403 Jeffrey A.Ammeter Wage 562.50 Check 28410 Wellmark Insurance 274.87 Check 28412 Fairfax State Savings Bank Taxes 234.40 Check 28414 Jeffrey A.Ammeter Wage 562.60 Check 28418 Fairfax State Savings Bank Taxes 234.40 Check 28424 Wendling Quarries, Inc. Road stone 222.910 Check 28434 Ken-Way Sewer Service Jetted culvert 200.00 Check 28439 UPS Shipping 30.31 Check 28450 Keith Sankot Boat motor 300,00 Check 28456 Jeffrey A.Ammeter Wage 562.610 Check 284751PERS Taxes 318.410 Check 28476 Treasurer,State of Iowa Tax 430.00 Check 28481 Wilson-Hite Insurance, Inc. Insurance 4,704.0:0 Check 28488 Fairfax State Savings Bank Taxes 234,410 Check 28491 Mid American Energy Gas 15.85 Check 28493 Menards-Cedar Rapids SID Lift station parts 47.38 Check 28496 Linn County REC Lights 398.29 Check 28503 Alliant Energy Electricity 2,243,08 Check 28517 UPS Shipping 10.60 Check 28530 Mid American Energy Gas 15.93 Check 28531 Keystone Laboratories,Inc. Tests 188.70 Check 28533 Airgas Gas monitor 553.97 Total Sewer 12,346.29 Garbage Check 28458 Victoria A. Kindl Wage 507.31 Check 28465 Victoria A.Kindl Meetings 297.58 Check 28487 Fairfax State Savings Bank Taxes 190.16 Check 28512 Johnson County Refuse, Inc, Garbage service 6,064.50 Total Garbage 7,059.55 Page 3 of 4 LagoonNVWTF Project-Other Check 28448 Speer Financial, Inc. Services-$560,000ISond 6,78T.39 Total LagoonNMTF Project-Other 6,787.39 Trust&Agency Check 28483 Kim Schenck Deposit refund 46.09 Check 28484 City of Fairfax Applied to bill 43,.99 Check 28636 City of Fairfax Applied to bill 90.00 Total Trust&Agency 180.00 Total Claims 102,382,,33 Page 4 of 4 Receipts/Expenditures by Fund 31 March 08 March(Receipts General)Fund 13,736.70 Road Use Tax 14,160.89 T 8 A 1Meter Deposits 750.00 Water'Fund 11,057.26 Sewer Fund 10,224.72 Garbage Fund 7,328.52 TIF 11,619.41 SRF'Bond Retirement Fund 6,430.00 SavingstCD Revenue 853.78 FD Equipment Fund 567.09 FD Firework's Fund 58.35 Library Gifts/Bequests 86.10 Parrs Department 3.24 LUST(Property Relief 2001-02 61.26 LOST Street Imp 2001-02 20.23 LOST Street Imp 2004-05 573.97 LOST Sewer Imp 2004-05 297.03 LOST(Lawful Purpose 2004-05 0.47 Arbor Team 5.47 UPRR Money Market 16.45 WWTF 559,542.39 i Totalll Revenue: 637,393.33 March(Expenses General Fund 33,740.89 RoadUse Tax 27,089.05 Wates(Fund 4,453.88 Sewer(Fund 6,856.63 Garbage Fund 5,947.50 T&A-Meter Deposits 929.72 WWTF'Project 311,894.50 Total)Expenses: 1110,912,17 Transfers In: Water(Fund 517.24 Transfers Out: Trust WAgency Fund 517.24 C O O O_ O O pl GJ co p1 Sv CD O C', 0 0) .� 0 0) 0)i ..'1 9) 0) o S � 0, C), J ;q [y' 3 0 rh Q rh Q'. 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D CD k m CD e 0 $ 0 2 0 I-- 111:51 AM Certificates of Deposit' Cash Basis Balance Sheet As of MarVV3?,00 ASSETS Current Assets Checking/Savings General Murphy Land 4610013670 20,039.71 Total General Murphy Land 20,039.71 Manitenance Fund 07 60012454 6,300.69 Total Manitenance Fund 07 6,300.69 Nature Trail Project 60012463 26,252.88 Total Nature Trail Project 26,252.88 General Fund Maintenance Fund 60008316 6,424.00 Total Maintenance Fund 6,424.00 Library 10274 8,388.87 10679 7,821.35 Total Library 16,210.22 Park 10180 13,735.36 60010224 4,024.00 Total Park 17�759,36 Policy&Administration 60008575 2,561.17 10681 7,821.36 60011428 (9208) 23,174.96 60007237 6,517,02 Total Policy&Administration 40,074.51 Transportation 10680 7,821.36 60007228 8,750.52 60010233 29,586.60 Total Transportation 46,158.48 Total General Fund 126,626.57 Sewer Fund 60011277(8940) 6,958.27 Page'1 of 2 11:51 AM Certificates of Deposiit Cash Basis Balance Sheet As of Mar9M3?,0ff 60011660 39,118.54 Total Sewer Fund 46,076.81 Total Check!ng/Savings 225,296.66 Total Current Assets 225,296.66 TOTAL ASSETS 225,296.66 LIABILITIES & EQUITY Equity Opening Bal Equity 191,403.74 Retained Earnings 7,459.65 Net Income 26,433.27 Total Equity 225,296.66 TOTAL LIABILITIES& EQUITY 225,296.66 Page 2 of 2 City of Fairfax Balance Sheet As of March 31, 20 ar 31,OS ASSETS Current Assets Checking/Savings Fairfax Visioning 15,351.48 Money Market- UPRR F'uind 6,319.07 Certificates of Deposit General Fund CD General Murphy Land 20,039.71 General Fund-Other 159,180.14 Total General Fund 17%219.85 Sewer Fund 48,,,,076 81 Total Certificates of Deposit 225,298,66 Checking Account General Fund 17011874,75 Special Revenue Road Use Tax 44,279.04 TIF Fund 338,881.04 Total Special Revenue 383,160,08 Enterprise Fund Water 56„142.25 Sewer 27,922.17 Garbage 47,260,84 Lagoon/WWTF Project $295,000 Series 2001A Note 290,1000,00 Lagoon/WWTF Project-Other 144„1926.43 Total Lagoon/WWTF Project 434,926.43 SRF Bond Fund53„085,70 Trust&Agency 15„105,00 Total Enterprise Fund 634„442.39 Total Checking Account 1,188„477.22 Savings Accounts Parks Department 753.24 Arbor Team 1,101.83 FD Equipment Memorial Fund 4,223.50 Public Education 340.51 Regular Savings 10,225.29 Total FD Equipment 14„789,30 FD Fireworks 11,823.20 Library Gifts & Bequests Page, 1 of 2 City of Fairfax Balance Sheet As of March 31, 200Aar 31, 08 Memorials 1„911.63 Library Gifts &Bequests -Other 15,420.48 Total Library Gifts,& Bequests 17,332.11 Local Option 20011-02 Property Tax Relief 12,332.72 Street Improvements 4„071.43 Total Local Option 2001-02 16„404.15 Local Option 2004-2005 Any Lawful Purpose 95.13 Sewer Improvements :59,158.17 Street Improvements 115,544.44 Total Local Option 2004-2005 174,797.74 Total Savings Accounts 2.37,001.57 Total Check!ng/Savings 1,672,446.00 Total Current Assets 1,672,446.00 T'O'TAL ASSETS 1,67'2,446.00 LIABILITIES& EQUITY Equity 3000 - Opening Bal Equity 1,202,573.31 Net Income 469,872.69 Total Equity 1,672,446.00 TOTAL LIABILITIES& EQUITY 1,672,446.00 Page 2of2 r r r r 0 0 '-4000 © � �iCD m 19 (nconC04 p p �. H d � d � n cn rim CD t� �yIDLA k7 o b a o o ADa p R Pg IV— CIO a 14 ILI hzr?iF itl 1 741 t� a �r S 5t ire � ieN .W:i T;T. CJ2 w r' °oma "� ' ' El tD Ip er, Cz) Ly J . i V rVtG7 N LID c� .s N ("S 7k 10 _ o Cn �4 9 t C� �. N JZ ` d 1p F'amrk'ax/419915-10/Prepay MINUTES TO ADOPT RESOLUTION PROVIDING FOR PREPAYMENT OF NOTES rUKYOUM RECORDO 419915-10 Fairfax, Iowa April 8, 2008 The City Council of Fairfax, Iowa, met at the A-g , in the City, at o'clock .m., on April 8, 2008. Thd meeting w called to order by the Mayor and the roll being called, there were present the Mayor, in the chair, and the following named Council Members. Present: J Cit , Absent: 0 n Council Member introduced the resolution next hereinafter set out and moved that said resolution be adopted, seconded by Council Member 1-�cj cg- and after due consideration thereof by the Council, the Mayor put the question on the motion and, the roll being called, the following named Council Members voted: Ayes: CtC)O.AtvCL� Nays: Whereupon, the Mayor declared the resolution duly adopted, as follows: -1- Dorsey &Whitney LLP, Attorneys, Des Moines, Iowa Fairfax/419915-1 O/Prepay RESOLUTION NO.,;t Resolution providing for prepayment of $290,000 General Obligation Water Notes, Series 2001A, dated October 1, 2001 WHEREAS, General Obligation Water Notes, Series 20�01A, dated October 1, 2001 (the "2001A Notes"), were issued by the City of Fairfax, Iowa (the "City") pursuant to a resolution passed and approved on October 9, 2001, under which the right was reserved to the City to call and prepay all of the 2001A Notes maturing in each of the years 2009 to 2016, inclusive, as a whole or from time to time in part prior to and in inverse order of their maturity on terms of par and accrued interest on any interest payment date on or after June 1, 2008, provided notice shall have first been given by mailing written notice by certified mail, return receipt requested, to each of the registered owners of the 2001A Notes to be redeemed at the addresses shown on the City's registration books, not less than 30 nor more than 60 days prior to the date set for such redemption and prepayment; and WHEREAS, the City has issued its General Obligation Sanitary Sewer and Refunding Notes, for the purpose of providing funds to call and prepay$2901,000 of the Series 2001A Notes as of June 1, 2008, scheduled to mature in each of the years 200'9 to 2016, inclusive; and WHEREAS, prior to calling the Series 2001A Notes for redemption, provision must be made for giving notice thereof, NOW, THEREFORE, It Is Hereby Resolved and ordered by the City Council of Fairfax„ Iowa, as follows: Section 1. Series 2001 Notes in the total aggregate principal amount of $290,000, and scheduled to mature on June 1, as follows: Year Principal Amount 2009 $30,000 2010 $30,000 2011 $35,000 2012 $35,000 2013 $35,000 2014 $40,00'0 2015 $40,000 2016 $45„000 shall be called for redemption and prepaid as of June 1, 2008, on terms of par and accrued interest to such date of prepayment. -2- Dorsey& Whitney LLP, Attorneys, Des Moines, Iowa Fairfax/419915-1 O/Prepay Section 2, Bankers 'Frust Company, N.A., Des Moines, Iowa, as Registrar for the 2001A Notes, is hereby authorized and directed to give notice of such redemption by mailing written notice by certified mail, return receipt requested, to each of the registered owners of the Series 2001 Notes to be redeemed at the addresses shown on the City's registration boobs, not less than 30 nor more than 60 days prior to the date set for such redemption and prepayment, as provided in the resolution authorizing the issuance of such Series 2001A Notes. Section 3. All resolutions or orders or parts thereof, to the extent the same may be in conflict herewith, are hereby repealed. Passed and approved on April 8,2008. Mayor .Attest: City Clerk -3- Dorsey &Whitney LLP, Attorneys, Des Moines, Iowa Fairfax/419915-1O/Prepay *sees On motion and vote,the meeting adjourned. Mayor Attest: 1)1�j A'A r4 6 1 City Clerk _4_ Dorsey &Whitney LLP, Attorneys, Des Moises, Iowa Pairffaxl419915-10/1'repay STATE OF IOWA COUNTY OF LINN SS: CITY OF FAIRFAX 1, the undersigned, City Clerk of the City of Fairfax, do hereby certify that the transcript hereto attached is a true, correct and complete copy of all the records of the City's Council relating to the prepayment of$290,000 General Obligation Water Notes, Series 2001A. WITNESS MY HAND and the seal of the City hereto affixed this day of Na2Ak , 2008. City Clerk. (Seal) -5- Dorsey& Whitney LLP, Attorneys, Des Moines,Iowa Ravrfaxl419915-11/2"1/2 Tss GO Rfdg. 419915-11 {Issuance- C.Q. Refunding} FOR YOUR RECOMP-06 Fairfax,Iowa April 8, 2008 The City Council Ofie City of Fairfax, Iowa, met on April 8, 2008, at o'clock �-.m., at the i , Fairfax, Iowa. The meeting was called to order by the Mayor, and the roll was called showing the following Council Members present and absent: C 1 r Present: 0 Absent: After due consideration and discussion, Council Member -tX� introduced the resolution next hereinafter set out and moved its adoption, seconded by Council Member mCT,L.AD . The Mayor put the question upon the adoption of said resolution, and the roll being called, the following Council Members voted.: Ayes: Nays: �V .� 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. Mayor Attest: City Clerk -1- Dorsey&c Whitney LLP,Attorneys,Des Moines„Iowa RaiTfaV419915-11/2r'V.1ss GO Rfdg. RESOLUTION NO. ,A(0 Resolution authorizing and approving a Loan Agreement and providing for the issuance of $780,000 General Obligation Refunding Notes, Series 2008B 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 "Loan Agreement") in the principal amount of$780,000 to provide funds to pay the cost, to that extent, of refunding $760,000 of the City's outstanding General Obligation Corporate Purpose Notes, Series 2001 maturing in each of the years 2009 to 2016 and subject to prepayment on June 1, 2008 (the "Optional Series 2001 Notes'), and has published notice of the proposed action and has held a hearing thereon, and the Council may now authorize the Loan Agreement in an amount not exceeding the amount as published; NOW, THEREFORE; Be It Resolved by the City Council of the City of Fairfax, Iowa, as follows-, Section 1. The City shall enter into the Loan Agreement with Bankers' Bank, Madison, WI, as purchaser (the '"Purchaser"), in substantially the form as has been placed on file with the Council, providing for a loan to the City in the principal amount of $780,000, at a discount of$3,120, 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 C1ty", and the Loan Agrecinent is l.ereby approved. Section 2, The Notes are hereby authorized to be issued in the principal amount. of $780,000 (the "Notes"), to be dated April 1, 2008, maturing on;lune 1 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. 2009 $ 85,000 2.70% 2013 $ 95,000 3.25% 2010 $ 90,000 2.90% 2014 $100,000 3.40% 2011 $ 95,000 3.00% 2015 $105,000 3.55% 2012 $100,000 3.10% 2016 $110,000 3.70% Bankers Trust Company,N.A. of 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/Paying Agent Agreement") with the Registrar in substantially the form as has been placed on file with the Council; the Mayor and City Clerk are hereby authorized and directed to sign the Registrar/Paying Agent Agreement on behalf of the City; and the Registrar/Paying Agent Agreement is hereby approved,.. The City reserves the right to prepay part or all of the Notes maturing in each of the years 2014 to 2016, inclusive, prior to and in any order of maturity on June 1, 2013, or on any date thereafter upon terms of par and accrued interest. If less than all of the Notes of any like -2- Doxsey&Whitney LLP,Attomeys,Des.l'times,Iowa F'ai7fax/419915-11/2nd''/x Iss GO Rfdg, 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,hailed 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 December 1, 2008. 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 States 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,. 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. 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 4. 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'''). -3- Dorsey Whitney LLP,Attorneys,Des Moines Iowa Fairfax/419915-11/2r'%Iss GO Rfdg. 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 P'articipant'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 term "Beneficial Owner" shall hereinafter be deemed to include the person for whom the Participant acquires an interest in the Notes. 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. -4- Doasey&Whitney LLP,Attorneys,Des Moines,Iowa Fairfax/419915-1112"d%Iss GO Rfdg, 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 5. The Notes shall be in substantially the fallowing form: -5- Dorsey&Whitney LLP,Attorneys,Des Moi nes„Iowa Fairfax/419!)15-11/2 d'/a lss GO Rfdg. (Form of Note) UNITED STATES OF AMERICA STATE OF IOWA LINN COUNTY CITY OF FAIR-FAX GENERAL OBLIGATION REFUNDING NOTE, SERIES 2008B No. RATE MATURITY DATE Note DATE CUSIP June 1 April 1, 2.008 The City of Fairfax (the "City"), in Linn County, 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 thU-= S e ���ted Cates of Al-�e�ica upon presentation and surrender of this Note at 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 sum., 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 December 1, 2008, 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 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 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 Notes (the "Notes") issued by the City to evidence its obligation under a certain loan agreement, dated as of April 1, 2008 (the "Loan Agreement"), entered into by the City for the purpose of providing funds to pay costs of refunding the City's outstanding General Obligation Corporate Purpose Notes, Series 2001. The Notes are issued pursuant to and in strict compliance with the provisions of Chapters 76 and 384 of the Code of Iowa, 2007, 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 Notes (the "Resolution"), and reference is hereby made to the Resolution and the Loan -6- Dorsey&Whitney LLP,Attorneys,Des Moines,Iowa Fairfax/419915-11/2"d'/z lss GO Rfdg. 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 2014 to 2016, inclusive, prior to and in any order of maturity on June 1, 2013, 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 Note 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 deern 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. -7- Dorsey&Whitney LLP,Attorneys,Des Moines,Iowa Fairfax/419915-11/2"Vz lss GO Rfdg. 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 seat, 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 April 1, 2008. CITY OF'FAIRFAX, IOWA By DO NOT SIG Mayor Attest: DO NOT SIG City Clerk (Facsimile Seal) Registration Date: (Registration Date) REGISTRA.R'S 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 Signature) 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. -s- Dorsey&Whitney LLP,Attorneys,Des Moines,Iowa Fairfax/419915-11/2'd 1/z Iss GO Rfdg. 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. Dated: 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. Dorsey Whitney LLP,Attorneys,Des Maines,Iowa Fairfax/419915-11/2'd'/�Iss GO Rfdg. Section 6. 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 the Purchaser, upon receipt of the loan proceeds, and all action heretofore taken in connection with the Loan Agreement is hereby ratified and confirrned in all respects. The Optional Series 2001 Notes are hereby called for prepayment on June 1, 2008, and Bankers Trust Company, N.A., Des Moines, Iowa, the registrar for the Optional Series 2001 Notes ("Bankers Trust"), is hereby authorized and directed to take all actions necessary to prepay the Optional Series 2001 Nates, including giving notice of such prepayment in accordance with the resolution which authorized the issuance of the Optional Series 2001 Notes (the "Series 2001 Note Issuance Resolution"). _ Simultaneously with the delivery of the Notes, a portion of the Loan Proceeds in an amount sufficient to prepay the Optional Series 2001 Notes on June 1, 2008, shall be remitted to Bankers Trust and shall be used to prepay the principal of the Optional Series 2001 Notes on such date. Section 7. 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 Nates 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, 2009, sufficient to produce the net annual sum of$11.2,845; For collection in the fiscal year beginning July 1, 2010, sufficient to produce the net annual sum of$11.5,235; For collection in the fiscal year beginning July 1, 2011, sufficient to produce the net annual sum of$117,385; For collection in the fiscal year beginning July 1, 2012, sufficient to produce the net annual sum of$109,285; For collection in the fiscal year beginning July 1, 2013, sufficient to produce the net annual sum of$111,„198; For collection in the fiscal year beginning July 1, 2014, sufficient to produce the net annual sum of$112,798; For collection in the fiscal year beginning Jolly 1, 2015, sufficient to produce the net annual sum of$114,070. -i0- Dorsey&Whitney LLP,Attorneys,Des Moines, Iowa Fairffaxl419915-1I/2od%lss GO Rfdg. The amount necessary to pay the principal of and interest on the Notes to and including June 1, 2009, shall be paid from the taxes previously levied pursuant to the Series 2001. Resolution for collection in the fiscal year beginning July 1, 2008. That portion of the Series 2001 Note Resolution which provides for the levy of taxes for collection in fiscal years beginning on and after July 1, 2009, is hereby repealed. Section 8. A certified copy of this resolution shall be filed with the County Auditor of Linn 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 9. 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 Nates. Section 10. 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 Code of 1986, 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 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 term is used in Section 265(b)(3)(B) of the Internal Revenue Code. Section 11. 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 inforination to prescribed information repositories on a continuing basis or unless and to the extent the offering is exempt from the requirements of the Rule. -11- Dorsey&Whitney LLP,Attorneys,Des Moines,Iowa i Fairfax/419915-1 1/21d%:lss GO Rfdg. The principal amount of the Notes is less than $1,00 ,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,this Council hereby finds that the Rule is inapplicable to the Nates, because the aggregate principal amount of the Notes and any other securities required to be integrated with the Notes under the Rule is less than$1,000,000. Section 12. All resolutions or parts thereof in conflict herewith are hereby repealed to the extent of such conflict. Passed and approved April 8, 2008. Mayor .attest: c City Clerk -12- Dorsey&Vv tney LLP,Attorneys,Des Mouses,Iowa Fmirfaxl419915-11/2nd'/z hs GO Mg. STATE OF IOWA LINN COUNTY SS: CITY OF FAIRFAX I, the undersigned, City Clerk of the City of Fairfax, 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 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 adoption of a resolution authorizing and approving a certain Loan Agreement and providing for the issuance of $780,000 General Obligation Refunding Notes of the City evidencing the City's obligation under the Loan 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 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. WI SS MY HAND .and the seal of the City hereto affixed this 0—day of 2008. City Clerk (Seal) -13- Dorsey&Whitney LLP,Attorneys,Des Moines,Iowa Fairfax/419915-11/2'd%1ss GO Rfdg, STATE OF IOWA SS: LIMN COUNTY I, the undersigned, County Auditor of Linn County, in the State of Iowa, do hereby certify that on the /1 -eh day of JQLt2L , 2008, 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 April 8, 2008, entitled: "Resolution authorizing and approving a Loan Agreement and providing for the issuance of ;x'780,000 General Obligation. Refunding Notes 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 my records. I fiother 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, 2009, and subsequent years as provided in the resolution. WITNESS MY HAND and the seal of the County hereto affixed this th day of 2008. ounty Auditor (Seal) -14- Dorsey&Whitney LLP,Attorneys,Des Moines,Iowa I I