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RESOLUTION <br /> RESOLUTION REQUESTING ADVANCED FINANCING FOR <br /> MUNICIPAL STATE MUNICIPAL STATE AID STREETS <br /> WHEREAS, the City of Little Canada proceeded with and is planning on <br /> proceeding with Municipal State Aid eligible street projects which will require State Aid <br /> <br /> funds in excess of those available in it's State Aid Construction Account, and; <br /> WHEREAS, the City has completed and/or is prepared to proceed with the <br /> construction of said projects through the use of an advance from the Municipal State Aid <br /> Construction Account to supplement the available funds in their State Aid Construction <br /> Account, and; <br /> WHEREAS, the advance is based on the following determination of expenditures <br /> and estimated expenditures: <br /> Account Balance as of 06/21/10 $ 0.00 <br /> Less Estimated Disbursements: <br /> Viking Drive (Project #200-108-001) $ 527.718.19 <br /> Signal EVP (Project#200-020-007) $ 11,340.00 <br /> Demont Ave. (Project #200-109-003) $ 137.345.80 <br /> Rice Street / TH36 (Project #200-020-009, <br /> 200-113-003, & 200-108-003) $ 671,759.00 <br /> LC Road Bridge Rail (Project #200-020-008) $ 85,041.16 <br /> Advance Amount (amount in excess of balance) $ 1,433,204.15` <br /> *Limit of Advance $754 695.00 <br /> WHEREAS, repayment of the funds so advanced will be made in accordance <br /> with the provisions of Minnesota Statutes 162.14, Subdivisions 6 and Minnesota Rules, <br /> Chapter 8820.1500, Sub. 10b, and; <br /> WHEREAS, the City acknowledges that advance funds are released on a first- <br /> come-first serve basis and this resolution does not guarantee the availability of funds. <br /> NOW THEREFORE, BE IT RESOLVED, by the City Council of the City of Little <br /> Canada that the Commission of Transportation be and is hereby requested to <br /> approve the advance for financing approved Municipal State Aid Street projects of <br /> the City of Little Canada in an amount up to $754,695.00 in accordance with <br /> Minnesota Rules 8820.1500, Subparagraph 9, and to authorize repayments from the <br /> following year's accruals to the Construction Account of the Municipal State Aid fund <br /> for said City. <br /> 1 of 2 <br /> <br />