12-09-1992 Council Agenda - Laserfiche WebLink

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Mr. Joel Hanson, City Administrator City of Little Canada Page 10 OVERVIEW ANALYSIS Schedule 1 (coupled with Schedules 1 -A and 1 -B) present an overview of the City's MSA Allotments from inception plus projections for such allotments for the years 1992 through 2000. These schedules are based upon the City receiving annual Allotments of $175,000 per year through 2000. Such allotments are scheduled /budgeted to be used as follows: 1. REGULAR MAINTENANCE based upon normal State calculations starting in 1999 after the City has drawn down all of its "past bond interest ". See Schedule 1 and 1 -B. 2. SPECIAL MAINTENANCE calculated at approximately 25% of the annual total allotment to be used to recover the "past bond interest" amounts for the years 1992 through 1996. These amounts will be receipted into the City's State Aid Roads Fund to be used as interim financing of MSA Construction Projects and/or as determined by the City Council after full financing of all past MSA projects. See Schedule 1 and 1 -B. 3. SPECIAL MAINTENANCE to be used to fmance current MSA Bond Interest for the years 1992 through 1999. See Schedule 1 and 1 -B. 4. SPECIAL CONSTRUCTION allotments to be used to finance MSA Bond principal for the years 1992 through 1999. See Schedule 1 and 4. 5. REGULAR CONSTRUCTION allotments to be used to finance past and current projects. See Schedules 1 and 1 -A. Special reports must be filed for deferment of such draw downs to future allotments. SUMMARY The data contained herein plus the accompanying schedules presents an overall recommended financial plan for the future use of State MSA Allotments by the City. This recommended plan will fully eliminate all past deficits relating to City MSA projects. Additionally, this recommended plan will provide for the accumulation of excess MSA Allotments to be held at and by the City. Such excess MSA Allotments can be used (at the discretion of the City Council) to help finance future MSA projects or for other City Council approved purposes. However, this recommended plan is only that. To be effected, it must be approved and adopted by the City. The following courses of action should be taken to effect this recommended plan: By The City Administration: 1. Review the contents of this report for completeness and appropriateness with other City policy and MSA Allotment needs and with the City engineers. 2. Submit a recommendation to the City Council. 3. Make annual applications to the State to draw down "past bond interest" for the years 1993 through 1996. Page 41