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CITY OF LINO LAKES <br />RESOLUTION NO. 18-28 <br />REQUESTING AN ADVANCE FROM THE MUNICIPAL STATE AID STREET FUND <br />FOR THE CITY OF LINO LAKES, MINNESOTA <br />WHEREAS, the City of Lino Lakes has completed the construction of Municipal State Aid <br />street projects which required State Aid funds in excess of funds available in the City's State Aid <br />Construction Account, and; <br />WHEREAS, the advance is based on the following determination of estimated expenditures: <br />Account Balance as of April 9, 2018 $0.00 <br />Less estimated disbursements: <br />Project # 210-020-004 $1,549,326.47 <br />Project #210-020-007 $ 63,112.82 <br />Project #210-114-001 $ 405,275.86 <br />Total Estimated Disbursements $2,017,715.15 <br />Advance Amount $2,017,715.15 <br />WHEREAS, repayment of the funds so advanced will be made in accordance with the <br />provisions of Minnesota Statutes 162.14, Subd. 6 and Minnesota Rules, Chapter 8820.1500, <br />Subp. 10b, and; <br />WHEREAS, the City of Lino Lakes acknowledges advance funds are released on a first -come - <br />first -served 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 Lino Lakes: <br />The Commissioner of Transportation is hereby being requested to approve this advance for <br />financing of past approved Municipal State Aid street projects which have been constructed in <br />the City of Lino Lakes and have been paid short in the amount up to $2,017,715.15 or five times <br />the City's annual construction allotment. The City of Lino Lakes authorizes repayments from <br />subsequent accruals to the Municipal State Aid Street Construction Account from future year's <br />allocations until fully repaid. <br />Adopted by the Council of the City of Lino Lakes this 9th day of April, 2018. <br />The motion for the adoption of the foregoing resolution was introduced by Council Member <br />Rafferty and was duly seconded by Council Member Stoesz and upon <br />vote being taken thereon, the following voted in favor thereof: <br />Rafferty, Stoesz, Maher, Reinert <br />The following voted against same: <br />None (absent — Manthey) <br />ATTEST: <br />CitrirT6" <br />Bartell, Citiy Cler <br />Jeff Reinert, <br />