2012-041 Council Resolution - Laserfiche WebLink

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Council Member 'R oe se r introduced the following resolution and moved its adoption: CITY OF LINO LAKES RESOLUTION NO. 12-41 RESOLUTION REQUESTING AN ADVANCE FROM THE MUNICIPAL STATE AID STREET FUND FOR CALENDAR YEAR 2012 FOR THE CITY OF LINO LAKES, MINNESOTA WHEREAS, the City of Lino Lakes has completed the construction of Municipal State Aid street projects which required State Aid funds in excess of funds available in the City's State Aid Construction Account, and; WHEREAS, the City of Lino Lakes has completed the construction of said projects and desires to pay future payments for public improvement bonds issued for the construction of said projects through the use of an advance from the Municipal State Aid Street Fund, and; WHEREAS, repayment of the funds so advanced will be made in accordance with the provisions of Minnesota Statutes 162.14, Subd. 6 and Minnesota Rules, Chapter 8820.1500, Subp. 10b, and; WHEREAS, the City of Lino Lakes acknowledges advance funds are released on a first -come- first - served basis and this Resolution does not guarantee the availability of funds. • NOW, THEREFORE, BE IT RESOLVED, BY THE CITY COUNCIL OF THE CITY OF LINO LAKES, MINNESOTA The Commissioner of Transportation is hereby being requested to approve this advance for financing of past approved Municipal State Aid street projects which have been constructed in the City of Lino Lakes and have been paid short in the amount up to $3,277,100 or five times the City's annual construction allotment. The City of Lino Lakes authorizes repayments from subsequent accruals to the Municipal State Aid Street Construction e • • n fr. •- • ure year's allocations until fully repaid. Tulle ell, City lerk Jeff Re' Adoption by the Lino Lakes City Council this 14th day of May, 2012 or The motion for the adoption of the foregoing resolution was duly seconded by Council Member Ra4-Ee rty and upon vote being taken thereon, the following voted in favor thereof: Reeser, "Ra- f= Certy, Sloes z, O'Donnell ,Reinert The following voted against same: none Whereupon said resolution was declared duly passed and adopted.