HomeMy WebLinkAbout2018-028 Council ResolutionCITY OF LINO LAKES
RESOLUTION NO. 18-28
REQUESTING AN ADVANCE FROM THE MUNICIPAL STATE AID STREET FUND
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 advance is based on the following determination of estimated expenditures:
Account Balance as of April 9, 2018 $0.00
Less estimated disbursements:
Project # 210-020-004 $1,549,326.47
Project #210-020-007 $ 63,112.82
Project #210-114-001 $ 405,275.86
Total Estimated Disbursements $2,017,715.15
Advance Amount $2,017,715.15
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:
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 $2,017,715.15 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 Account from future year's
allocations until fully repaid.
Adopted by the Council of the City of Lino Lakes this 9th day of April, 2018.
The motion for the adoption of the foregoing resolution was introduced by Council Member
Rafferty and was duly seconded by Council Member Stoesz and upon
vote being taken thereon, the following voted in favor thereof:
Rafferty, Stoesz, Maher, Reinert
The following voted against same:
None (absent — Manthey)
ATTEST:
CitrirT6"
Bartell, Citiy Cler
Jeff Reinert,