HomeMy WebLinkAbout2012-041 Council ResolutionCouncil 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.
•
CITY COUNCIL
AGENDA ITEM 6D
STAFF ORIGINATOR: Jason C. Wedel, City Engineer
MEETING DATE: May 14, 2012
TOPIC: Approve Request for an Advance from the Municipal State Aid
Street Fund for Calendar Year 2012
VOTE REQUIRED: 3/5 Vote Required
BACKGROUND
This spring the office of Municipal State Aid contacted all of the cities currently eligible for
funding and informed them that there is currently a significant surplus of funds currently available.
They are therefore encouraging cities to utilize these funds by taking out advances from future year
allotments to either accelerate new projects or to pay down past projects sooner. The advances are
limited to five times the City's annual allotment.
• The City is currently using our MSAS allotment to pay down the debt on both the I -35W and the 1-
35E interchange projects. We are therefore requesting the maximum advance amount possible.
We currently receive $655,420 per year, so we are requesting five times that amount or $3,277,100.
However, we are not guaranteed we will receive the full amount. The advances are being provided
on a first come first serve basis, so depending on the funds available at the time our request is
submitted it could impact the final apportionment.
RECOMMENDATION
Staff recommends adoption of Resolution 12 -41 Requesting an Advance from the Municipal State
Aid Street Fund for Calendar Year 2012 for the City of Lino Lakes, Minnesota.
•