HomeMy WebLinkAbout2019-031Wei I WK13 W W.-I N Do DI NO
D-T aw 11 wig Keig
Ll W-11 N 01 g I I
A RESOLUTION REQUESTING AN ADVANCE FOR MUNICIPAL
STATE AID STREET FUNDS FOR THE
CSAH-19 AND HUDSON BOULEVARD INTERSECTION
IMPROVEMENTS
WHEREAS, the City of Lake Elmo is planning to implement Municipal State Aid Street Project(s)
in 2019 which will require State Aid funds in excess of those available in its State Aid Construction
Account, and
WHEREAS, said the City is prepared to proceed with the construction of said project(s) through
the use of an advance from the Municipal State Aid Street Fund to supplement the available funds'in their
State Aid Construction Account, and
WHEREAS, the advance is based on the following determination of estimated expenditures:
Account Balance as of date April 7, 2019 $1,416,777.63
Less estimated disbursements:
Project 9 S.A.P. 206-020-004 $500,000.00
Project H S.A.P. 206-120-001 $2,000,000.00
Bond Principle (if any) $0
Project Finals (overruns -if any) $0
Other: N/A $
Total Estimated Disbursements $2,500,000.00
Advance Amount (amount in excess of acet balance) $1,083,222.37
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 Municipality acknowledges advance funds are released on a first -come -first -serve
basis and this resolution does not guarantee the availability of funds,
NOW, THEREFORE, BE IT RESOLVED,
1. That the Commissioner of Transportation be and is hereby requested to approve this advance for
financing approved Municipal State Aid Street Project(s) of the Municipality of Lake Elmo in an
amount up to $1,083,222.37. 1 hereby authorize repayments from subsequent accruals to the
Municipal State Aid Street Construction Account of said Municipality from future year allocations
until fully repaid,
ADOPTED BY THE LAKE ELMO CITY COUNCIL ON THE SIXTEENTH DAY OF APRIL,
2019.
CITY Ir UAWL LUIVIV
(Seal)
? ST:
JL lie obnsoll
11110114
CClerk
By;.
ot
Mike P i
Mayor