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FUNDING <br /> • <br /> The funding for the project on St. Anthony Blvd. is to come from Municipal State Funds <br /> received from the State on an annual basis. The St. Anthony account balance after 1986 <br /> MSA construction will be about $180,000. The city fts 1986 construction allotment was <br /> $119,468. <br /> It is expected that the 1987 allotments will be approximately 12% less than in 1986 or <br /> about $105,000 for St. Anthony. The amount in St. Anthony fts account after receiving <br /> their 1987 allotment will be about $285,000. With an estimated project cost of $460,000, <br /> and additional $170,000 will be needed to finance the project. <br /> The city may use advance financing procedures allowed by the MSA rules, to provide <br /> the balance of the funds needed to accomplish the St. Anthony Blvd._ project. Three <br /> possibilities exist within the rules as follows: <br /> • <br /> 1. Advance encumbrance. The City can, by resolution, request an advance not- <br /> to-exceed 40% of its last State Aid apportionment. This would limit the City <br /> to about $42,000 of advance encumbrance. <br /> 2. The City can sell State Aid bonds with the amount and on terms such that the <br /> average annual principal and interest due in all subsequent calendar years on <br /> the bonds (including any similar obligations outstanding) shall not exceed <br /> fifty percent (50%) of the last annual construction allotment preceding the <br /> bond issue. Assuming that the City has no outstanding MSA bonds, <br /> approximately $60,000 of MSA bonds could be sold. <br /> 3. The City may also issue general obligation bonds to mature in not more than five <br /> • (5) years from the date of issue. The principal amount, including any prior issue, <br /> -2- <br />