CC RES 12-038 RESOLUTION REQUESTING AN ADVANCE FROM THE MUNICIPAL STATE AND STREET FUND FOR CALENDAR YEAR 2012 FOR THE CITY OF ST. ANTHONY VILLAGE, MINNESOTA

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CITY OF ST. ANTHONY RESOLUTION 12-038 A RESOLUTION REQUESTING AN ADVANCE FROM THE MUNICIPAL STATE AID STREET FUND FOR CALENDAR YEAR 2012 FOR THE CITY OF ST. ANTHONY VILLAGE, MINNESOTA WHEREAS, the City of St. Anthony Village 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 St. Anthony Village 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 St. Anthony Village 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 St. Anthony that 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 St. Anthony Village and have been paid short in the amount up to $1,023,980 or five times the City's annual construction allotment. The City of St. Anthony Village authorizes repayments from subsequent accruals to the Municipal State Aid Street Construction Account from future year's allocations until fully repaid. Adopted this 27h day of March, 2012. C 4aLyor ATTEST: 67 111/0 /a/ lt��l City Clerk ' Reviewed for administration: wa("k City Manager F.-(Council Meelings120I P032720IPRes MSASAdvance.docx