RES 16-052 REQUESTING AN ADVANCE FROM THE MUNICIPAL STATE AID FUND FOR CALENDAR YEAR 2017 FOR THE CITY OF ST. ANTHONY

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CITY OF ST. ANTHONY VILLAGE RESOLUTION 16-052 A RESOLUTION REQUESTING AN ADVANCE FROM THE MUNICIPAL STATE AID STREET FUND FOR CALENDAR YEAR 2017 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. l Ob, 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 $1,053,004 or four 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 14th day of June, 2016. / ry /. Jerome O. Faust, Mayor ATTEST: + Nicol6 Miller, City Clerk Reviewed for administration: r✓' Mark Casey, fl ty Manager S: Kounal Meetings 2016 06142016 Resaludon 16- 052 -MSAS Advance.doc