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