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Wei 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,