HomeMy WebLinkAbout17-029 - ADMIN Resolution - City Council - 2017/02/06RESOLUTION NO. 17-029
RESOLUTION TO ADVANCE
MUNICIPAL STATE AID STREET FUNDS
WHEREAS, the Municipality of St. Louis Park is planning to implement a Municipal
State Aid Street Project in 2017 which will require State Aid funds in excess of those available in
its State Aid Construction Account, and
WHEREAS, said municipality is prepared to proceed with the construction of said project
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 January 30, 2017 $2,460,604.10
Less estimated disbursements:
Project # 163-275-019 $ 4,509,000
Total Estimated Disbursements $ 4,509,000
Advance Amount (amount in excess of acct balance) $2,048,395.90
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: That the Commissioner of Transportation
be and is hereby requested to approve this advance for financing approved Municipal State Aid
Street Project of the Municipality of St. Louis Park in an amount up to $2,048,395.90. I hereby
auth ze repayments from subsequent accruals to the Municipal State Aid Street Construction
Ac oun of said Municipality from future year allocations until fully repaid.
for Administration: Adopted by the City Council February 6, 2017
a iem , City Manager J ke S o, Mayor
Attest:
NJA � �A A- A "A AAA LpLq-�
Melissa Cennedy, Cit lerk