16-11282r RESOLUTION NO, 11282
RESOLUTION AUTHORIZING AN ADVANCE OF 2018-2021 MUNICIPAL STATE AID
STREET FUNDS
WHEREAS, the Municipality of Richfield is planning to implement Municipal State Aid Street
Project(s) 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(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:
Estimated Account Balance as of date 2/1/2017 $ 1,253,692
Less estimated disbursements:
Project# 157-020-028 $ 5,300,000
Bond Principle (if any) $NA
Project Finals (overruns-if any) $NA
Other $NA
Total Estimated Disbursements $ 5,300,000
Advance Amount (amount in excess of acct balance) $ 4,000,000
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 by the City Council of the City of Richfield,
Minnesota:
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
Richfield in an amount up to $4,000,000 in accordance with Minnesota Rules 8820.1500,
Subp. 10b. I hereby authorize repayments from subsequent accruals to the Municipal State Aid
Street Construction Account of said Municipality from future year allocations until fully repaid.
Adopted by the City Council of the City of Richfield, Minnesota, this 25th day of October, 2016.
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ATTE T: 17 De bie Goettel, Mayor
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Elizabeth VanHoos , City Clerk