03-09 Resolution No. 11830RESOLUTION NO. 11830
RESOLUTION AUTHORIZING AN ADVANCE OF 2021-2025
MUNICIPAL STATE AID STREET FUNDS
WHEREAS, the Municipality of Richfield has implemented Municipal State Aid
Street Project(s) which require State Aid funds in excess of those available in its State
Aid Construction Account; and
WHEREAS, said municipality has completed the construction of said project(s)
through the use of other Municipal funds and is requesting 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 3/l/2021 $-1,544,979
Less estimated disbursements:
Project # 157-361-027
$ 1,046,820
Project #
$ NA
Project #
$ NA
Project #
$ NA
Project #
$ NA
Bond Principle (if any)
Project Finals (overruns -if any)
Other
$ NA
$ NA
$ NA
Total Estimated Disbursements $ 1,046,820
Advance Amount (amount in excess of acct balance) $ 1,046,820
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:
Resolution No. 11830 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 Richfield in an amount up to $1,046,820 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 9th day of
March, 2021.
WA)�JjW jAz-
Maria Regan Gonzalez, Mayor
ATTEST:
Elizabeth VanHoose, City Clerk
Resolution No. 11830 2