04-11 Resolution No. 12082RESOLUTION NO.
RESOLUTION AUTHORIZING AN ADVANCE OF 2023 MUNICIPAL
STATE AID STREET FUNDS
WHEREAS, the Municipality of Richfield is planning to implement 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 is currently completing or planning to start 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 3/29/2023 $ 102,661.78
Less estimated disbursements:
Project # 157-108-035 $ 400,000
Project # 157-030-007 $ 2,700,000
Project# 157-104-005;157-105-006;
157-363-034 $ 900,000
Project # $ NA
Project #$ NA
Bond Principle (if any) $ NA
Project Finals (overruns-if any) $ NA
Other_________________ $ NA
Total Estimated Disbursements $ 4,000,000
Advance Amount (amount in excess of acct balance) $ 3,897,338.22
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:
12082
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 $3,897,338.22 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 11th day of
April, 2023.
Mary Supple, Mayor
ATTEST:
Dustin Leslie, City Clerk