11-10475rRESOLUTION NO. 10475
RESOLUTION AUTHORIZING AN ADVANCE OF 2012-2013 MUNICIPAL STATE AID
STREET FUNDS
WHEREAS, the Municipality of Richfield is planning to implement Municipal ,State
Aid Street Project(s) in 2010 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 2/1/2011 $ 123,620
Less estimated disbursements:
Project # 157-363-19 $ 1,200,000
Project # 157-361-26 $ 35,000
Project # 157-090-01 $ 39,000
Project #157-020-19, STPX 2706(140) $ 600,000
Project # 157-363-24 $ 35,000
Bond Principle (if any) $ NA
Project Finals (overruns-if any)
Other
$ NA
$ NA
Total Estimated Disbursements
Advance Amount (amount in excess of acct balance)
$ 1,909,000
$ 1,785,380
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(s) of the Municipality of Richfield in an amount up to $1,785,380.
hereby authorize repayments from subsequent accruals to the Municipal State Aid Street
Construction Account of said Municipality from future year allocations until fully repaid.
1 HEREBY CERTIFY that the above is a true and correct copy of a resolution
presented to and adopted by the Municipality of Richfield., County of Hennepin, State of
012511 MSAAdvance
Minnesota, at a duly authorized Municipal Council Meeting held in the Municipality of
Richfield, Minnesota on the 25th day of January, 2011, as disclosed by the records of said
Municipaiity on -file and of record in the office.
Adopted by the City Council of the City of Richfield, Minnesota this 25th day of
January, 2011.
~ ,"",~ ~~ C.._
Debbie Goettel, Mayor
ATTEST:
Nancy Gibb ity Clerk