RES 14-73 Elk
River
Resolution 14- 73
A Resolution of the City of Elk River Implementation of Municipal State Aid
Street Funds Advance
WHEREAS, the City of Elk River is planning to implement Municipal State Aid Street
Projects in 2015 which will require state aid funds in excess of those available in its State Aid
Construction Account;and
WHEREAS, the city is prepared to proceed with the construction of said projects through
the use of an advance from the Municipal State Aid Street Fund to supplement the available
funds in their State Aid Construction Account;
WHEREAS, the advance is based on the following determination of estimated
expenditures:
Account Balance as of November 10,2014 $1,614,101
Less estimated disbursements:
Project#204-135-001 $3,985,100
Project # $
Project# $
Project# $
Bond Principle (if any) $
Project Finals (overruns-if any) $
Other $
Total Estimated Disbursements $3,985,100
Advance Amount $2,370,999
(amount in excess of acct.balance)
WHEREAS, repayment of the funds so advanced will be made in accordance with the
provisions of Minnesota Statutes 5162.14, Subd. 6, and Minnesota Rules, Chapter 8820.1500,
Subd. 10b;and
WHEREAS, the City of Elk River 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 Elk
River,Minnesota,as follows: 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 City of Elk River in an amount up to $2,370,999. 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.
IN" "AT" ' Ay
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Passed and adopted this 17'h day of November,201 OD
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ATTEST:
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Tina Allard, City Clerk
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