3.5. SR 09-20-1999
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MEMORANDUM
** ITEM3.5.**
River
TO:
Mayor & City Council
Lori Johnson, Finance Director 'f\~
September 20, 1999
FROM:
DATE:
SUBJECT: Resolution of Application to the
Minnesota Public Facilities
Authority
The city received a Transportation Revolving Loan Fund loan for the Tyler
Street connection from highway 10 to the existing Tyler Street. In order to
process the final application, the attached resolution must be approved by the
City Council. This is a new program which provides loan funds at an interest
rate lower than the rate the city would receive on a city bond issue.
Action Requested
.
The Council is asked to approve the attached resolution applying for funds
from the Transportation Revolving Loan Fund.
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13065 Orono Parkway · P.O. Box 490 · Elk River, MN 55330. TDD & Phone: (612) 441-7420. Fax: (612) 441-7425
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RESOLUTION 99-_
A RESOLUTION OF APPLICATION TO
THE MINNESOTA PUBLIC FACILITIES AUTHORITY
TRANSPORTATION REVOLVING LOAN FUND
BE IT RESOLVED that the City of Elk River is hereby applying to the
Minnesota Public Facilities Authority for a loan from the Transportation
Revolving Loan Fund for the reimbursement of capital costs for the described
project: Construct 3.34 miles of four-lane divided highway for new
transportation corridor from TH 10 to Tyler Street.
BE IT FURTHER RESOLVED that the City of Elk River estimates that it
will require a loan from the Minnesota Public Facilities Authority in the
maximum principal amount of $1,219,000, or the as-bid cost of the project for
the above stated purpose.
BE IT FURTHER RESOLVED that the City of Elk River has the legal
authority to apply for such financial assistance, and the financial, technical,
and managerial capacity to ensure proper construction, operation and
maintenance of the project for its design life and repayment of the financial
assistance.
BE IT FURTHER RESOLVED that the City of Elk River hereby expresses
its official intent to use proceeds of this loan to reimburse construction
expenditures incurred prior to the issuance of its general obligation or
revenue bond to the Public Facilities Authority.
I CERTIFY THAT the above resolution was adopted by the City of Elk River
on September 20,1999.
SIGNED:
Stephanie A. Klinzing, Mayor
WITNESSED:
Sandra A. Peine, City Clerk
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