HomeMy WebLinkAbout15-162CITY OF LAKEVILLE
RESOLUTION NO. 15-162
RESOLUTION AUTHORIZING THE ADVANCE OF
MUNICIPAL STATE AID CONSTRUCTION FUNDS
WHEREAS, the Municipality of Lakeville is planning to implement Municipal State Aid
Street Project(s) in 2016 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:
Account Balance as of 09/25/15
2016 Tentative Total Allocation
Less estimated disbursements:
Project # 188-020-025
Project # 188-020-027
Bond Principal
Bond Interest
Maintenance
Total Estimated Disbursements
Advance Amount (amount in excess of acct balance)
$ 1,178,245
$ 2.602,637
$ 3,780,882
$ 2,777,606
$ 1,762,821
$ 910,000
$ 350,455
$ 120,000
$ 5,920,882
$ 2,140,000
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.1Ob; 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 Lakeville in an amount up to $ 2,140,000. 1 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 Lakeville City Council this 71' day of December, 2015
Matt ittle, May r
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Charlene Friedges, City CI x