HomeMy WebLinkAbout17-024CITY OF LAKEVILLE
RESOLUTION NO. 17-24
RESOLUTION AUTHORIZING ADVANCE OF MUNICIPAL STATE AID CONSTRUCTION FUNDS
WHEREAS, the Municipality of Lakeville is planning to implement Municipal State Aid
Street Project(s) in 2017 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 02/21/2017 $324,281
Less estimated disbursement (Bond Principal) ($950,000)
Advance Amount (amount in excess of acct balance) $625,719
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 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 $625,719. The City Council hereby
authorizes 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 21St day of February, 2017
Douglas P. Anderson, Mayor
Charlene Friedges, City