HomeMy WebLinkAbout03-039 DATE: March 3, 2003 RESOLUTION NO.: 03-39
MOTION BY: Wulff SECONDED BY: Luick
RESOLUTION AUTHORIZING ADVANCE ENCUMBRANCE OF
MUNICIPAL STATE. AID FUNDS
WHEREAS, the City of Lakeville (188) is planning to implement Municipal State Aid
Street Project(s) in 2003,. which will require State Aid funds in excess of those available in
its State Aid Construction Account; and
WHEREAS, said City is prepared to proceed with the construction of said project(s)
through the use of advance encumbrances from the general State Aid Construction Account
to supplement the available funds in their State Aid .Construction. Account; and
WHEREAS, repayment of the funds.. so advanced will be made in accordance with
the provisions of Minnesota Statutes 162.14, Subdivision 6 and Minnesota Rules, Chapter
8820.
• .NOW THEREFORE BE IT RESOLVED: That the Commission of Trans ortation be
p
:and is hereby requested to approve this advance for financing approved Municipal State Aid
Street Project(s) of the City of Lakeville (188) in an amount up to $1,880,881.22, in
accordance with Minnesota Rules 8820.1500, Subparagraph 10b. I hereby authorize
repayments from subsequent accruals to the Municipal State Aid Street Construction
Account of said City in accordance with the schedule herein indicated: (initial one)
Repayment from entire future year allocations until fully repaid.
X Repayment from future year allocations in amounts listed below until
fully repaid (maximum 3 year repayment).
$ 609,771.22 CY 2004
$ CY
$ CY
APPROVED AND ADOPTED this 3~d day of March, 2003.
IT AKEVILLE
BY:
Ro rt D. Johnson, ` ayor
• A TEST:
Charlene Frie es, City erk