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City of <br /> Elk <br /> River <br /> Resolution 14- <br /> A Resolution of the City of Elk River Implementation of Municipal State Aid <br /> Street Funds Advance <br /> WHEREAS, the City of Elk River is planning to implement Municipal State Aid Street <br /> Projects in 2015 which will require state aid funds in excess of those available in its State Aid <br /> Construction Account;and <br /> WHEREAS, the city is prepared to proceed with the construction of said projects through <br /> the use of an advance from the Municipal State Aid Street Fund to supplement the available <br /> funds in their State Aid Construction Account; <br /> WHEREAS, the advance is based on the following determination of estimated <br /> expenditures: <br /> Account Balance as of November 10, 2014 $1,614,101 <br /> Less estimated disbursements: <br /> Project#204-135-001 $3,985,100 <br /> Project# $ <br /> Project# $ <br /> Project# $ <br /> Bond Principle (if any) $ <br /> Project Finals (overruns-if any) $ <br /> Other $ <br /> Total Estimated Disbursements $3,985,100 <br /> Advance Amount $2,370,999 <br /> (amount in excess of acct.balance) <br /> WHEREAS, repayment of the funds so advanced will be made in accordance with the <br /> provisions of Minnesota Statutes X162.14, Subd. 6, and Minnesota Rules, Chapter 8820.1500, <br /> Subd. 10b; and <br /> WHEREAS, the City of Elk River acknowledges advance funds are released on a first- <br /> come-first-serve basis and this resolution does not guarantee the availability of funds. <br /> NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Elk <br /> River,Minnesota, as follows: that the Commissioner of Transportation be and is hereby <br /> requested to approve this advance for financing approved Municipal State Aid Street <br /> Project(s) of the City of Elk River in an amount up to $2,370,999. I hereby authorize <br /> repayments from subsequent accruals to the Municipal State Aid Street Construction <br /> Account of said municipality from future year allocations until fully repaid. <br /> F0WIRIO 0 Y <br /> 1`4 f U <br />