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<br />. <br /> <br />. <br /> <br />. <br /> <br />RESOLUTION 99-_ <br /> <br />A RESOLUTION OF APPLICATION TO <br />THE MINNESOTA PUBLIC FACILITIES AUTHORITY <br />TRANSPORTATION REVOLVING LOAN FUND <br /> <br />BE IT RESOLVED that the City of Elk River is hereby applying to the <br />Minnesota Public Facilities Authority for a loan from the Transportation <br />Revolving Loan Fund for the reimbursement of capital costs for the described <br />project: Construct 3.34 miles of four-lane divided highway for new <br />transportation corridor from TH 10 to Tyler Street. <br /> <br />BE IT FURTHER RESOLVED that the City of Elk River estimates that it <br />will require a loan from the Minnesota Public Facilities Authority in the <br />maximum principal amount of $1,219,000, or the as-bid cost of the project for <br />the above stated purpose. <br /> <br />BE IT FURTHER RESOLVED that the City of Elk River has the legal <br />authority to apply for such financial assistance, and the financial, technical, <br />and managerial capacity to ensure proper construction, operation and <br />maintenance of the project for its design life and repayment of the financial <br />assistance. <br /> <br />BE IT FURTHER RESOLVED that the City of Elk River hereby expresses <br />its official intent to use proceeds of this loan to reimburse construction <br />expenditures incurred prior to the issuance of its general obligation or <br />revenue bond to the Public Facilities Authority. <br /> <br />I CERTIFY THAT the above resolution was adopted by the City of Elk River <br />on September 20,1999. <br /> <br />SIGNED: <br /> <br />Stephanie A. Klinzing, Mayor <br /> <br />WITNESSED: <br /> <br />Sandra A. Peine, City Clerk <br /> <br />s: \ document \resoluti \mnpubfac.doc <br />