5.4. SR 02-24-2003 - Laserfiche WebLink

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RESOLUTION 03- A RESOLUTION FOR THE CITY OF ELK RIVER A RESOLUTION REQUESTING A GENERAL FUND ADVANCE FROM THE MUNICIPAL STATE AID SYSTEM WHEREAS the City of Elk River is planning to implement Municipal State Aid Street Projects 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 projects 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 fund 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 Commissioner of Transportation be and is hereby requested to approve this advance for financing approved Municipal State Aid Street Projects of the City of Elk River in an amount up to $750,000 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). $ 250,000 CY 2004 $ 250,000 CY 2005 $ 250,000 CY 2006 I HEREBY CERTIFY that the above is a true and correct copy o a resolution presented to and adopted by the City of Elk River, County of Sherburne, State of Minnesota, at a duly authorized City Council Meeting held in the City of Elk River, Minnesota on the 24th day of February, 2003, as disclosed by the records of said City on file and of record in the office. Sandra A. Peine, City Clerk City of Elk River O:\PROJ~230353m\0325\res-020703-gen fund adv.doc