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RESOLUTION 03- 13 <br /> <br />A RESOLUTION FOR THE CITY OF ELK RIVER <br /> <br />A RESOLUTION REQUESTING A GENERAL FUND ADVANCE FROM THE <br /> MUNICIPAL STATE AID SYSTEM <br /> <br />WHEREAS <br /> <br />the City of Elk River is planning to implement Municipal State Aid Street Projects in <br />2003 which will require State Aid funds in excess of those available in its State Aid <br />Construction Account, and <br /> <br />WHEREAS <br /> <br />said City is prepared to proceed with the construction of said projects through the use <br />of advance encumbrances from the general State Aid Construction Account to <br />supplement the available funds in their State Aid construction Account, and <br /> <br />WHEREAS repayment of the fund so advanced will be made in accordance with the provisions of <br /> Minnesota Statutes 162.14, Subdivision 6 and Minnesota Rules, Chapter 8820. <br /> <br />NOW, THEREFORE, BE IT RESOLVED that the Commissioner of Transportation be and is hereby <br />requested to approve this advance for financing approved Municipal State Aid Street Projects of the <br />City of Elk River in an amount up to $750,000 in accordance with Minnesota Rules 8820.1500, <br />Subparagraph 10b. I hereby authorize repayments from subsequent accruals to the Municipal <br />State Aid Street Construction Account of said City in accordance with the schedule herein indicated: <br />(initial one) <br /> <br />__Repayment from entire future year allocations until fully repaid. <br /> <br /> X Repayment from future year allocations in amounts listed below until fully repaid <br />(maximum 3 year repayment). <br /> <br />$ 250,000 CY 2004 <br />$ 250,000 CY 2005 <br />$ 250,000 CY 2006 <br /> <br /> I HEREBY CERTIFY that the above is a true and correct copy of a resolution presented to <br />and adopted by the City of Elk River, County of Sherburne, State of Minnesota, at a duly authorized <br />City Council Meeting held in the City of Elk River, Minnesota on the 24th day of February, 2003, as <br />disclosed by the records of said City on file and of record in the office. <br /> <br />Sandra A. Peine, City Clerk <br /> City of Elk River <br /> <br />S:~,DMIN\Resolutions~2003 Resolutions~,pproved\03-13 RES.doc <br /> <br /> <br />