RES 17-94RESOLUTION NO. 2017-94
MUNICIPAL STATE AID STREET FUNDS ADVANCE RESOLUTION
WHEREAS, The Municipality of Otsego is planning to implement Municipal
State Aid Street Project(s) in 2018 which will require State aid funds in excess of
those available in its State Aid Construction Account, and
WHEREAS, said municipality is prepared to proceed with the construction
of said project(s) through the use of an advance from the Municipal State Aid
Street Fund to supplement the available funds in their State Aid Construction
Account, and
WHEREAS, the advance is based on the following determination of
estimated expenditures,
Account Balance as of date 8/15/2017
$1,456,380.00
Less estimated disbursements:
Project # 217-112-02 $430,788.54 actual
(Final 70th St.)
Project # 217-102-08 $365,000.00 est.
(85thSt. Reclaim)
Project # 217-102-09 $2,000,000.00 est.
(85th St)
Project # 217-113-01 $1,150,000.00 est.
(Maciver Ave)
Total Estimated Disbursements
$3,945,788.54
Advance Amount (amount in excess of acct balance) $2,489,408.54
WHEREAS, repayment of the funds so advanced will be made in
accordance with the provisions of Minnesota Statures 162.144, Subd. 6 and
Minnesota Rules, Chapter 8820.1500, Subp. 10b, and
WHEREAS, the Municipality acknowledges advance funds are released on
a first come -first -serve basis and this resolution does not guarantee the availability
of funds.
NOW, THEREFORE, BE IT RESOLVED THAT THE COMMISSION OF
TRANSPORTATION, be and is hereby requested to approve this advance for
financing approved Municipal State Aid Street Project(s) of the Municipality of
Otsego in an amount up to $2,489,408.54. 1 hereby authorize repayments from
subsequent accruals to the Municipal State Aid Street Construction Account of
said Municipality from future year allocations until fully repaid.
I HEREBY CERTIFY that the above is a true and correct copy of a
resolution presented to and adopted WHEREAS, the advance is based on the
following determination of estimated expenditures by the Municipality of Otsego,
County of Wright, State of Minnesota, at a duly authorized Municipal Council
Meeting held in the Municipality of Otsego, Minnesota on the 13th day of
November, 2017, as disclosed by the records of said Municipality on file and of
record in the office.
Adopted by the City Council of the City of Otsego this 13th day of November,
2017.
Motion By: Heidner
Second By: Stockamp
All in Favor: Stockamp, Heidner, Tanner, Darkenwald, Warehime
Those Opposed: None
ATTEST:
Tami Loff, Clerk
CITY OF OTSEGO
BY: sG f
Jessic6 L. Stockamp, Mayor