RES 18-74RESOLUTION NO. 2018-74
MUNICIPAL STATE AID STREET FUNDS ADVANCE RESOLUTION
WHEREAS, The Municipality of Otsego is continuing construction of
Municipal State Aid Street Projects in 2019 which will require State Aid funds in
excess of those available in its State Aid Construction Account, and
WHEREAS, said municipality is prepared to continue with the construction
of said projects 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 10/29/2018
Less estimated disbursements:
Remainder Project # 217-102-009
2018 (tied) # 217-113-001
(To Be Submitted)
2019 Project # 217-102-009
(tied) # 217-113-001
Total Estimated Disbursements
$84,423.35
$554,377.50
$4,100,000.00
$4,654,377.50
Advancement Amount $4,569,954.15
(amount of disbursements in excess of acct balance)
Max Allowed Adv Amount (5 x $655,706) $3,278,530.00
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 $3,278,530.00. 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, 2018, 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,
2018.
Motion By: Heidner
Second By: Tanner
All in Favor: Stockamp, Heidner, Tanner, Warehime, Darkenwald
Those Opposed: None
ATTEST: C
Tami Loff, Clerk
CITY OF OTSEGO