HomeMy WebLinkAbout19-057 State Aid Advance 0i F RIO+P
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4646 Dakota Street SE
4tNNESo"P prior Lake. MN 55372
RESOLUTION 19 -057
Motion By : Burkart Second By : Braid
WHEREAS , the City of Prior Lake is planning to implement Municipal State Aid Street Project ( s)
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 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 February 20 , 2019 $ 1 , 493 , 506 . 32
Less estimated disbursements :
Project # 201 - 1 01 -005 $557 , 150 . 62
Project #201 - 113 - 004 $ 778 , 070 . 51
Project #201 - 122- 002 $ 184 , 377 . 50
Project #201 - 101 -006 $ 167 , 069 . 45
Project #201 - 130- 002 $ 371 , 068 . 55
Project #201 - 010- 006 $ 531360 . 16
Bond Principle ( if any) $ N/A
Project Finals $ N/A
Other $ N /A
Total Estimated Disbursements $ 2 , 111 , 096 . 79
Advance Amount ( amount in excess of acct balance) $ 617 , 590 . 47
WHEREAS , repayment of the funds so advanced will be made in accordance with the
provisions of Minnesota Statutes 162 . 14 , 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 HEREBY RESOLVED BY THE CITY COUNCIL OF PRIOR LAKE ,
MINNESOTA as follows :
1 . The recitals set forth above are incorporated herein .
2 . That the Commissioner of Transportation be and is hereby requested to approve this advance for
financing approved Municipal State Aid Street Project(s) of the Municipality of Prior Lake in an amount
up to $627 , 590 . 47 . 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 .
Passed and adopted by the Prior Lake City Council this 6th day of May 2019 .
VOTE Briggs Thompson Burkart Braid Erickson
Aye ❑ 0 0 0 0
Nay ❑ ❑ ❑ ❑ ❑
Abstain ❑ ❑ ❑ ❑ ❑
Absent 0 ❑ ❑ ❑ ❑
Michael Plante , City Manager
I HEREBY CERTIFY that the above is a true and correct copy of a resolution presented to
and adopted by the Municipality of Prior Lake , County of Scott , State of Minnesota , at a duly
authorized Municipal Council Meeting held in the Municipality of Prior Lake , Minnesota on the
6th day of May , 2019 , as disclosed by the records of said Municipality on file and of record in
the office .
Municipality of Prior Lake
Municipal Clerk
WCity ClerMCITY COUNCIUResolutions12019119-057 State Aid Advance - RES . docx 2