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A RESOLUTION TO REQUEST AN ADVANCE ON STATE AID FUNDS FOR THE <br />COMPLETION OF THE OLD CRYSTAL BAY ROAD PROJECT <br />WHEREAS, the Municipality of Orono is planning to implement Municipal State Aid Street Project(s) in <br />2018 which will require State Aid funds in excess of those available in its State Aid Construction Account, and <br />WHEREAS, said municipality is prepared to proceed with the construction of said project(s) through the <br />use of an advance from the Municipal State Aid Street Fund to supplement the available funds in their State <br />Aid Construction Account, and <br />WHEREAS, the advance is based on the following determination of estimated expenditures: <br />Account Balance as of date 5/9/18 <br />Less estimated disbursements: <br />Project # 152-109-001 (Leaf Street) <br />Project # 152-105-002 (Fox Street) <br />Project # 152-102-017 (OCB) <br />Bond Principle (if any) <br />Project Finals (overruns -if any) <br />Total Estimated Disbursements <br />$ 150,000 <br />$ 94,600 <br />$ 1,420,000 <br />$ 110,000 <br />$ 0 <br />329,453.61 <br />$ 1,774,600.00 <br />Advance Amount (amount in excess of acct balance) $ 1,445,146.39 <br />WHEREAS, repayment of the funds so advanced will be made in accordance with the provisions of <br />Minnesota Statutes 162.14, Subd. 6 and Minnesota Rules, Chapter 8820.1500, Subp. 10b, and <br />WHEREAS, the Municipality acknowledges advance funds are released on a first -come -first -serve <br />basis and this resolution does not guarantee the availability of funds. <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 Project(s) of the <br />Municipality of Orono in an amount up to $2,101,586. 1 hereby authorize repayments from subsequent <br />accruals to the Municipal State Aid Street Construction Account of said Municipality from future year <br />allocations until fully repaid. <br />I HEREBY CERTIFY that the above is a true and correct copy of a resolution presented to and <br />adopted by the Municipality of Orono County of Hennepin, State of Minnesota, at a duly authorized <br />Municipal Council Meeting held in the Municipality of Orono, Minnesota on the 14th day of May, 2018, as <br />disclosed by the records of said Municipality on file and of record in the office. <br />Municipality of Orono <br />Dennis Walsh <br />Mayor <br />Anna Carlson <br />City Clerk <br />