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X041 CITY OF ORONO <br /> RESOLUTION OF THE CITY COUNCIL <br /> �*IL <br /> NO. 6870 <br /> G <br /> kFSHOILti <br /> 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) <br /> in 2018 which will require State Aid funds in excess of those available in its State Aid Construction <br /> Account,and <br /> WHEREAS,said municipality is prepared to proceed with the construction of said project(s)through <br /> the use of an advance from the Municipal State Aid Street Fund to supplement the available funds in their <br /> State 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 $ 329,453.61 <br /> Less estimated disbursements: <br /> Project# 152-109-001 (Leaf Street) $ 150,000 <br /> Project# 152-105-002(Fox Street) $ 94,600 <br /> Project# 152-102-017 (OCB) $ 1,420,000 <br /> Bond Principle(if any) $ 110,000 <br /> Project Finals(overruns-if any) $ 0 <br /> Total Estimated Disbursements $ 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. I 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 />