HomeMy WebLinkAboutResolution 6870 X041 CITY OF ORONO
RESOLUTION OF THE CITY COUNCIL
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NO. 6870
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A RESOLUTION TO REQUEST AN ADVANCE ON STATE AID FUNDS FOR THE
COMPLETION OF THE OLD CRYSTAL BAY ROAD PROJECT
WHEREAS,the Municipality of Orono 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 5/9/18 $ 329,453.61
Less estimated disbursements:
Project# 152-109-001 (Leaf Street) $ 150,000
Project# 152-105-002(Fox Street) $ 94,600
Project# 152-102-017 (OCB) $ 1,420,000
Bond Principle(if any) $ 110,000
Project Finals(overruns-if any) $ 0
Total Estimated Disbursements $ 1,774,600.00
Advance Amount(amount in excess of acct balance) $ 1,445,146.39
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 Resolved: 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 Orono in an amount up to$2,101,586. I hereby authorize repayments from subsequent
accruals to the Municipal State Aid Street Construction Account of said Municipality from future year
allocations until fully repaid.
CITY OF ORONO
RESOLUTION OF THE CITY COUNCIL
NO. 6870
I HEREBY CERTIFY that the above is a true and correct copy of a resolution presented to and
adopted by the Municipality of Orono County of Hennepin, State of Minnesota,at a duly authorized
Municipal Council Meeting held in the Municipality of Orono,Minnesota on the 14t day of May,2018,
as disclosed by the records of said Municipality on file and of record in the office.
Municipality of Orono
Oa 000 OF
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Dennis Walsh a Carlson
Mayor