HomeMy WebLinkAboutResolution - 2019-62 - Advance from Municipal Aid Street Fund for 2019 - 05/21/2019 CITY OF EDEN PRAIRIE
HENNEPIN COUNTY, MINNESOTA
RESOLUTION NO. 2019-62
REQUESTING AN ADVANCE FROM THE MUNICIPAL STATE
AID STREET FUND FOR CALENDAR YEAR 2019
WHEREAS, the Municipality of City of Eden Prairie is planning to implement 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 proceed 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 April 25, 2019 $4,409,000.00
Less estimated disbursements:
Project# 181-104-008 (Preserve) $ 451,000.00
Project# 181-101-005 (Preserve) $ 1,268,000.00
Project# 181-102-004 (Preserve) $ 5,779,000.00
Total Estimated Disbursements $7,498,000.00
Advance Amount (amount in excess of acct balance) $3,089,000.00
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
Projects of the Municipality of City of Eden Prairie in an amount up to $3,089,000.00. The City
Council hereby authorizes repayment from subsequent accruals to the Municipal State Aid Street
Construction Account of said Municipality from future year allocations until fully repaid.
ADOPTED by the Eden Prairie City Council on May 21, 2019.
Bra Aho, aingMayor
ATTEST: SEAL
*A6
Kay een Porta, City Clerk