HomeMy WebLinkAboutResolution No. 2016-020 Requesting Advance of MSA Funds For Calendar Year 2016 RESOLUTION NO. 2016-20
REQUESTING AN ADVANCE FROM THE MUNICIPAL
STATE AID STREET FUND FOR CALENDAR YEAR 2016
FOR THE CITY OF EDINA, MINNESOTA
WHEREAS, the Municipality of City of Edina is planning to implement Municipal State Aid Street Projects in
2016 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 December 31, 2015 $975,000
2016 Estimated MSA Allocation $1,549,000
Estimated Account Balance January 2016 $2,524,000
Less estimated disbursements:
Encumbrance for 2015 Projects $124,000
Project # 120-144-011 (Valley La) $350,000
Project # 120-151-017 (Valley View Rd) $400,000
Project# 120-152-014 (Tracy Ave) $450,000
Prosect # 120-152-015 (Tracy Ave) $2,000,000
Total Estimated Disbursements $3,324,000
Advance Amount (amount in excess of acct balance) $800,000
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 Edina in an amount up to $800,000. 1 hereby authorize repayments from subsequent
accruals to the Municipal State Aid Street Construction Account of said Muni ipality from future year
allocations until fully repaid.
Dated: February 2, 2016
Attest:
Debra A. Mangen, Cit 0
lerk - ames B. Hovland, Mayor
ENGINEERING DEPARTMENT
7450 Metro Boulevard•Edina,Minnesota 55439
August 2015 www.EdinaMN.gov•952-826-0371 • Fax 952-826-0392
STATE OF MINNESOTA )
COUNTY OF HENNEPIN ) SS
CITY OF EDINA )
CERTIFICATE OF CITY CLERK
I, the undersigned duly appointed and acting City Clerk for the City of Edina do hereby certify that the attached
and foregoing Resolution was duly adopted by the Edina City Council at its Regular Meeting of February 2,
2016, and as recorded in the Minutes of said Regular Meeting.
WITNESS my hand and seal of said City this day of 12016.
City Clerk
August 2015