CR 99-67 Authorize Municipal State Aid Funding Advance
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April 1, 1999 ,y L,___... >/-0" C, Council Report 99-067
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Authorize Municipal State Aid Funding Advance
Proposed Action.
Staff recommends adoption of the following motion: Move that Council adopt
Resolution 99-029. Resolution authorizino a fundino advance of $j 56.655 from
the city's year 2000 municipal state aid allotment.
Overview/Backoround.
The city has requested and received all available municipal state aid funds from
its construction and maintenance accounts. This was done by requesting funds
for the current Excelsior Boulevard reconstruction project. These funds have
now been placed in an interest-bearing city account. However, state aid rules
allow city's to request up to $500,000 in funding advance. Funding advances are
essentially interest-free loans which are paid off with future city allotments.
Therefore, it is in the city's interest to request all authorized funds as early as
possible. This funding advance is based on the qualifying portion of the city's
right of way costs for Excelsior Blvd, Phase I. The state aid funds are being
placed in our account for use on future phases of Excelsior Blvd and other state
. aid projects. This advance will be deducted from our year 2000 allotment.
Supportino Information.
. Resolution 99-029
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Steven J. Stadler
Public Works Director
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CITY OF HOPKINS
Hennepin County, Minnesota
. RESOLUTION No. 99-029
WHEREAS, The C6untjofHennepin haS"o15tained the CbIriirllssi6ners approvalofthe plans.
for the following Municipal State Aid Street Project
S.AP. No. 27-603-27 (M:SAP 132-020-10) CSAHNo. 3
Located in the City of Hopkins
Consisting of storm sewer. roadway and sidewalk reconstruction.
AND. WHEREAS, said County has proceeded with the construction of said project.
AND. WHEREAS, the City of Hopkins has entered into Agreement NO. PW20-01-97 with
Hennepin County to share in the cost of construction, engineering and right-of-way acquisition.
AND. WHEREAS, the City has provided local funds for its share of right-of-way costs to
supplement available funds in its Municipal State Aid account.
AND. \VHEREAS, repayment of the funds so advanced by the municipality is desired in
e accordance with the provisions of Minnesota Statutes 162.08, Subdivisions 6.
NOW. THEREFORE. BE IT RESOL YED: That the COnmUssioner of Transportation be and
is hereby requested to approve this basis financing said construction project and to authorize
repayments from the subsequent accruals to the Construction Account of Municipal State-Aid Street
fund for said City within the limitations provided by law at the times and in the amounts as herein
indicated:
On or after February 1, 2000 - $ 156.655.00 from 2000 Allotment
On or after February 1, 2001 - $ from Allotment
On or after February 1, 2002 - $ from Allotment
I, , duly appointed and qualified Clerk in and for the City of
Hopkins, State of Minnesota, GO hereby certify that the above is a true and full copy of a resolution
duly adopted by the City Council of Hopkins, Minnesota, assembled in (regular) (special) session on
the day of
. Charles D. Redepenning
ATTEST:
Terry Obermaier, City Clerk
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