09-041CITY OF SHOREWOOD
RESOLUTION NO. -04I
' t t
WHEREAS, the City of Shorewood has implemented Municipal State Aid Street
Projects in 2004 which require State Aid funds in excess of those available in its State Aid
Construction Account, and
WHEREAS, the City of Shorewood has completed the construction of said projects and
desires 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 expenditures:
Account Balance as of July 22, 2009 $ 362,720.54
Less disbursements:
Project # S.A.P. 216- 020 -002
$
643,592.55
Project # S.A.P. 216 -108 -002
$
32,058.91
Project # S.A.P.216 -101 -002
$
91,415.57
Total Disbursements
$
767,067.03
Advance Amount (amount in excess of acct balance) $ 404,364.49
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 City of Shorewood 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 Shorewood in an amount up to $404,364.49. 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.
ADOPTED BY THE CITY COUNCIL OF TH ITY OF SHOREWOOD this 27th
day of July, 2009.
Christine Lizee, Mayor
ATTEST
Administrator /Clerk