04-044CITY OF SHOREWOOD
RESOLUTION NO.04- p44
A RESOLUTION REQUESTING ADVANCED FINANCING
FOR THE C.S.A.H 19 RECONSTRUCTION PROJECT
S.A.P. 27-619-18
WHEREAS, the City of Shorewood is planning to implement Municipal State Aid Street
Project(s) in 2004 which will require State Aid funds in excess of those available in its State Aid
Construction Account, and
WHEREAS, said city is prepared to proceed with the construction of said project(s)
through the use of advance encumbrances from the general State Aid Construction Account to
supplement the available funds in their State Aid Construction Account, and
WHEREAS, repayment of the funds so advanced will be made in accordance with the
provisions of Minnesota Statutes 162.14, Subdivision 6 and Minnesota Rules, Chapter 8820.
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 City of Shorewood in an amount up to $800,835.00 in accordance with
Minnesota Rules 8820.1500, Subparagraph 10b. I hereby authorize repayments from subsequent
accruals to the Municipal State Aid Street Construction Account of said City in accordance with
the schedule herein indicated: (initial one)
X Repayment from entire future year allocations until fully repaid.
Repayment in 5 equal annual installments
Repayment from future year allocations in amounts listed below until fully repaid
(maximum 5 year repayment)
$ CY $ CY
$ CY $ CY
ADOPTED BY THE CITY COUNCIL OF THE CITY OF SH WOOD this loth
day of May, 2004.
ATTEST:
•
CITY ADMINISTRATOR
WOODY LOVE, MAYOR