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City Council Resolution 2018-46CITY OF MONTICELLO WRIGHT COUNTY, MINNESOTA RESOLUTION 2018-46 WHEREAS, the Municipality of Monticello is planning to implement Municipal State Aid Street Project(s) in 2018 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 project(s) 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 5/31/18 $ (243,754.50) Less estimated disbursements: Project #222-116-002 $ 1,000,000 Project #222-104-002,222-113-003, 222-116-001, 222-101,009 $ 1,080,000 Bond Principal (if any) $ Project Finals (overruns -if any) $ Other $ Total Estimated Disbursements $ 2,080,000 Advance Amount (amount in excess of acct balance) $ 2,323,754.50 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 Project(s) of the Municipality of Monticello in an amount up to $2,323,754.50. 1 hereby authorize repayments from subsequent accruals to the Municipal State Aid Street Construction Account of said Municipality from future year allocations until fully repaid. I HEREBY CERTIFY that the above is a true and correct copy of a resolution presented to and adopted by the Municipality of Monticello, County of Wright, State of Minnesota, at a duly authorized Municipal Council Meeting held in the Municipality of Monticello, Minnesota on the 11th day of June, 2018, as disclosed by the records of said Municipality on file and of record in the office. r Municipality of Monticello Municipal Clerk