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- . -3 <br /> � <br /> A. The commitment of necessary local matching funds of at least <br /> 11.47% of the project costs; and <br /> B. That the sponsor understands that the STP and CMAQ funding is <br /> fixed at the programmed amount, and therefore any cost increase cannot be <br /> expected to be funded with STP or CMAQ funds; and <br /> C. The assurance of the sponsor to complete the project as described <br /> in the application, and if approved, as programmed in MTC's TIP; and <br /> D. That the sponsor understands that funds must be obligated by June <br /> 30 of the year that the project is programmed for in the TIP, or the project may be <br /> removed from the program, and <br /> E. That the sponsor has a certified Pavement Management System. <br /> NOW, THEREFORE, BE IT RESOLVED by the City Council that the City of <br /> Redwood City: <br /> 1. That the City Manager or his/her designee is authorized to execute and <br /> file an application for funding under the STP of TEA-21 Reauthorization in the amount of <br /> Three Hundred Sixty Five Thousand and No/100 Dollars ($365,000.00)#or the Project. <br /> 2. That the City will provide Eighty Five Thousand and No/100 ($85,000.00) <br /> in non-federal matching funds for the Project, which said funds constitute at least <br /> 11.47% of the Project costs. <br /> 3. That the City understands that the STP is fixed at $365,0OO.Oa, that any <br /> cost increases must be funded by the City from local matching funds, and that the City <br /> does not expect any cost increases to be funded with STP funds. <br /> 4. That the Project will occur as described in this resolution and if approved, <br /> will occur for the amount shown in the MTC TIP with obligation occurring within the <br /> timeframe established below. <br /> 5. That the program funds for the Project are expected to be obligated by <br /> June 30 of the year the Project is programmed for in the TIP. � <br /> 6. That the City has a certified Pavement Management System. <br /> 7. That the City is an eligible sponsor of projects in the STP. <br /> 8. That based on existing information and belief there is no legal impediment <br /> to the City making applications for Local Streets and Roads Shortfall Program funds. <br /> Atty/Reso/ Reso.1498 <br /> 102004 2 <br />