HomeMy WebLinkAboutCCRes_90-14No. R-90-14
CITY OF FALCON HEIGHTS
C O U N C I L R E S O L U T I O N
• Date March 28 , 1990
A RESOLUTION AUTHORIZING ENTRY INTO A JOINT POWERS AGREEMENT
IN THE FORM OF A DECLARATION OF TRUST ESTABLISHING AN ENTITY
KNOWN AS "MINNESOTA MUNICIPAL MONEY MARKET FUND" AND AUTHORIZING
PARTICIPATION IN CERTAIN INVESTMENT PROGRAMS IN .CONNECTION THEREWITH
WHEREAS, Minnesota Statutes Ection 471.59 (the Joint Powers
Act) provides among other things that governmental units, by agreement
entered into through action of their governing bodies, may jointly
or cooperatively exercise any power common to the contracting parties;
and
WHEREAS, the Minnesota Municipal Money Market Fund was formed
in January, 1987, pursuant to the Joint Powers Act by the adoption
of a joint powers agreement in the form of a Declaration of Trust
by a group of Minnesota Municipalities acting as the Initial Participants
thereof; and
WHEREAS, the Declaration of Trust has been presented to this
Council; and
WHEREAS, the Declaration of Trust authorizes municipalities
. of the State of Minnesota to adopt and enter into the Declaration
of Trust and become Participants of the Fund. Municipality shall
mean city, county, town, public authority, public corporation, public
commission, special district, and any "instrumentality" (as that
term is defined in the Joint Powers Act) of a municipality; and
WHEREAS, this Council
to adopt and enter into the
of the Fund for the purpose
monies with those of other
earnings accruing to each;
deems it to be advisable for this municipality
Declaration of Trust and become a Participant
of the joint investment of this municipality's
municipalities so as to enhance the investment
and
Moved by Councilmember Ciernia
YEAS Nays
BALDWIN
CIERNIA
GEHRZ
WALLIN
• JACOBS
in Favor
Against
f~~
Approved by _
Mayor
March ~8, 1990 ___
Da ie
,. / ci ~ c
/ )
Attested by ~2~~ ~,i11
City Clerk
March 28, 1990
Date
Adopted by Council March 28 , 1990
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WHEREAS, this Council deems it to be advisable for this municipality
to make use from time to time, in the discretion of the officials
of the municipality identified in Section 2 of the following Resolution,
of the Fixed-Rate Investment Program available to Participants of
the Fund.
NOW, THEREFORE, BE IT RESOLVED AS FOLLOWS:
•
Section 1. This municipality shall join with other municipalities
(as such term is defined in the Declaration of Trust) in accordance
with the Joint Powers Act by becoming a Participant of the Fund and
adopting and entering into the Declaration of Trust, which is adopted
by reference herein with the same effect as if it had been .set out
verbatim in this resolution, and a copy of the Declaration of Trust
shall be filed in the minutes of the meeting at which this Resolution
was adopted. The Chair and the Clerk of this Council are hereby
authorized to take such actions and execute any and all such documents
as they may deem necessary and appropriate to effectuate the entry
of this municipality into the Declaration of Trust and the adoption
thereof by this municipality.
Section 2. This municipality is hereby authorized to invest its
available monies from time to time and to withdraw such monies from
time to time in accordance with the provisions of the Declaration
of Trust. The following officers and officials of the municipality
and their respective successors in office each hereby are designated
as "Authorized Officials" with full powers and authority to effectuate
the investment and withdrawal of monies of this municipality from
time to time in accordance with the Declaration of Trust and pursuant
to the Fixed-Rate Investment Service available to Participants of
the Fund.
Janet R. Wiessner City Administrator
Printed Name Title
Thomas Kelly City Accountant
Printed Name Title
The Clerk shall advise the Fund of any changes in Authorized Officials
in accordance with procedures established by the fund.
Section 3. The Trustees of the Fund are hereby designated as having
official custody of this municipality's monies which are invested
in accordance with the Declaration of Trust.
Section 4. Authorization is hereby given for members of the Board
of Directors of the League of Minnesota Cities to serve as Trustees
of the Fund pursuant to the provisions of the Declaration of Trust.
•
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Section 5. States banks, national banks, and thrift institutions
located either within or without the State of Minnesota which qualify
as depositories under Minnesota law and are included on a list approved
and maintained for such purpose by the Investment Advisor of the
Fund are hereby designated as depositories of this municipality pursuant
to Minnesota Statutes Section 118.005 and monies of this municipality
may be deposited therein, from time to time in the discretion of
the Authorized Officials, pursuant to the Fixed-Rate Investment Service
available to the Participants of the fund.
It is hereby certified that Falcon Heights duly adopted the Model
Resolution at a duly convened meeting of the Council held on the
28th day of March, 1990 and that such Resolution is in full force
and effect on this date, and that such Resolution has not been modified,
amended, or rescinded since its adoption.
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