02-25-1987 Council Agenda - Laserfiche WebLink

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FORM A MINNESOTA MUNICIPAL MONEY MARKET ( "THE 4M FUND ") MODEL RESOLUTION A RESOLUTION AUTHORIZING ENTRY INTO A IOIN I POWERS AGREEMENT IN THE FORM (11 A DI CLARA1ION OF TRUST ESTABLISHING AN I.NIIFY KNOWN AS "MINNESOTA MUNICI- PAI. MONEY MARKET FUND AND AUTHORI- ZING PARIICII'AHON IN CERTAIN INVEST - MI N PROGRAMS IN CONNECTION THERE- WI III WHEREAS, Minnesota Statutes Section 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 WI IT REAS, the Minnesota Municipal Money Market fund was formed in January 1987 pursuant lo the Joint Powers Act by the adoption of a joint pmsscrs agreement in the form of a Declaration of I rust by a ;7oup of Minnesota Municipalities acting as the Initial Participants thereof; and WHEREAS, the Declaration of Trust has been preuntcd to this council (or hoard) 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 corpora- tion, public commission, special district, and any "imiruntentality" (as that term is defined in the Joint Pim t'rs Act) of a municipality and WI IL REAS, this council (or board) deems it to be ad\i, rblc for this municipality to adopt and enter into the Declaration of Trust and become a Partici- pant of the Fund for the purpose of the joint invest- ment of this municipality's monies with those of other municipalities so as to enhance the investment earnings accruing to each, and \Vlu:REAS, this council (or board) 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 Declara- tion 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 resolu- tion, and a copy of the Declaration of Trust shall be filed in the minutes of the meeting at which this Resolution was adopted. The President (or Chair) and the Clerk /Treasurer of this Council (or Board) 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 munici- pality 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: (List the name(s) and title(s) of the officer(s) and official(s) who will be authorized to invest and withdraw municipal monies in and from the Fund and pursuant to the Fixed -Rate Investment Service. You may have any number of Authorized Officials; attach an additional list if necessary) page 31