1988-003 Council Resolution - Laserfiche WebLink

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• • • CITY OF LINO LAKES Resolution No. 03 - 88 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 Section 471.59 (the "Joint Powers Act ") provides among other things that governmental units, by agree- ment 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 authorized 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 deems it to be advisable for this municipality to adopt and enter into the Declaration of Trust and become a Participant of the Fund for the purpose of the joint investment of this municipality's monies with those of other municipalities so as to enhance the investment earnings accruing to each, and 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 Resolu- tion, 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 Mayor and the Clerk /Treasurer 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.