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• <br />• <br />CITY COUNCIL <br />AGENDA ITEM I F <br />STAFF ORIGINATOR: Al Rolek <br />MEETING DATE: May 26, 2015 <br />TOPIC: Consider Resolution 15-51 Reauthorizing Membership in the 4M <br />Fund <br />VOTE REQUIRED: 3/5 <br />INTRODUCTION <br />PMA Financial Network, administrator of the 4M Fund, have requested resolutions <br />reauthorizing the City of Lino Lakes' membership in the 4M Fund for City deposits. <br />BACKGROUND <br />The City of Lino Lakes has participated in the 4M Fund for many years and the fund has been <br />reauthorized each year by the City Council as a depository City funds. This money market <br />fund is used primarily as a transitional depository for City funds. Since its inception the 4M <br />fund has used several different institutions to administer the fund. The current administrator, <br />PMA Financial Network, has requested that a new resolution be approved by the City Council <br />that specifically includes PMA as the administrator. This is a housekeeping item that simply <br />reaffirms the City's participation in the fund. There are no changes in how the fund is <br />administered or operated. <br />RECOMMENDATION <br />Staff recommends approval of Resolution 15-57. <br />ATTACHMENTS <br />Resolution 15-57 <br />