HomeMy WebLinkAbout1988-003 Council Resolution•
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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.
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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: Randall B. Schumacher, City
Administrator, Marilyn G. Anderson, Clerk- Treasurer, and Paula Romocky,
Accountant.
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.
Section 5. State 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 munici-
pality may be deposited therein, from time to time in the discretion
of the Authorized Officials, pursuant to the Fixed -Rate Investment
Service available to Participants of the Fund.
It is hereby certified that the City of Lino Lakes duly adopted the Model
Resolution at a duly convened meeting of the Council held on the li '- day of
, 1988, and that such Resolution is in full force and effect
n this date, and that such Resolution has not been modified, amended, or
rescinded since its adoption.
Marilyn G. Anderson, Clerk- Treasurer
Benja G. Benson, Mayor