HomeMy WebLinkAbout2015-057 Council Resolution•
CITY OF LINO LAKES
RESOLUTION NO. 15-57
RESOLUTION REAUTHORIZING MEMBERSHIP IN THE 4M FUND
WITFREAS, Minnesota Statutes (the Joint Powers Act) provides that governmental units
may jointly exercise any power common to the contracting parties; and
WHEREAS, the Minnesota Municipal Money Market Fund (the 4M Fund) was formed in
1987, pursuant to the Joint Powers Act and in accordance with Minnesota Investment
Statutes, by the adoption of a joint powers agreement in the form of a Declaration of Trust;
and
WHEREAS, the Declaration of Trust, which has been presented to this Council, authorizes
municipalities of the State of Minnesota to become Participants of the Fund and make use from
time to time including the 4M Liquid Asset Fund, the 4M Plus Fund, the Term Series, the
Fixed Rate Programs, and other Fund services offered by the Fund; and
WHEREAS, this Council deems it to be in the best interest for the municipality to make use
of, from time to time, the approved services provided by the 4M Fund's service providers
including the Investment Advisor (Prudent Man Advisors, Inc.) or Sub -Advisor (RBC
Global Asset Management (U.S.) Inc.), the Administrator (PMA Financial Network, Inc.),
the Distributor (PMA Securities, Inc.) or the Fixed Rate Program Providers, PMA Financial
Network, Inc. and PMA Securities, Inc., and the Custodian, U.S. Bank National Association,
("Service Providers") and/or their successors.
WHEREAS, this Council deems it advisable for this municipality to enter into the
Declaration of Trust and become a Participant of the Fund for the purpose ofjoint
investment with other municipalities so as to enhance the investment earnings accruing to
each.
NOW, THEREFORE BE IT RESOLVED by the City Council of the City of Lino Lakes as
follows:
Section 1. This municipality shall become (or renew its membership as) a Participant of the
Fund and adopt and enter into the Declaration of Trust, a copy of which shall be filed in the
minutes of this meeting. The appropriate officials are hereby authorized to execute those
documents necessary to effectuate entry into the Declaration of Trust and the participation of
all Fund programs.
Section 2. This municipality is authorized to invest 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 of the municipality or their successors are designated as "Authorized
Officials" with authority to effectuate investments and withdrawals in accordance with the
Declaration of Trust:
Jeff Karlson/City Administrator
• Print Name/Title Signature
Paula Schloer/Accountant Ill
Print Name/Title Signature
• Section 3. The Trustees of the Fund are designated as having official custody of those
monies invested in accordance with the Declaration of Trust.
Section 4. That the municipality may open depository and other accounts, enter into wire
transfer agreements, safekeeping agreements, third party surety agreements securing deposits,
collateral agreements, letters of credit, lockbox agreements, or other applicable or related
documents with institutions participating in Fund programs including U.S. Bank National
Association, or its successor, or programs of PMA Financial Network, Inc. or PMA
Securities, Inc. for the purpose of transaction clearing and safekeeping, or the purchase of
certificates of deposit ("CDs") or other deposit products and that these institutions shall be
deemed eligible depositories for the municipality. PMA Financial Network, Inc. and PMA
Securities, Inc. and their successors are authorized to act on behalf of this municipality as its
agent with respect to such accounts and agreements. Monies of this entity may be deposited
in such depositories, from time to time in the discretion of the Authorized Officials, pursuant
to the Fund's Programs available through its Services Providers.
Adopted by the Council of the City of Lino Lakes this 26th day of May, 2015.
The motion for the adoption of the foregoing resolution was introduced by Council Member
Stopsz and was duly seconded by Council MemberRaf fertyand upon vote being taken
thereon, the following voted in favor thereef: —.._.�'l
Stoesz, Rafferty, Roeser, KusteVman, Reinert
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Jeff Reinert„Mayor
ATTEST:
Julihne Bartell, City Cl
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CITY COUNCIL
AGENDA ITEM I F
STAFF ORIGINATOR: Al Rolek
MEETING DATE: May 26, 2015
TOPIC: Consider Resolution 15-51 Reauthorizing Membership in the 4M
Fund
VOTE REQUIRED: 3/5
INTRODUCTION
PMA Financial Network, administrator of the 4M Fund, have requested resolutions
reauthorizing the City of Lino Lakes' membership in the 4M Fund for City deposits.
BACKGROUND
The City of Lino Lakes has participated in the 4M Fund for many years and the fund has been
reauthorized each year by the City Council as a depository City funds. This money market
fund is used primarily as a transitional depository for City funds. Since its inception the 4M
fund has used several different institutions to administer the fund. The current administrator,
PMA Financial Network, has requested that a new resolution be approved by the City Council
that specifically includes PMA as the administrator. This is a housekeeping item that simply
reaffirms the City's participation in the fund. There are no changes in how the fund is
administered or operated.
RECOMMENDATION
Staff recommends approval of Resolution 15-57.
ATTACHMENTS
Resolution 15-57