Resolution 5170 - Laserfiche WebLink

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~RAWALSFROMTHEPLUSFUND . All investments in the PLUS Fund must be deposited for a minimum of 30 calendar days. and a ne Minnesota banking day notice period is required for withdrawals from the PLUS Fund. Wi~drawals during such 30-<iay period will be subject to a penalty equal to 15 days interest on the amount wIthdrawn (calculated using the dividend rates in effect for the 15-<iay period immediately preceding the withdrawal date). The penalty will be payable even if the amount withdrawn had not been invested in the PLUS Fund for the full 15-<iay period preceding the withdrawal. In determining whether an amount is eligible for withdrawal from a Participant account without the payment of a penalty. the first-inlfirst-out method will be used. Withdrawal requests must be received by the Fund's Administrator not less than one Minnesota banking day prior to the requested withdrawal date. The notice requirement will be deemed to have been met if it is received by the Fund's Administrator not later than 11:00 a.m. (Central Time) on the day prior to withdrawal. In the event that a Participant withdraws an investment from the PLUS Fund without giving the required One Minnesota banking day notice. it will be subject to a penalty equal to the loss of 15 days interest on the amount so withdrawn calculated in the same manner as set forth above with respect to the penalty applicable to premature withdrawals. There are no restrictions on withdrawals from the Liquid Asset Fund, which may be effected on a same-day basis. TRUSTEES AND OFFICERS . Subject to the power of the Participants to amend the DecIaration of Trust, the Board of rectors of the League of Minnesota Cities serves as the Board of Trustees of the Trust. Appointments and vacancies are filled in accordance with the by-laws of the League of Minnesota Cities and the DecIaration of Trust. The Trustees have full, exclusive. and absolute control and authority over the business and affairs of the Trust and each Fund, in all cases subject to the rights of the Participants as provided in the Declaration of Trust. The Trustees may perform such acts as in their sole judgment and discretion are necessary and proper for conducting the business and affairs of the Trust or promoting the interests of the Trust. The Trustees duties include, but are not limited to. overseeing, reviewing and supervising the activities of all consultants and professional advisers to the Fund (including, but not limited to, the Investment Adviser. the Administrator. the Sub-Administrator, if any. and the Custodian). The Trustees serve without compensation but are reimbursed by the Trust for reasonable travel and other out-of-pocket expenses incurred in connection with their duties as Trustees. The Trustees are not required to devote their entire time to the affairs of the Trust. The officers of the League of Minnesota Cities serve also as officers of the Trust. The executive director of the League of Minnesota Cities serves as the Trust's Secretary and as an ex-officio. non- voting member of the Board of Trustees. The Trustees may elect or appoint such other officers or agents who, subject to the DecIaration of Trust and Bylaws of the Trust. shall have such powers, duties and responsibilities as the Trustees may deem to be advisable and appropriate. . -6-