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Item No. .,7/3 <br /> Staff Report No.9' ?a-3 7i <br /> Meeting Date: October 6, 1997 <br /> • Type of Business: WK <br /> WK: Work Session;PH:Public Hearing; <br /> CA: Consent Agenda; CB:Council Business <br /> City of Mounds View Staff Report <br /> To: Honorable Mayor and Members of the City Council <br /> From: Bruce A. Kessel, Finance Director <br /> Item Title/Subject: Use of 4M Fund as a City depository <br /> Date of Report: September 29, 1997 <br /> Every year, the City designates institutions that can be used as a depository for City funds. For <br /> several years, the 4M Fund has been so designated but has never been used. The 4M Fund is <br /> sponsored by the League of Minnesota Cities as a short-term investment pool specifically <br /> designed to address the cash management needs of Minnesota governmental units. Along these <br /> lines, it has established procedures to allow payments from the State as well as from Ramsey <br /> County to be made directly to a 4M Fund account, thereby enabling cities to obtain several more <br /> days interest on such funds. For us, this should amount to at least several hundred dollars per <br /> year and should also reduce staff time dealing with such checks. The fund may also provide <br /> other opportunities to increase interest earnings and/or lower other costs. <br /> goIn order to participate in the 4M Fund, we need to adopt a resolution authorizing entry into a <br /> joint powers agreement in the form of a declaration of trust establishing an entity known as <br /> "Minnesota Municipal Money Market Fund" and authorizing participation in certain investment <br /> programs in connection therewith(see attachment). <br /> It is recommended that the Council adopt said resolution and authorize the Mayor, Clerk- <br /> Administrator and Finance Director to execute the necessary documents. <br /> • <br />