HomeMy WebLinkAboutResolution 7705 RESOLUTION NO. 7705
CITY OF MOUNDS VIEW
County of Ramsey
State of Minnesota
REAUTHORIZING MEMBERSHIP IN THE 4M FUND
WHEREAS, 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 Fixed Rate Program, and other Funds
services offered by the Fund; and
WHEREAS, the Mounds View City Council deems it to be in the best interest for the City to
make use of, from time to time, the approved services provided by the 4M Fund's service providers
including the Investment Advisor and Administrator, RBC Global Asset Management, the sub
Administrator, PMA Financial Network, Inc. or the Fixed Rate Investment Program Administrators, PMA
Financial Network, Inc. and PMA Securities, Inc., and the Custodian, U.S. Bancorp N.A., "Service
Providers and /or their successors.
WHEREAS, the Mounds View City Council deems it advisable for the City to enter into the
Declaration of Trust and renew the City's Participation in the Fund for the purpose of joint 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 Mounds View the
following:
Section 1. The City of Mounds View shall renew its membership in the Fund and adopt and
enter into the Declaration of Trust. The appropriate officials are hereby authorized to execute those
documents necessary to effectuate entry into the Declaration of Trust and the participation of all
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 City or their successors are designated as Authorized Officials" with authority
to effectuate investments and withdrawals in accordance with the Declaration of Trust:
Mark Beer, Finance Director
Mary Tatarek, Accountant
Jim Ericson, City Administrator
Res.7705
Page 2.
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 City may open depository 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. Bancorp N.A. 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 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 City 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 Service Providers.
Adopted December 13, 2010.
oc'r
J Flaherty, ayor
ATTEST: wv U� Y
Jim Ericson, City Administrator
(SEAL)