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• WITNESETH <br /> WHEREAS, Minnesota Statutes, Section 471.59 (the "Joint Powers Act") provides, among <br /> other things, that governmental units (as such term is defined therein), by agreement entered into <br /> through action of their governing bodies, may jointly or cooperatively exercise any power <br /> common to the contracting parties; and <br /> WHEREAS, the term "governmental unit" is defined in the Joint Powers Act to include <br /> municipality as defined herein; and <br /> WHEREAS, all of the Initial Participants are Municipalities of the State of Minnesota that <br /> desire to enter into an agreement and thereby establish an entity for joint investment, under the <br /> provisions of the aforementioned Joint Powers Act, pursuant to this Declaration of Trust for the <br /> purpose of combining their respective available investment funds not currently needed by such <br /> Municipalities so as to enhance the investment opportunities available to them and increase the <br /> investment earnings accruing to them respectively; and <br /> WHEREAS, this Declaration of Trust is intended to be an agreement entered into pursuant <br /> to the Joint Powers Act for the purpose of better exercising the Participants' power to invest <br /> their respective funds in accordance with the Laws of the State of Minnesota; and <br /> WHEREAS, the Board or Council of each of the Initial Participants has daily adopted a <br /> resolution authorizing the applicable Initial Participant to become a party to, and has approved, <br /> this Declaration of Trust pursuant to the Joint Powers Act; and <br /> WHEREAS, the Board or Council of each of the Initial Participants, by its aforementioned <br /> approval of this Declaration of Trust, has authorized the investment of funds of such Initial <br /> Participant in investments of the nature permitted by Minnesota Law, as applicable, and in the <br /> manner contemplated by this Declaration of Trust; and <br /> WHEREAS, it is proposed that the beneficial interest in the 4M Fund's assets shall be <br /> divided into non-transferable shares of beneficial interest, which shall be evidenced by a share <br /> register maintained by the 4M Fund or its agent; and <br /> WHEREAS, the Initial Participants anticipate the that other Municipalities of the State of <br /> Minnesota may wish to become Participants by adopting this Declaration of Trust and thus <br /> becoming parties to it; <br /> NOW, THEREFORE, the Initial Participants hereby declare that all monies, assets, <br /> securities, funds, and property now or hereafter acquired pursuant to this agreement shall be held <br /> and managed in trust for the equal and proportionate benefit of the holders of record from time <br /> to time of shares beneficial interest herein, without privilege, priority or distinction among such <br /> holders, and subject to the terms, covenants, conditions, purposes and provisions hereof. <br /> 1 <br /> I <br />