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HomeMy WebLinkAboutRES 87-038 RESOLUTION AUTHORIZING ENTRY INTO A JOINT POWERS AGREEMENT IN THE FORM OF A DECLARATION OF TRUST ESTABLISHING AN ENTITY KNOWN AS "MINNESOTA MUNICIPAL MONEY MARKET FUND" AND AUTHORIZING PARTICIPATION IN CERTAIN INVESTMENT PROGRAMS IN CONNECTION Meeting Sheet IIIIIIVIIIVIIIVIIIVIIIVIIIIIIIIIII 102319 Box: 23 Folder. RES 1987 Document: RES 87-038 RESOLUTION AUTHORIZING ENTRY INTO A JOINT POWERS AGREEMENT IN THE FORM OF A DECLARATION OF TRUST ESTABLISHING AN ENTITY KNOWN AS "MINNESOTA MUNICIPAL MONEY MARKET FUND" AND AUTHORIZING PARTICIPATION IN CERTAIN INVESTMENT PROGRAMS IN CONNECTION RESOLUTION 87-038 A RESOLUTION AUTHORIZING ENTRY INTO A JOINT POWERS AGREEMENT IN THE FORM OF A DECLARATION- OF TRUST ESTABLISHING AN ENTITY KNOWN AS "MINNESOTA MUNICIPAL MONEY MARKET FUND" AND AUTHORIZING PARTICIPATION IN CERTAIN INVESTMENT PROGRAMS IN CONNECTION THEREWITH WHEREAS , Minnesota Statutes Section 471 . 59 (the "Joint Powers Act" ) provides among other things that qovernmental units, by agreement entered into through action of their governing bodies, may jointly or cooperatively exercise any power common to the contracting parties; and WHEREAS, the Minnesota Municipal Money Market Fund was formed in January, 1987 , pursuant to the Joint Powers Act by the adoption of a joint powers agreement in the form of a Declaration of Trust by a group of Minnesota Municipalities acting as the Initial Participants thereof ; and WHEREAS, the Declaration of Trust has been presented to this Council; and WHEREAS, the Declaration of Trust authorizes municipalities of the State of Minnesota to adopt and enter into the Declaration of Trust and become Participants in the Fund. Municipality shall mean city, county, town, public authority, public corporation, public commission, special district, and any "instrumentality" ( as that term is defined in the Joint Powers Act) of a municip- ality; and WHEREAS, this Council deems it to be advisable for this municipa- lity to adopt and enter into the Declaration of Trust and become a Participant of the Fund for the purpose of the joint investment of this municipality' s monies with those of other municipalities so as to enhance the investment earnings accruing to each; and WHEREAS, this Council deems it to be advisable for this municipa- lity to make use from time to time, in the discretion of the officials of the municipality identified in Section 2 of the following Resolution, of the Fixed-Rate Investment Program available to Participants of the Fund. NOW, THEREFORE, BE IT RESOLVED AS FOLLOWS: Section 1 . This municipality shall join with other municip- alities (as such term is defined in the Declaration of Trust) in accordance with the Joint Powers Act by becoming a Participant of the Fund and adopting and entering into the Declaration of Trust, which is adopted by reference herein with the same effect as if it had been set out verbatim in this resolution, and a copy of 1 -2- the Declaration of Trust shall be filed in the minutes of the meeting at which this Resolution was adopted. The Mayor and City Clerk are hereby authorized to take such actions and execute any and all such documents as they may deem necessary and appropriate to effectuate the entry of this municipality into the Declaration of Trust and the adoption thereof by this municipality. Section 2. This municipality is hereby authorized to invest its available 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 and officials of the municipality and their respective successors in office each hereby are designated as "Authorized Officials" with full powers and authority to effectuate the investment and withdrawal of monies of this municipality from time to time in accordance with the Declaration of Trust and pursuant to the Fixed-Rate Invest- ment Service available to Participants of the Fund. Carol B. Johnson, Finance Director David M. Childs, City Manager • Barbara Hickerson, Liquor Bookkeeper The Clerk shall advise the Fund of any changes in Authorized Officials in accordance with procedures established by the Fund. Section 3 . The Trustees of the Fund are hereby designated as having official custody of this municipality' s monies which are invested in accordance with the Declaration of Trust. Section 4. Authorization is hereby given for members of the Board of Directors of the League of Minnesota Cities to serve as Trustees of the Fund pursuant to the provisions of the Declaration of Trust. Section 5. State banks, national banks, and thrift institu- tions located either within or without the State of Minnesota which qualify as depositories under Minnesota law and are included on a list approved and maintained for such purpose by the Investment Advisor of the Fund are hereby designated as depositories of this municipality pursuant to Minnesota Statutes Section 118. 005 and monies of this municipality may be deposited therein, from time to time in the discretion of the Authorized Officials, pursuant to the Fixed-Rate Investment Service avail- able to Participants of the fund. It is hereby certified that the City of St. Anthony duly adopted the Model Resolution at a duly convened meeting of the 40 Council held on the 24th day of November, 1987 , and that such -3- Resolution is in full force and effect on this date, and that such Resolution has not been modified, amended, or rescinded since its adoption. Adopted this day of Anne- k e-r 1987. Mayor ATTEST: C✓a/ - �2�L✓ City Clerk Reviewed for administration: \I (�►' ��C �' • City Manager