1988.02.16 RESO 1988-0012 - Laserfiche WebLink

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WHEREAS, Minnesota Statutes, Section 471.59 (the "Joint Powers Act") 9mvrid ek among other things, that governmental units (as such term is defined therein), by agreenew P e+d into through action of their governing bodies, may jointly or cooperatively exercise any pawar c nanon to the contracting parties; and WHEREAS, the term "governmental unit" is defined in the Joint Powers A= to iodude municipality as defined herein; and WHEREAS, all of the Initial Participants are Municipalities of the SOW. af iota that desire to enter into an agreement and thereby establish an entity for joint ismasennK. under the provisions of the aforementioned Joint Powers Act, pursuant to this Declaradan of Trost for the purpose of combining their respective available investment funds not currenti; mmided by such Municipalities so as to enhance the investment opportunities available to them ami imsease the investment earnings accruing to them respectively; and WHEREAS, this Declaration of Trust is intended to be an agreem= e■mted into pursuant to the Joint Powers Act for the purpose of better exercising the Parti' power to invest thew respective funds in accordance with the Laws of the State of Minnesot; aad WHEREAS, the Hoard or Council of each of the Initial Participants ho &fes adopted a resolution authorizing the applicable Initial Participant to become a party to, and ha mppo•ad. this Declaration of Trust pursuant to the Joint Powers Act; and WHEREAS, the Hoard or Council of each of the Initial Participants, by ib tic ned approval of this Declaration of Trust, has authorized the investment of funds snri initial Participant in investments of the mature permitted by Minnesota Law, as mrd in the manner contemplated by this Declaration of Trust; and WHEREAS, it is proposed that the beneficial interest in the 4M Fund'It names dwU be divided into non -transferable shares of beneficial interest, which shall be evideneW by. a share register maintained by the 4M Fund or its agent; and WHEREAS, the Initial Participants anticipate the other Municipalities of Se Smte of Minnesota may wish to become Participants by adopting this Declaration of Trust aid An becom- ing parties to it; NOW, THEREFORE, the Initial Participants hereby declare that all mwn* ~ assets, securities; funds and property now or hereafter acquired pursuant to this agreement she be held and managed in trust for the equal and proportionate benefit of the holders of reaamd fma time to .A u