16-11264r RESOLUTION NO. 11264
Resolution 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 Term Series, the Fixed Rate Programs, and
other Fund services offered by the Fund; and
WHEREAS, this Council deems it to be in the best interest for the
municipality to make use of, from time to time, the approved services provided by
the 4M Fund's service providers including the Investment Advisor (Prudent Man
Advisors, Inc.) or Sub-Advisor (RBC Global Asset Management (U.S.) Inc.), the
Administrator (PMA Financial Network, Inc.), the Distributor (PMA Securities,
Inc.) or the Fixed Rate Program Providers, PMA Financial Network, Inc. and
PMA Securities, Inc., and the Custodian, U.S. Bank National Association,
("Service Providers") and/or their successors.
WHEREAS, this Council deems it advisable for this municipality to enter
into the Declaration of Trust and become a Participant of 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
Richfield, Minnesota:
1. This municipality shall renew its membership as a Participant of the Fund
and adopt and enter into the Declaration of Trust, a copy of which shall be
filed in the minutes of this meeting. The appropriate officials are hereby
authorized to execute those documents necessary to effectuate entry into
the Declaration of Trust and the participation of all Fund programs.
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 municipality or
their successors are designated as "Authorized Officials" with authority to
1 ctuate investments and withdrawals in accordance with the
"� D claration Tru
ev n L. Devic ity anager
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Ch C egis/Fine Manager
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Rhonda O'Loughlin/Payr Accountant
3. The Trustees of the Fund are designated as having official custody of
those monies invested in accordance with the Declaration of Trust.
4. That the municipality may open depository and other 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. Bank National
Association, 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") or other
deposit products 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
municipality 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 Services Providers.
Adopted by the City Council of the City of Richfield this 11th day of October,
2016.
4I ` c � 1
L )eM a (;-, we
Debbie Goettel, Mayor
ATTEST:
WojA (..______
Elizabeth Van ose, City Clerk
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