88-7422R92
RESOLUTION N0. 7422
A RESOLUTION AUTHORIZING ENTRY INTO A
JOINT POMERS 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 governmental
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 of 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
municipality, and
WHEREAS, this Council deems it to be advisable for this
municipality 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
municipality 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.
Resolution No. 7422
Page 2
NOM, THEREFORE, BE IT
Section 1. This muni
municipalities (as such to
Trust) in accordance-with
Participant of the Fund an
Declaration of Trust, whic
the same effect as if it h
Resolution, and a copy of
in the minutes of the meet
adopted. The Mayor and th
authorized to take such ac
documents as they may deem
effectuate the entry of th
Trust and the adoption the
Section 2. This muni
its available monies from
monies from time to time i
Declaration of Trust. The
the municipality and their
hereby are designated as "
and authority to effectuat
monies of this municipalit
the Declaration of Trust a
Investment Service availab
Steven L. Devich
City Treasurer
SOLVED AS FOLLOMS:
ipality shall join with other
n is defined in the Declaration of
he Joint Powers Act by becoming a
adopting and entering into the
is adopted by reference herein with
d been set out verbatim in this
he Declaration of Trust shall be filed
ng~at which this Resolution was
City Clerk of this Council are hereby
ions and execute any and all such
necessary and appropriate to
s municipality into the Declaration of
eof by this municipality.
ipality is hereby authorized to invest
ime to time and to withdraw such
accordance with the provisions of the
following officers and officials of
respective successors in office each
uthorized Officials" with full powers
the investment and withdrawal of
from time to time in accordance with
d pursuant to the Fixed-Rate
e to Participants of the Fund:
Jean Mitchell
Finance Manager
The Clerk shall advise thelFund 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 a. 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.
Resolution No. 7422
Page 3
Section 5. State banks, national banks, and thrift
institutions 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
available to Participants of the Fund.
It is hereby certified
adopted this Resolution at a
Council held on the 13th day
Resolution is in full force
such Resolution has not been
since its adoption.
that the City of Richfield duly
duly convened meeting of the City
of June, 1988, and that such
and effect on this date, and that
modified, amended, or rescinded
ATTEST
Thomas P. Ferber City Clerk