HomeMy WebLinkAbout89-119 - ADMIN Resolution - City Council - 1989/08/141
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RESOLUTION NO. 89-119
A RESOLUTION AUTHORIZING ENTRY INTO A JOINT POWERS AGREEMENT IN THE FORM
OF A DECLARATION OF TRUST ESTABLISHING AN ENTITY KNOWN AS "MINNESOTA
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 point 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 the City of St. Louis
Park 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 the City of St. Louis
Park to make use from time to time, in the discretion of the officials of
the municipality identified in Section 2 of the Resolution, of the Fixed -
Rate Investment Program available to participants of the Fund,
NOW, THEREFORE, BE IT RESOLVED AS FOLLOWS:
Section 1. The City of St. Louis Park shall Join with other municipalities
in accordance with the Joint Powers Act by becoming a participant of the
fund and adopting the 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. The City Manager and the Director of Finance
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 and adoption of the Declaration of Trust by the City of St. Louis Park.
Section 2. The City of St. Louis Park 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 official, of the City of St. Louis Park and their
respective
Officials"
withdrawal
accordance
Investment
successors in office each hereby are designated as "Authorized
with full powers and authority to effectuate the investment and
of monies of the City of St. Louis Park from time to time in
with the Declaration of Trust and pursuant to the Fixed -Rate
Service available to participants of the fund:
Harlan Syverson, Director of Finance
Donald Rambow, Assistant Finance Director
Karen Elg, City Treasurer
The Assistant Finance Director 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 City of St. Louis Park 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 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 the City of St. Louis Park 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.
Adopted by the City Council August 14, 1989
Reviewed for Administration:
CIT.-Si—Manager
Approved as to form and execution:
,Acca.
cLLrc y Attorney
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