HomeMy WebLinkAbout16-088 - ADMIN Resolution - City Council - 2016/07/18RESOLUTION NO. 16-088
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 AS FOLLOWS:
Section 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.
Section 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 effectuate investments and
withdrawals in accordance with the Declaration of Trust:
Tim Simon / Chief Financial Officer
The treasurer shall advise the Fund of any changes in Authorized Officials in accordance
with Fund procedures.
Section 3. The Trustees of the Fund are designated as having official custody of those
monies invested in accordance with the Declaration of Trust.
Section 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
Resolution No. 16-088 -2-
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 Service
Providers.
It is hereby certified that the Council of the City of St. Louis Park adopted this Resolution at a duly
con ene meeting of the Council held on the 18th day of July, 2016, and that such Resolution is in
full force and effect on this date, and that such Resolution has not been modified, amended, or
resc ded ince its adoption.
City Council July 18, 2016
City Manager
Attest:
n
Metes a Kenned7 , City Clerk