HomeMy WebLinkAbout89-12 - ADMIN Resolution - Economic Development Authority - 1989/08/07RESOLUTION N0. EDA -12
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 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, the Authority deems it to be advisable for the Economic Development
Authority of 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, the Authority deems it to be advisable for the Economic Development
Authority of 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 Economic Development Authority of the City of St. Louis Park
shall join with other municipaliti-es in -accordance with the JoUt 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
Executive Director and staff . 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 Economic Development Authority of the City of St. Louis Park.
Section 2. The Economic Development Authority of 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 officials of the
Economic Development Authority of the City of St. Louis Park and their
respective successors in office each hereby are designated as "Authorized
Officials" with full powers and authority to effectuate the investment and
withdrawal of monies of the Economic Development Authority of the City of
St. Louis Park from time to time in accordance with the Declaration of
Trust and pursuant to the Fixed -Rate Investment Service available to
participants of the fund:
Harlan Syverson
Donald Rambow
Karen Elg
Don Rambow of staff 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 the Economic Development Authority of the 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 Economic Development Authority 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 Economic Development -Authority August 7, 1989.
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