City Council Resolution 1988-07RESOLUTION 88- 7
A RESOLUTION AUTHORIZING ENTRY INTO
A JOINT POWERS AGREEMENT IN THE FORM
OF A DECLARATION OF TRUST ESTABLISHING
AN ENTITY KNOWN AS "MINNESOTA f4UNICIPAL
MONEY MARKET FUND" AND AUTHORIZING
PARTICIPATIODI IN CERTAIN INVESTMENT
PROGRAMS IDI CONNECTION THEREWITH
WHEREAS, Minnesota Statutes Section X71.59 (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.
NOW, THEREFORE, BE IT RESOLVED AS FOLLOWS:
Section 1. This municipality shall join with other municipalities (as
such term is defined in the Declaration of Trust) in accordance with the Joint
Powers Act by becoming a Participant of the Fund and adopting and 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, and a copy of the
Declaration of Trust shall be filed in the minutes of the meeting at which this
Resolution was adopted. The Mayor and the City Administrator of this Council
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 of
this municipality into the Declaration of Trust and the adoption thereof by
this municipality.
Resolution 88-7
Page 2
Section 2. This municipality 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 municipality 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 this municipality 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:
Rick Wolfsteller City Administrator
Printed Name Title
Jeff O'Neill Assistant Administrator
Printed Name Title
The City Administrator 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 this municipality's 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 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 that the City of Monticello duly adopted the Model
Resolution at a duly convened meeting of the Council held on the 14th day of
March, 1988, and that such Resolution is in full force and effect on this date,
and that such Resolution has not been modified, amended, or rescinded since its
adoption.
Adopted this 14th day of March, 1988.
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City Administ for
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Mayor