HomeMy WebLinkAboutResolution 2018-81 Authorizing Membership in 4M FundCity of Corcoran
County of Hennepin
State of Minnesota
RESOLUTION NO. 2018-81
Motion By: Schultz
Seconded By: Keefe
A Resolution Authorizing Membership in the 4M Fund
October 11, 2018
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
HEREAS, 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 includ11 it ing 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
Asset Management (U.S.) Inc.),
1 Network, Inc.), the
he Fixed Rate Program Providers, PMA Financial
Network, Inc. and PMA Securities, Inc., and the Custodi
Nan, U.S. Bank National Association,
("Service Providers") and/or their successors.
Man Advisors, Inc.) or Sub -Advisor (RBC Global
the Administrator (PMA Financia
Distributor (PMA Securities, Inc.) or t
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 become 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:
Brad Martens, City Administrator
Jessica Beise, City Clerk/Administrative Services Coordinator
Joe Rotz, Accountant
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City of Corcoran
County of Hennepin
State of Minnesota
RESOLUTION NO. 2018-81
(Additional names may be added on a separate list. The treasurer shall advise
any changes in Authorized Officials in accordance with Fund procedures.)
October 11, 2018
the Fund Of
Section 3. The Trustees of the Fund are designated as having official custody of t
monies invested in accordance with the Declaration of Trust.
hose
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 creel
it, lockbox agreements, or other applicable or
related documents with institutions participating ire Fund programs
National Association, or its successor, or programs of
including USBank
..
ork, Inc. or PMA
PMA Financial Netw
Securities, Inc. for the purpose of transaction clearing and safekeepin
g, or the purchase of
certificates of deposit ("CDs") or other deposit products and that these institutions sha
deemed eligible depositories for the municipality.
II be
PMA Financial Network, Inc. and PMA
its
Securities, Inc. and their successors are authorized to act on behalf of this municipality as
ts
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 Services Providers.
VOTING AYE
® Thomas, Ron
❑ Bottema, Jon
® Dejewski, Brian
® Keefe, Mike
® Schultz, Alan
Whereupon, s
2018.
ATTEST:
aid
Resolution
VOTING NAY
❑ Thomas, Ron
❑ Bottema, Jon
❑ Dejewski, Brian
❑ Keefe, Mike
❑ Schultz, Alan
is hereby declared adopted on this 11t" day of
Ron Thomas -Mayor
Jessica Beise —City Clerk/Administrative Services Coordinator
October,
City Seal
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