87-014 RES
RESOLUTION 87- 14
CITY OF ELK RIVER
. It. RESOLU'l'ION AUTHORIZING ENTRY INTO A JOINT POWERS AGREEMENT IN THE FORM OF
It. DECLARATION OJ TRUST ESTABLISHING AN ENTITY KNOWN AS "MINNESOTA MUNICIPAL
MONIY MARKET JUND" 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 authorized 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 municipal 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
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. 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 Clerk/Treasurer
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 87-
Page Two
Section 2. The 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: City Administrator, and Finance Director. The Clerk 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 purposed 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.
Passed and adopted by the City Council of the City of Elk River, this 23rd day
February, 1987.
F;!/;;, j'
LA . (,/1;
Estelle E.
,.--... i ~ r>
-> -., '/
(. -/>~ 1.-~
Gunkel, Mayor
ATTEST:
Z?J R ~~
Patrick D. Klaers, City Administrator