6.7. SR 01-10-1994
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**CONSENT AGENDA ITEM 6.7.**
TO:
MAYOR & CITY COUNCIL
FROM:
LORI JOHNSON, FINANCE DIRECTOR
DATE: JANUARY 7, 1994
SUBJECT: RESOLUTION AUTHORIZING EXECUTION
OF PROXY IN FAVOR OF CERTAIN
AMENDMENTS TO THE DECLARATION OF
TRUST OF THE MINNESOTA MUNICIPAL
MONEY MARKET FUND
The City is a participant of the Minnesota Municipal Money
Market Fund which is sponsored by the League of Minnesota
Cities to offer additional investment alternatives to cities.
Elk River has been a participant in the 4M Fund since its
inception in the late 80's.
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The technical advisory board of the 4M Fund has proposed
changes in the 4M Fund Trust document. The City Council is
asked to approve the attached resolution authorizing a League
representative to vote on behalf of the City in favor of the
proposed amendments. I will not go into the amendments in
detail other than to say that the amendments fall under the
guidelines of Minnesota municipal investment law and are being
proposed in order to increase yields and offer more
alternatives to cities.
The Council is asked to approve the attached resolution as
presented. If you have any questions or concerns on this
issue, please feel free to contact me prior to Monday's meeting.
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P.O. Box 490 · 13065 Orono Parkway · Elk River, MN 55330 · (612) 441-7420 · Fax: (612) 441-7425
Mayor
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RESOLUTION NO. 94-
RESOLUTION AUTHORIZING EXECUTION OF PROXY IN FAVOR OF CERTAIN
AMENDMENTS TO THE DECLARATION OF TRUST OF THE MINNESOTA
MUNICIPAL MONEY MARKET FUND.
BE IT RESOLVED by the City Council of the City of
Elk River Minnesota as follows:
Section 1. Background.
1.01 The City of Elk River is a participant in
the Minnesota Municipal Money Market Fund (4M Fund), by reason
of its approval of a joint powers agreement in the form of a
Declaration of Trust.
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1.02 The City has been asked to consider certain amendments to
the Declaration of Trust of the 4M Fund.
1.03 The City has reviewed and considered the proposed
amendments to the Declaration of Trust as described in the
attached proxy statement and amended Declaration of Trust.
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Section 2. Authorization
2.01 The City of Elk River approves the proposed
amendments described in the proxy statement and amended
Declaration of Trust.
2.02 At a meeting of the 4M Fund participants to be held on
February 2, 1994, Lori Johnson is authorized to
attend and vote on behalf of the city in favor of the proposed
amendments, or in the alternative, is authorized to execute the
attached proxy in favor the amendments and forward it to the
proxy agent to be voted accordingly.
Adopted by the City Council of the City of Elk River
Minnesota, on the.. lOthday of January, 199i-f
ATTEST:
city Clerk
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