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<br />.. <br />. <br /> CITY OF ARDEN HILLS <br /> MEMJRANDtJM <br /> DATE: January 06, 1994 <br /> 'ro: Dorothy A. Person, City Administrator <br /> FRCM:@ T~ Post, City Accountant <br /> stJBJECr: Proposed Amendments to the Minnesota Municipal M:mev Market <br /> FUnd (4M FUnd) Declaration of Trust <br /> Overview <br /> The 4M Fund Board of Trustees has reccmneru:led that fund participants <br /> (The City of Arden Hills is a participant) vote in favor of certain <br /> arrendrrents to the Declaration of Trust. <br />. If a participant agrees with the proposed arrendments, a resolution <br /> should be adopted that approves the arrendments and designates an <br /> individual to vote or execute a proxy. <br /> Pro=sed Amenclrrents <br /> l. Principal change eml:xx:lied in the arrendments is authority <br /> permitting the Board of Trustees to create multiple investment <br /> p::lrtfolios within the Fund. Investments w:JUld continue to be <br /> restricted to those instruments in which Minnesota rrnmicipalities <br /> can lawfully invest. <br /> 2. Several other changes are reccrnnended which will give the 4M Fund <br /> slightly greater investment flexibility. They include (a) <br /> amending the restriction of investments not having a maturity date <br /> later than one year; and (b) allowing the p::lrtfolio manager <br /> authority to use reverse repurchase agreements in the fund for up <br /> to 25% of total assets. <br /> Vote Reouirement <br /> The affimtive vote of a majority of the participants entitled to vote <br /> at the meeting is required for the adoption and approval of the <br /> am2I1clrrent . <br />. <br />