06-20-07 FPAC Minutes - Laserfiche WebLink

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• WITHDRAWALS FROM THE PLUS FUND All investments in the PLUS Fund must be deposited for a minimum of 14 calendar days. Withdrawals prior to the 14-day restriction period will be subject to a penalty equal to 7 days interest on the amount withdrawn (calculated using the dividend rates in effect for the 7-day period immediately preceding the withdrawal date). The penalty will be payable even if the amount withdrawn had not been invested in the PLUS Fund for the full 7-day period preceding the withdrawal. In determining whether an amount is eligible for withdrawal from a Participant account without the payment of a penalty, the first- in/first-out method will be used. In determining whether an amount is eligible for withdrawal from a Participant account without the payment of a penalty,the first-in/first-out method will be used. There are no restrictions on withdrawals from the Liquid Asset Fund,which may be effected on a same-day basis. TRUSTEES AND OFFICERS Subject to the power of the Participants to amend the Declaration of Trust,the Board of Directors of the League of Minnesota Cities serves as the Board of Trustees of the Trust. Appointments and vacancies are filled in accordance with the by-laws of the League of Minnesota Cities and the Declaration of Trust. The Trustees have full, exclusive, and absolute control and authority over the business and affairs of the Trust and each Fund, in all cases subject to the rights of the Participants as provided in the • Declaration of Trust. The Trustees may perform such acts as in their sole judgment and discretion are necessary and proper for conducting the business and affairs of the Trust or promoting the interests of the Trust. The Trustees duties include, but are not limited to, overseeing, reviewing and supervising the activities of all consultants and professional Advisors to the Fund (including,but not limited to, the Investment Advisor, the Administrator,the Sub-Administrator,if any,and the Custodian). The Trustees serve without compensation but are reimbursed by the Trust for reasonable travel and other out-of-pocket expenses incurred in connection with their duties as Trustees. The Trustees are not required to devote their entire time to the affairs of the Trust. The officers of the League of Minnesota Cities serve also as officers of the Trust. The executive director of the League of Minnesota Cities serves as the Trust's Secretary and as an ex-officio, non-voting member of the Board of Trustees. The Trustees may elect or appoint such other officers or agents who, subject to the Declaration of Trust and Bylaws of the Trust, shall have such powers, duties and responsibilities as the Trustees may deem to be advisable and appropriate. The Trustees are responsible for the general investment policy and program of each Fund and for the general supervision and administration of the business and affairs of the Trust. However, the Trustees are not required personally to conduct all of the business of the Trust and, consistent with their ultimate responsibility, the Trustees have appointed the Administrator and Investment Advisor, a Sub- Administrator,the Custodian,and a Technical Advisory Board. • -6-