HomeMy WebLinkAbout2018-005 �-AIWEN HILLS
CITY OF ARDEN HILLS
COUNTY OF RAMSEY
STATE OF MINNESOTA
RESOLUTION NO. 2018-005
RESOLUTION REAUTHORIZING MEMBERSHIP IN THE 4M FUND
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
WHEREAS, 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 including 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 Man Advisors, Inc.) or Sub-Advisor
(RBC Global Asset Management (U.S.) Inc.), the Administrator (PMA Financial Network,
Inc.), the Distributor (PMA Securities, Inc.) or the Fixed Rate Program Providers, PMA
Financial Network, Inc. and PMA Securities, Inc., and the Custodian, U.S. Bank National
Association, ("Service Providers") and/or their successors.
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 renew its membership as 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:
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Print Name Title Signature
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Print Name itle Signature
Print Name Title Signature
(Additional names may be added on a separate list. The treasurer shall advise the
Fund of any changes in Authorized Officials in accordance with Fund procedures.)
Section 3. The Trustees of the Fund are designated as having official custody of those
monies invested in accordance with the Declaration of Trust.
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 credit, lockbox agreements, or
other applicable or related documents with institutions participating in Fund programs
including U.S. Bank National Association, or its successor, or programs of PMA
Financial Network, Inc. or PMA Securities, Inc. for the purpose of transaction
clearing and safekeeping, or the purchase of certificates of deposit ("CDs") or other
deposit products and that these institutions shall be deemed eligible depositories for
the municipality. PMA Financial Network, Inc. and PMA Securities, Inc. and their
successors are authorized to act on behalf of this municipality as its 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.
NOW THEREFORE, BE IT RESOLVED: that the City Council of Arden Hills
adopted this Resolution at a duly convened meeting of the Council held on the Bch day of
January, 2018, and that such Resolution is in full force and effect on this date, and that such
Resolution has not been modified, amended, or rescinded since its adoption.
ADOPTED BY THE CITY COUNCIL OF THE CITY OF ARDEN HILLS
THIS 8TH DAY OF JANUARY, 2018.
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DAVID GRANT, MAYOR
ATTEST:
JU I TIANSON, CITY CLERK