HomeMy WebLinkAboutResolution No. 216-15 - Authorizing or Reauthorizing Membership in the 4M Fund216-15 D14
RESOLUTION
Resolution Authorizing or 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 become (or 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:
Dale R. Martinson/Director of Finance/Treasurer
Print Name/Title Signature
Cary McNallan/Assistant Finance Director
Print Name/Title Signature
Rachel Houdek/Principal Financial Analyst
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.
216-15 D14
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.
PASSED AND ADOPTED BY THE COMMON COUNCIL OF THE CITY OF
ROCHESTER, MINNESOTA, THIS 18th DAY OF MAY , 2015.
PRESIDENT SAID COMMON COUNCIL
ATTEST: - -
CITY CLERK
APPROVED THIS 19th DAY OF MAY 2015.
MAYOR OF SAID CITY
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It is hereby certified that the Council of _Rochester, Minnesota adopted this Resolution at a duly
convened meeting of the Council held on the _18th_ day of _May , 2015, 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.
City Clerk: �•-�
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