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HomeMy WebLinkAbout88-006 CITY OF LAKEVILLE RESOLUTION Date January 25, 1988 Resolution No. -88-6 Motion by Enright Seconded by Harvey A RESOLUTION AUTHORIZING ENTRY INTO A JOINT POWERS AGREEMENT IN THE FORM OF A DECLARATION OF TRUST ESTABLISHING AN ENTITY KNOWN AS "MINNESOTA MUNICIPAL MONEY MARKET FUND" AND AUTHORIZING PARTICIPATION IN CERTAIN INVESTMENT PROGRAMS IN CONNECTION THEREWITH WHEREAS, Minnesota Statutes_Section 471.59 (the "Joint Powers Act") provides among other things that government units, by agreement entered into through action of their governing bodies, may jointly or coopera- tively exercise any power common to the contracting parties; and WHEREAS, the Minnesota Municipal Money Market Fund was formed in January 1987 pursuant to the Joint Powers Act by the adoption of a joint powers agreement in the form of a Declaration of Trust by a group of Minnesota Municipalities acting as the Initial Participants thereof; and WHEREAS, the Declaration of Trust has been presented to this Council; and WHEREAS, the Declaration of Trust authorizes .municipalities of the State of Minnesota to adopt and enter into the Declaration of Trust and become Participants of the Fund. Municipality shall mean city, county, town, public authority, public corporation, public commission, special district, and any "instrumentality" (as the term is defined in the Joint Powers Act) of a municipality; and • • WHEREAS, this council deems it to be advisable for this municipal- ity to adopt and enter into the Declaration of Trust and become a Participant of the .Fund for the purpose of the joint investment of this .municipality's monies with those of other municipalities so as to enhance the investment earnings accruing to each; and WHEREAS, this council deems it to be advisable for this municipal- . ity to make use from time to time, in the discretion of the officials of the municipality identified in Section 2 of the following Resolution, of the Fixed Rate Investment Program available to Participants of the Fund. NOW, THEREFOR, BE IT RESOLVED AS FOLLOWS: Section 1. This municipality shall join with other municipalities (as such term is defined in the Declaration of Trust) in accordance with the Joint Powers Act by becoming a Participant of the Fund and adopting and entering into the Declaration of Trust, which is adopted by refer- ence herein with the same effect as if it had been set out verbatim in this resolution, and a copy of the Declaration of Trust shall be filed in the minutes of the meeting at which this Resolution was adopted. The President (or Chair) and the Clerk/Treasurer of this Council (or Board) are hereby authorized to take such actions and execute any and all such documents as they may deem necessary and appropriate to effectuate the entry of this municipality into the Declaration of Trust and the adoption thereof by this municipality. Section 2. This municipality is hereby authorized to invest its available .monies from time to time and to withdraw such monies from time to time in accordance with the provisions of the Declaration of Trust. 2 i The following officers and officials of the municipality and their respective successors in office each hereby are designated as "Author- ized Officials" with full powers and authority to effectuate the investment and withdrawal of monies of this municipality from time to time in accordance with the Declaration of Trust and pursuant to the Fixed-Rate Investment Service available to Participants of the Fund: Dennis Feller, Finance Director Patrick E. McGarvey, City Administrator/Clerk Duane Zaun, Mayor The Clerk shall advise the Fund of any changes in Authorized Officials in accordance with procedures established by the Fund. Section 3. The Trustees of the Fund are hereby designated as having official custody of this municipality's monies which are invested in accordance with the Declaration of Trust. Section 4. Authorization is hereby given for members of the Board of Directors of the League of Minnesota Cities to serve as Trustees of the Fund pursuant to the provisions of the Declaration of Trust... Section 5. State banks, national banks, and thrift institutions located either within or without the State of Minnesota which qualify as depositories under Minnesota law and are included on a list approved and maintained for such purpose by the Investment Advisor of the Fund are hereby designated as depositories. of this municipality pursuant to Minnesota Statutes Section 118.005 and monies of this municipality may be deposited therein, from time to time in the discretion of the Authorized Officials, pursuant to the Fixed-Rate Investment Service available to Participants of the fund. 3 It is hereby certified that the City of Lakeville duly adopted the Model Resolution at a duly convened meeting of the Council held on the 25th day of January, 1988, .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. APPROVED AND ADOPTED this 25th day of January, 1988. CITY OF LAKEVILLE Duane Zaun, or ATTE / ~ ~ ~ z r Patrick E. cGa vey, C ty Clerk 4