HomeMy WebLinkAboutResolution - 2015-11 - Membership in 4M Fund - 01/06/2015 CITY OF EDEN PRAIRIE
HENNEPIN COUNTY, MINNESOTA
RESOLUTION NO. 2015-11
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 previously adopted by
the City and dated January, 1987; and
WHEREAS, the Declaration of Trust, a copy of which is 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 lnvestinent 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; and
WHEREAS, this Council deems it advisable for this municipality to re-affirm the Declaration of
Trust and renew its membership as 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 BY THE CITY COUNCIL OF THE CITY OF EDEN
PRAIRIE AS FOLLOWS:
Section 1. This municipality renews its membership as a Participant of the Fund and re-affirms
and ratifies its approval of 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 the ratification and re-affirmation of the Declaration of Trust and its
participation in 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 execute/effectuate such investments and withdrawals in accordance
with the Declaration of Trust:
Sue Kotchevar/Finance Managcr/ AY
Name/Title/Signature
Tammy Wilson/Finance Supervisor/
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 â–ºmunicipality 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.
ADOPTED by the Eden Prairie City Council this 6"' day of January, 2015.
N icy T a=Lu ns, Mayo
ATTEST:
K thleen Porta, City Clerk