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W IT N ES E TH: WHEREAS, Minnesota Statutes, Section 471.59 (the "Joint Po~vers Act") provides, among other things, that governmental units (as such term is defined therein), by agreement entered into through action of their governing bodies, ma.',' jointly or cooperatively exercise an)' power common to the contracting parties; and WHEREAS, the term "governmental unit" is defined in the Joint Powers Act to include municipality as defined herein; and WHEREAS, all of the Initial Participants are Municipalities of the State of Minnesota that desire to enter into an agreement and thereby establish an entity for joint investment, under the provisions of' the aforementioned Joint Powers Act, pursuant to this Declaration of Trust for the purpose of combining their respective available investment funds not currently needed by such Municipalities so as to enhance the investment opportunities available to them and increase the investment earnings accruing to them respectively; and WHEREAS, this Declaration of Trust is intended to be an agreement entered into pursuant ro the Joint Powers Act for the purpose of better exercising the Participants' power to invest their respective funds in accordance with the Laws of the State of Minnesota; and WHEREAS, the Board or Council of each of the initial Participants has duly adopted a resolution authorizing the applicable Initial Participant to become a party to, and has approved, this Declaration of Trust pursuant to the Joint Powers Act; and WHEREAS, the Board or Council of each of the Initial Participants, by its aforementioned approval of this Declaration of Trust, has authorized the investment of funds of such Initial Participant in investments of the nature permitted by Minnesota Law, as applicable, and in the manner contemplated by this Declaration of Trust; and WHEREAS, it is proposed that the beneficial interest in the 41',/f Fund's assets shall be divided into non-transferable shares of beneficial interest, which shall be evidenced by a share register maintained by the ~iV[ Fund or its agenti and WHEREAS, the Initial Participants anticipate the other Municipalities of the State of Minnesota may wish to become Participants by adopting this Declaration of Trust and thus becom- ing parties to it; NOW, THEREFORE, the Initial Participants hereby declare that all moneys, assets, securities, funds and property now or hereafter acquired pursuant to this agreement shall be held and managed in trust for the equal and proportionate benefit of the holders of record from time to time of shares beneficial interest herein, without privilege, priority or distinction among such holders, and subject to the terms, covenants, conditions, purposes and provisions hereof.