Resolution - #94-01-010 - 01/18/1994

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Councilmember Beyer introduced the following resolution and moved for its adoption: RESOLUTION #94-01-010 A RESOLUTION AUTHORIZING ENTRY INTO A JOINT POWERS AGREEMENT IN THE FORM OF A DECLARATION OF TRUST ESTABLISItING AN ENTITY KNOWN AS "MINNESOTA MUNICIPAL MONEY MARKET 'FUND" AND AUTHORIZING PARTICIPATION IN CERTAIN INVESTMENT PROGRAMS IN CONNECTION THEREWITH WHEREAS, Minnesota Statutes Section 479.59 (the Joint Powers Act) provides, among other things, lhat governmental units, by agreement entered into through action of their governing bodies, may jOintly or cooperatively exercise any power common to the contracting parties; and WHEREAS, the Minnesota Municipal Money Market Fund was formed in October 1990, 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 North Dakota Municipalities acting as the Initial Participants thereof; and WHEREAS, the Declaration of Trust has been presented to this board; and WHEREAS, the Declaration of Trust authorized municipalities of the State of Minnesota to adopt and enter into the Declaration of Trust and become Participants of the Fund; and WHEREAS, this Council deems it to be advisable the City of Ramsey adopt and enter into the DeclaratiOn of Trust and become a Participant of the Fund for the purpose of the joint investment of the City of Ramsey'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 the City of Ramsey to make use from time to time, in the discretion of the officials of the City of Ramsey identified below, of the Fixed- Rate Investment Program available to Participants of the Fund. NOW THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF RAMSEY, COUNTY OF ANOKA, STATE OF MINNESOTA, as follows: The City of Ramsey shall join with other municipalities 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 reference 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 Finance Officer of the City of Ramsey is 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 the City of Ramsey into the Declaration of Trust and the adoption thereof by the Cky. The City of Ramsey is hereby authorized to invest its available monies from time to time and to withdraw such monies in accordance with the provisions of the Declaration of Trust. The following officials of the City of Ramsey and their respective successors in office each herebydesignated as "Authorized Officials" with full powers and authority to effectuate the investment and withdrawal of monies of the City of Ramsey 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: