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The Elk River Vision <br />A welcoming community with revolutionary and spirited resourcefulness, exceptional service, and community <br />engagement that encourages and inspires prosperity <br /> <br /> <br />Request for Action <br /> <br />To <br />Housing and Redevelopment Authority <br />Item Number <br />6.2 <br /> <br />Meeting Date <br />January 6, 2025 <br />Prepared By <br />Lori Stich, Finance Manager <br /> <br />Item Description <br />Res. 25-01: Authorizing membership in the <br />Minnesota Municipal Money Market Fund (4M Fund) <br />Reviewed by <br />Brent O'Neil <br />Cal Portner <br /> <br />Action Requested <br />Approve, by motion, Resolution 25-01, membership in the Minnesota Municipal Money Market Fund (4M <br />Fund). <br /> <br />Background/Discussion <br />The 4M Fund was formed in 1987, pursuant to the Joint Powers Act and in accordance with Minnesota <br />Investment Statutes, authorizing municipalities of the State of Minnesota to become participants of the Fund. <br />Participation in the Fund is for the purpose of joint investment with other municipalities so as to enhance the <br />investment earnings to the HRA and yet maintain liquidity of HRA monies. Currently, the HRA is yielding <br />interest at a rate of 0.60% on its idle monies with the 4M Fund is at 4.6%. The 4M Fund is an approved <br />depository and this is simply necessary to use the Fund. The City has used the 4M Fund since 1987. <br /> <br />Financial Impact <br />Once the resolution is approved, participation in the 4M Fund will allow for increased investment earnings on <br />HRA monies for liquid funds. <br /> <br />Mission/Policy/Goal <br />Responsible for every dollar - good stewards <br /> <br />Attachments <br />1. 4.5. HRSR 01-06-2025 resolution <br /> <br /> <br />Page 30 of 35