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REQUEST FOR ACTION <br />TO ITEM NUMBER <br />Ma or and Ci Council 4.7 <br />AGENDA SECTION MEETING DATE PREPARED BY <br />Consent March 19, 2012 Lori Ziemer, Asst. Finance Director <br />ITEM DESCRIPTION REVIEWED By <br />Resolution Reauthorizing Membership in the 4M Fund Tim Simon, Finance Director <br /> REVIEWED BY <br /> Cal Portner, Ci Administrator <br />ACTION REQUESTED <br />City Council is asked to adopt the attached resolution reauthorizing membership in the 4M Fund. <br />BACKGROUND/DISCUSSION <br />The City of Elk River has been a participant in the 4M Fund since 1997 for the purpose of joint <br />investment with other municipalities so as to enhance the investment earnings to the city and yet maintain <br />liquidity of city monies. As permitted by Minnesota Statutes, the bond proceeds for the public works <br />expansion project will be invested temporarily in the 4M Fund during construction in certificates of <br />deposit, which are fixed rate investments. PMA Financial Network, Inc. administers the 4M Fund and <br />has recently taken over administration of its fixed rate investment program. Approval of the attached <br />resolution authorizes PMA Financial Network, Inc. as service provider for the fixed rate investment <br />program administered through the 4M Fund. <br />FINANCIAL IMPACT <br />None <br />ATTACHMENTS <br />^ Resolution Reauthorizing Membership in the 4M Fund <br />Action Motion by Second by Vote <br />Follow Up <br />N:\Public Bodies\Ciry Council\Council RCA\Agenda Packet\03-19-2012\4M Fund -Fixed Rate Investments.docx <br />eaxER~® ar <br />A`U <br />