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RESOLUTION 07- 03 A RESOLUTION FOR THE CITY OF ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY A RESOLUTION AUTHORIZING MEMBERSHIP IN THE 4M FUND SWHEREAS,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; and WHEREAS,the Declaration of Trust,which has been 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 Fixed Rate Program, 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 Investment Advisor and Administrator, Voyageur Asset Management,the Sub Administrator,PMA Financial Network,Inc. or the Fixed • Rate Investment Program Administrator,RBC Dain Rauscher, and the Custodian, U.S.Bancorp,("Service Providers") and/or their successors. WHEREAS,this Council deems it advisable for this municipality to enter into the Declaration of Trust and become 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 AS FOLLOWS: Section 1. This municipality shall become a Participant of the Fund and adopt and enter into 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 entry into the Declaration of Trust and the participation of 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 e" mate investments and withdrawals in accordance with the Declaration of Trust: Print Name/Title Signa re ,/-Y9Ati--*/)rt&I'”,g4,2 Print Name/Title Signature Print 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 municipality may open depository accounts, enter into wire transfer agreements,safekeeping agreements,third party surety agreements securing deposits,collateral agreements and lockbox agreements with institutions participating in Fund programs including U.S.Bancorp,its successor, or programs of PMA Financial Network, Inc., or Voyageur Asset Management or RBC Dain Rauscher and that these institutions shall be deemed eligible depositories for municipality. PMA Financial Network Inc., Voyageur Asset Manager and/or RBC Dain Rauscher 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. 4110 Passed and adopted by the Elk River Economic Development Authority thi. 13' /ay of'u 007. °)41 Jeffre �n.oll,Pr siden?t11; ATTES • / • dlzL ehelich,Executive Director