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REQUEST FOR ACTION <br />To Item Number <br />Economic Develo ment Authori ~ . 2 . <br />Agenda Section Meeting Date Prepared by <br />Consent Au ust 13, 2007 Lori Ziemer, Asst. Finance Director <br />Item Description Reviewed by <br />Consider Resolution Authorizing Membership in the Minnesota Tim Simon, Finance Director <br />Municipal Money Market Fund (4M Fund) Reviewed by <br />Action Requested <br />The EDA is asked to consider the resolution authorizing the Economic Development Authority <br />membership in the Minnesota Municipal Money Market Fund (4M Fund). <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 <br />Fund. Participation in the Fund is for the purpose of joint investment with other municipalities so as to <br />enhance the investment earnings to the EDA and yet maintain liquidity of EDA monies. Currently, the <br />EDA is yielding interest at a rate of 3.10% on its idle monies while the 4M Fund is at 4.92%. The 4M <br />Fund is an approved depository, as approved on January 8, 2007, and this is simply necessary to use the <br />Fund. The City has used the 4M Fund since 1997. <br />Financial Impact <br />Once the resolution is approved, participation in the 4M Fund will allow for increased investment <br />earnings on EDA monies for liquid funds. <br />Attachments <br />Resolution authorizing membership in the 4M Fund <br />Action Motion by Second by Vote <br />Follow Up <br />C:ADocuments and Settings\cmchelich\Local SettingsV"Temporary Internet Piles\OLK79\EDA-4M Fund.doc <br />