95-048
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CITY OF SHOREWOOD
RESOLUTION NO. 95- 48
A RESOLUTION AUTHORIZING ENTRY INTO JOINT POWERS AGREEMENT IN THE
FORM OF A DECLARATION OF TRUST ESTABLISHING AN ENTITY KNOWN AS
"MINNESOTA MUNICIPAL MONEY MARKET FUND" AND AUTHORIZING
PARTICIPATION IN CERTAIN INVESTMENT PROGRAMS IN CONNECTION
THEREWITH
WHEREAS, Minnesota Statutes Section 471.59 (the Joint Powers Act) provides among other things
that 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 April 1987 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 Minnesota 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 authorizes municipalities of the State of Minnesota to adopt and
enter into the Declaration of Trust and become Participants of the Fund.
WHEREAS, this council (or board) deems it to be advisable for this municipality to adopt and enter
into the Declaration of Trust and become a Participant of the Fund for the purpose of the joint investment of this
municipality's monies with those of other municipalities so as to enhance the investment earnings accruing to
.Ch; anWHEd REAS hi b d d . b d' bl chi' . al" ak f . ..
,t s oar eems It to e a VIsa e lor t s mumcIp Ity to m e use rom time to time, ill
the discretion of the officials of the municipality identified in Section 2 of the following Resolution, of the Fixed
Rate Program available to Participants of the Fund.
NOW, THEREFORE, BE IT RESOLVED AS FOLLOWS:
Section 1. This municipality 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
treasurer or clerk of this municipality 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 this municipality irito the
Declaration of Trust and the adoption thereof by this municipality.
Section 2. This municipality is hereby authorized to invest its available 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 and officials of the municipality and their respective successors in office each hereby are
designated as "Authorized Officials" with full powers and authority to effectuate the investment and withdrawal
of monies of this municipality from time to time in accordance with the Declaration of Trust and pursuant to the
Fixed Rate Program available to Participants of the Fund:
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.obert B. Bean, Mayor
James C. Hurm, Administrator
Signature
Theresa L. Naab, Exec. Secretary./Deputy Clerk
Signature
Signature
Signature
Alan J. Rolek, Finance Directorffreasurer
The treasurer shall advise the Fund of any changes in Authorized 0 Icials i6. acco ance with the procedures
established by the Fund. '-~
Section 3. The Trustees of the Fund are hereby designated as having official custody of this municipality's
monies which are invested in accordance with the Declaration of Trust.
Section 4. State banks, national banks, and thrift institutions located either within or outside of the State of
Minnesota which qualify as depositories under Minnesota law and are included on a list approved and
maintained for such purpose by the Investment Advisor of the Fund are hereby designated as depositories of
this municipality pursuant to Minnesota Statutes Section 118.005 and monies of this municipality may be
deposited therein, from time to time in the discretion of the Authorized Officials, pursuant to the Fixed Rate
Program available to Participants of the Fund.
BE IT FURTHER RESOLVED that this Resolution is in full force and effect on this date, and such
Resolution has not been modified, amended, or rescinded since its adoption.
ADOPTED BY THE CITY COUNCIL of the City of Shorewood this 12th day of June, 1995.
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Robert B. Bean, Mayor
ATTEST:
r of municipality
6/;Y);S
Date
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Dated: June 13, 1995
STATE OF MINNESOTA
COUNTY OF HENNEPIN
)ss
CERTIFICATION
I, Theresa L. Naab, duly appointed Deputy Clerk of the City of
Shorewood, Hennepin County, Minnesota, do hereby certify that the
foregoing official resolution is a true and correct copy of a
resolution adopted by the Council of the City of Shorewood and is
so recorded in the minutes of a meeting held on the 12th day of
June, 1995.
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Theresa L. Naab,
Deputy Clerk