HomeMy WebLinkAbout88-020„; CITY OF PRIOR
LAKE
RE.SMUrIQN 88-20
A RNMUTION SiTMMSING HrP1W INTO A JOrff P0WI= AGRMW IN's MM OF
A DBaARATION or TWW AN SIVITf 0010 AS 4UNNOM MUNICIPAL
M3W MAN= FUND” AND NUMOiRIZIM PARTICIPIATIM IN CSRTAM n1yX8'1"W
PROGAl1!!E AN amnia ON Tapann.
!rrm Br FITZGERALD S8MWED BY SCOTT'
11S Minnesota Statutes 471.59 (the "Joint Powers Act") Provides among
other things that goarernwental units. by agregwent entered into
through action of their governing bodies. , my jointly or
cooperatively exercise any parer cosmon to the contracting
parties] and
WH6REA8', the Declaration of Trust authorises municipalities of the State, of
Minnesota to adopt and enter into the Declaration of Trust and
become Participants of the Puud. and "
11MR11B, this City 0=10il deems it to be advisable for this municipality
to adopt and enter into the Declaration of Trust and became a
Participant of the Rod for the purpose of the joint investuent of
this aunicipalityin monies with those of other municipalities so
as to enhance the invesbiont earnings accruing to Becht and`
1H16, this city Oouncil dews it to be advisable for this municipality
to asks use from time to time, in the discretion of the officials
Of the municipality identified in Section 2 of the following
Resolution, of the Mooed -Ante Investment Program available to
Aarticipants of the ftd.
MW
NDUMDZN that
11 01 1 ON BE IT RIMVID BY MIAUOR AND CITY OOZ NCM OF PRIOR LA IM,
p
section 1. This municipality shall join with other sunicipalities
(as wch term is defined in the Declaration of Trust) in
aceordanoe with the Jo' -nt Powers Act by beaming a Participant of
the )!lrrd and adoptng and entering into the Declaration of Trust,
which is adopted by rZ! renoe herein with the siwe effect` an if it
`has been not out verbatim in this Resolution. 2* City Monger
and Finance Director of the City of P7ior Lake are hereby
(612) 447.4290 46" DAKOTA STREET S.E. PRIOR, LAKE, MINNESOTA 55372
If
authorized to take such actions and execute any and all such
documents as they eem necessary nd appropriate to effectuate
the entry of this aamicipality into the Declaration of Trust and
the adoption thereof by this municipality.
Section 2 This municipality is hereby authorised to invest its
available 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 r
in office each hereby are designated as "Authorised officials"
M With full powers and authority to effectuate the investment and I
withdrawal of monies of this municipality from time to time in
accordance with the Declaration of Trust and pursuant to the
Finned --Hate Investment Service available to Participants of the
Furl r
David J. Umiacht City !lanaaer
Ra is G. Teechner Finance Director
ew City Manger shall advise the Furl of any changes in Authorised
Officials,in accordance with procedures establishes by the Fund.
Section 3 2* 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 authorisation is hereby given for members of the Hoard
of Directors of the League of Minnesota Cities to serve as
Trustees of the Fund pursuant to the provisions of the Declaration
of Trust.
section 5 State banks, national; banks, and thrift institutions
located either Within or without 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 an depositories of this
muni cipali ty p to Minnesota Statutes Section 118.005 and
monies of this e ,
me to
time in the discretion of ��uthor deposi
Officials, pursuant to
the Fixed -Hate Investment Service availabl e to Participants of the
fund.
It is hereby certified that the City of Prior`, Lake duly adopted
the Model Resolution at a duly convened meeting of the City
council held on the 21st day of March, 1988, and that such
{ Resolution is in full, force and of fact on this date, and that such
Resolution has not been modified, amended, or rescinded since its
} adoption.