HRA Res 2017-07 Membership in 4M Fund
HOUSING AND REDEVELOPMENT AUTHORITY
IN AND FOR THE CITY OF FRIDLEY
COUNTY OF ANOKA
STATE OF MINNESOTA
HRA RESOLUTION NO. 2017 – 07
RESOLUTION AUTHORIZING MEMBERSHIP IN THE 4M FUND FOR THE
HOUSING AND REDEVELOPMENT AUTHORITY
WHEREAS, 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 the Fridley Housing &
Redevelopment Authority (Fridley HRA), 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 Term Series, the Fixed Rate Programs,
and other Fund services offered by the Fund; and
WHEREAS, the Fridley HRA deems it to be in the best interest for the authority to make
use of, from time to time, the approved services provided by the 4M Fund’s service
providers including the Investment Advisor (Prudent Man Advisors, Inc.) or Sub-Advisor
(RBC Global Asset Management (U.S.) Inc.), the Administrator (PMA Financial
Network, Inc.), the Distributor (PMA Securities, Inc.) or the Fixed Rate Program
Providers, PMA Financial Network, Inc. and PMA Securities, Inc., and the Custodian,
U.S. Bank National Association, (“Service Providers”) and/or their successors.
WHEREAS, this Fridley HRA deems it advisable for this authority 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 authority 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 authority 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 named City/Fridley HRA employees or their
HRA Resolution No. 2017-07 Page 2
successors are designated as “Authorized Officials” with authority to effectuate
investments and withdrawals in accordance with the Declaration of Trust:
Shelly Peterson/Finance Director
Print Name/Title Signature
Korrie Johnson/Assistant Finance Director
Print Name/Title Signature
Walter T. Wysopal/HRA Executive Director
Print Name/Title Signature
(Additional names may be added on a separate list. The Finance Director 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 authority may open depository and other accounts, enter into wire
transfer agreements, safekeeping agreements, third party surety agreements securing
deposits, collateral agreements, letters of credit, lockbox agreements, or other applicable
or related documents with institutions participating in Fund programs including U.S.
Bank National Association, or its successor, or programs of PMA Financial Network, Inc.
or PMA Securities, Inc. for the purpose of transaction clearing and safekeeping, or the
purchase of certificates of deposit (“CDs”) or other deposit products and that these
institutions shall be deemed eligible depositories for the authority. PMA Financial
Network, Inc. and PMA Securities, Inc. and their successors are authorized to act on
behalf of this authority 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.
PASSED AND ADOPTED BY THE FRIDLEY HOUSING & REDEVELOPMENT
st
AUTHORITY IN AND FOR THE CITY OF FRIDLEY THIS 1 DAY OF JUNE 2017.
___________________________________________
PATRICIA E. GABEL - CHAIRPERSON
ATTEST:
___________________________________________
WALTER T. WYSOPAL – EXECUTIVE DIRECTOR