[HISTORY: Adopted by the Board of Supervisors of the Township of
Dickinson 5-7-1984 by Ord. No. 1-1984.
Amendments noted where applicable.]
GENERAL REFERENCES
Intergovernmental cooperation — See Ch. 17.
A.
Whereas, the Pennsylvania Local Government Investment
Trust was formed in accordance with the authorization contained in the Intergovernmental
Cooperation Act (1972 P.L. 762, No. 180),[1] initially by the Boroughs of Chambersburg and Emmaus; and
[1]
Editor’s Note: Said Intergovernmental Cooperation Act was repealed
12-19-1996 by P.L. 1158, No. 177, § 21. See now 53 Pa.C.S.A. § 2301
et seq.
B.
Whereas, the Intergovernmental Cooperation Act provides
that any joint cooperation agreement shall be deemed in force as to any municipality,
when the same has been adopted by ordinance of all cooperating municipalities;
and
C.
Whereas, the Township is interested in joining with other
local government units as a settlor of the Pennsylvania Local Government Investment
Trust;
D.
Now therefore, in furtherance of the foregoing purposes,
the Board of Township Supervisors in and for Dickinson Township, Cumberland
County, hereby enacts and adopts the following chapter.
Dickinson Township shall join with other municipalities in accordance
with the Pennsylvania Intergovernmental Cooperation Act by becoming a settlor
of the Pennsylvania Local Government Investment Trust (the Trust) and entering
into the Declaration of Trust, which is adopted by reference with the same
effect as if it had been set out verbatim in this section, and a copy of which
shall be filed with the minutes of the meeting at which this chapter was adopted.
Dickinson Township is authorized to purchase shares in the Trust from
time to time with available municipal funds, and to redeem some or all of
those shares from time to time as funds are needed for municipal purposes.
These actions are to be taken by the officers designated for this purpose,
pursuant to general or specific instructions by the governing body adopting
this chapter.
The Trustees of the Trust are designated as having official custody
of this municipality’s funds which are invested by the purchase of shares
in the Trust.
As required by the Intergovernmental Cooperation Act, the following
matters are specifically found and determined:
B.
This municipality’s participation in the Trust
shall be terminable at any time by ordinance;
C.
The Declaration of Trust and the purchase of its shares
are for the purpose of investing this municipality’s funds in obligations
which are otherwise legal investments as part of a pooled arrangement with
other governmental units, thereby achieving economic and other advantages
of pooled investments;
D.
It is not necessary to finance the agreement authorized
here in from municipal funds except through the purchase of shares in the
Trust;
E.
The Trust shall be managed by a Board of Trustees as
set forth in the Declaration of Trust and the bylaws provided for therein;
and
F.
Shares may be purchased and redeemed from time to time
as this municipality may determine to be necessary or appropriate to meet
its cash investment requirements.
