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Borough of Kutztown, PA
Berks County
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New Laws (21) Index
[HISTORY: Adopted by the Borough Council of the Borough of Kutztown 11-12-1991 as Ord. No. 11-1991. Amendments noted where applicable.]
The Borough of Kutztown (hereinafter referred to as the "borough") shall join with local governmental units in accordance with the Intergovernmental Cooperation Act and other similar acts by becoming a settlor of the Pennsylvania Local Government Investment Trust (hereinafter referred to as 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 is adopted.[1]
[1]
Editor's Note: A copy of the Declaration of Trust in on file in the office of the Borough Manager.
The borough is authorized to purchase shares in the Trust from time to time with available funds and to redeem some or all of such shares from time to time as funds are needed for other purposes, subject to the terms and restrictions of the Declaration of Trust referred to in § 25-1. Such actions are to be taken by the officers of the borough designated for such purpose by resolution of the Council of the borough.
The Trustees of the Trust are designated as having official custody of the borough'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:
A. 
The conditions of the agreement are set forth in the Declaration of Trust referred to in § 25-1.
B. 
The borough's participation in the Trust shall be terminable at any time by ordinance, subject to the terms and restrictions of the Declaration of Trust referred to in § 25-1.
C. 
The Declaration of Trust and the purchase of its shares are for the purpose of investing the borough's funds in obligations which are otherwise legal investments, as part of a pooled arrangement with other local governmental units, thereby achieving economic and other advantages of pooled investments, and the powers and scope of authority delegated are set forth in the Declaration of Trust referred to in § 25-1.
D. 
It is not necessary to finance the agreement authorized herein from funds of the borough 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[1] and the bylaws provided for therein.
[1]
Editor's Note: A copy of the Declaration of Trust in on file in the office of the Borough Manager.
F. 
Shares may be repurchased and redeemed from time to time as the borough may determine to be necessary or appropriate to meet its cash investment requirements in accordance with the terms and restrictions of the Declaration of Trust referred to in § 25-1.
G. 
The Trust shall be empowered to enter into contracts for policies of group insurance and employee benefits, including social security, for its employees.