[HISTORY: Adopted by the Board of Supervisors of the Township of
Montgomery 1-11-1982 by Ord. No. 80. Amendments
noted where applicable.]
[Amended 6-22-1992 by Ord.
No. 92-1]
This Township, by authority granted by 53 P.S. § 65902.1(e)(3),[1] shall join with other municipalities, in accordance with the Pennsylvania
Intergovernmental Cooperation Act,[2] by becoming a settlor of the Pennsylvania Local Government Investment
Trust and entering into a 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 Township Supervisors, with
authority, from time to time, to purchase shares of the trust from Township
funds and to redeem some or all of those shares, those actions to be taken
by the officials designated for the purpose of Township Supervisors, from
time to time under general or specific instructions, and the designation of
those officials shall be evidenced by the certification of the Township Secretary.
The Trustees of the Pennsylvania Local Government Investment Trust are
designated as having official custody of the funds represented by the shares
which are purchased under the authorization contained in this chapter.
As required by the Intergovernmental Cooperation Act,[1] the following matters are specifically found and determined:
A.
The conditions of the agreement are set out in the declaration of trust referred to in § 24-1 of this chapter and in the information statement presented to this meeting.
B.
This Township's participation in the declaration of trust
shall be terminable by the Township at any time by ordinance.
C.
The declaration of trust and the purchase of shares are
for the purpose of investing the Township's funds in obligations, which are
otherwise legal investments of the Township, as part of a pooled arrangement
with other governmental units in order to achieve economic and other advantages
of pooled investments.
D.
It is not necessary to finance the agreement authorized
by this chapter except through the purchase of shares from Township funds.
E.
The trust shall be managed by a Board of Trustees as
set forth in the declaration of trust and in the bylaws provided for in that
declaration of trust.
[1]
Editor's Note: See 53 Pa.C.S.A.
§ 2301 et seq.
