Borough of Edgeworth, PA Chapter 11 Local Government Investment Trust

[HISTORY: Adopted by the Borough Council of the Borough of Edgeworth 7-27-2000 by Ord. No. 479. Amendments noted where applicable.]

§ 11-1 Participation in trust.

The Borough shall join with other local governmental units in accordance with the Intergovernmental Cooperation Act and other similar acts by becoming a settlor of 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 on file at the offices of the Borough.

§ 11-2 Purchase and redemption of shares.

The Borough is authorized to purchase shares in the trust from time to time with available funds, and to redeem some or all of those shares from time to time, subject to the terms and restrictions of the declaration of trust referred to in § 11-1. These actions are to be taken by the Borough Manager and other officers designated for this purpose, pursuant to general or specific instructions by Borough Council.

§ 11-3 Custody of invested funds.

The Trustees of the trust are designated as having official custody of the Borough funds which are invested by the purchase of shares in the trust.

§ 11-4 General provisions.

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 § 11-1.

B. The Borough's participation in the trust shall be terminable at any time by action of Borough Council, subject to the terms and restrictions of the Declaration of Trust referred to in § 11-1.

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 § 11-1.

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 and bylaws provided for therein.

F. Shares may be purchased 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 § 11-1.

G. The trust shall be empowered to enter into contracts for policies of group insurance and employee benefits, including social security, for its employees.