[HISTORY: Adopted by the Board of Supervisors of the Township of
West Hempfield 2-6-1990 as Ord. No. 1-90. Amendments noted where applicable.]
A.Â
The legislative intent of this chapter is to authorize
the Township of West Hempfield to join with other local governmental units
as settlor of the Pennsylvania Local Government Investment Trust, PLGIT Investment
Trust A, PLGIT Investment Trust B and PLGIT Investment Trust C (each is referred
to herein as "Trust" and they are collectively referred to herein as the "Trusts")
for the purpose of purchasing shares of such Trusts.
B.Â
Each Trust is a Pennsylvania common law trust formed
in accordance with the authorization contained in the Intergovernmental Cooperation
Authority Act, Act of July 12, 1972, P.L. 762, No. 180,[1] and related statutes to provide a vehicle for Pennsylvania municipal
entities to pool their funds for investment purposes. The Intergovernmental
Cooperation Authority Act provides that any joint cooperation agreement shall
be deemed in force as to any local governmental unit when the same has been
adopted by all cooperating local governmental units.
[1]
Editor's Note: See 53 P.S. § 481 et seq.
The township is authorized to purchase shares in the Trusts from time to time with available funds and to redeem some or all of those shares from time to time as funds are needed for other purposes, subject to the terms and restrictions of the Declarations of Trust referred to in § 16-2. These actions are to be taken by the officers designated for this purpose, pursuant to general or specific instructions by the Board of Supervisors of this township.
The Trustees of each Trust are designated as having official custody
of this township's funds which are invested by the purchase of shares in such
Trust.
As required by the Intergovernmental Cooperation Authority Act,[1] the following matters are specifically found and determined:
A.Â
The conditions of the agreement with respect to each Trust are set forth in the respective Declaration of Trust referred to in § 16-2.
B.Â
This township's participation in each Trust shall be terminable at any time by ordinance, subject to the terms and restrictions of the respective Declaration of Trust referred to in § 16-2.
C.Â
With respect to each Trust, the Declaration of Trust and the purchase of its shares are for the purpose of investing this township'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 § 16-2.
D.Â
It is not necessary to finance the agreement authorized
herein from funds of this township except through the purchase of shares in
the Trusts.
E.Â
Each Trust shall be managed by a Board of Trustees as set forth in the respective Declaration of Trust referred to in § 16-2 and the respective bylaws provided for therein.
F.Â
Shares of each Trust may be purchased and redeemed from time to time as this township may determine to be necessary or appropriate to meet its cash investment requirements and in accordance with the terms and restrictions of the respective Declarations of Trust referred to in § 16-2.
G.Â
Each Trust shall be empowered to enter into contracts
for policies of group insurance and employee benefits, including social security,
for its employees.
[1]
Editor's Note: See 53 P.S. § 481 et seq.
