[Adopted 2-22-1988 by Res. No. 88-06]
Radnor Township shall join with other local
governmental units in Pennsylvania, in accordance with the Intergovernmental
Cooperation Act, by becoming a settlor of the Pennsylvania Local Government
Investment Trust (the "Trust").
The Township 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 as funds are needed for other purposes. These actions may be taken by Township officers designated for this purpose by § 5-47D of the Code of the Township of Radnor.
The Trustees of the Trust are designated as
having official custody of Township funds that are invested by the
purchase of shares in the Trust.
As required by the Intergovernmental Cooperation
Act,[1] the following matters are specifically found and determined:
B.Â
The Township's participation in the Trust shall be
terminable at any time by resolution.
C.Â
The Declaration of Trust and the purchase of its shares
are for investing available Township funds in obligations that are
otherwise legal investments, as part of a pooled arrangement with
other local governmental units, thereby achieving economic and other
advantages of pooled investments.
D.Â
It is not necessary to finance the agreement authorized
herein from Township funds except through the purchase of shares in
the Trust.
E.Â
The Trust shall be managed by a Board of Trustees
as set forth in the Declaration of Trust and the bylaws provided for
therein.
F.Â
Shares may be repurchased and redeemed from time to
time as the Township deems necessary or appropriate to meet its cash
management requirements.
[1]
Editor's Note: See 53 Pa.C.S.A. § 2301
et seq.
A.Â
Township deposits in all funds of the Trust shall
be limited as follows:
(1)Â
The total amount of Township funds deposited in all
funds of the Trust at any given time shall not exceed $1,000,000.
(2)Â
The weighted average maturity of all Township funds
deposited in the Trust at any given time shall not exceed 90 days
(with such weights including all Township time investments), as determined
by the Township Manager and Finance Director.
B.Â
This section shall not apply to any proceeds that
the Township receives through the sale of a bond issue.