[HISTORY: Adopted by the Board of Supervisors of Lower Frederick Township 7-2-1993 by Ord. No. 93-10. Amendments noted where applicable.]
The purposes and objectives of this chapter are set forth hereinabove. The trust agreement and bylaws, and actions contemplated thereby and purposes and objectives contained therein, are otherwise legal as part of a pooled arrangement with other governmental units, thereby achieving economic and other advantages of intergovernmental cooperation. The municipality shall join with other municipalities in accordance with the Act by becoming a member of the fund and entering into the trust agreement, a copy of which shall be filed with the minutes of the municipality.
The municipality is authorized to enter into the trust agreement for the purposes contained therein. These actions are to be taken by the member(s) or employee(s) of the municipality designated for this purpose, pursuant to general or specific instructions by the governing body adopting this chapter.
The fund shall be designated as having official custody of the municipality's funds which are to be invested by the fund pursuant to the terms of the trust agreement.
As required by the Act, the following matters are specifically found and determined:
The conditions of the agreement are set forth in the trust agreement and bylaws referred to in § 21-1;
The municipality's participation in the fund shall be terminable at any time by ordinance and in accordance with the terms of the trust agreement;
The fund shall be managed by a Plan Committee and Board of Trustees as set forth in the trust agreement and bylaws of said fund, copies of which will be provided for review following the adoption of this chapter.
The proper officers of the municipality are hereby authorized to take all such action and execute all such documents as may be necessary or useful to carry out the intent of this chapter.