[Adopted 6-11-1981 by Ord. No. 508]
This municipality shall join with other municipalities
in accordance with the Pennsylvania Intergovernmental Cooperation
Act[1] by becoming a settler of the Pennsylvania Local Government
Investment Trust (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 filed with the minutes of the meeting at which this article was
adopted.
[1]
Editor's Note: See 53 P.S. Section 481 et
seq.
This municipality is authorized to purchase
shares in the trust from time to time with available municipal funds
and to redeem some or all of those shares from time to time as funds
are needed for municipal purposes. These actions are to be taken by
the officers designated for this purpose, pursuant to general or specific
instructions by the governing body adopting this article.
The Trustees of the trust are designated as
having official custody of this municipality's funds which 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:
A.
The conditions of the agreement are set forth in the Declaration of Trust referred to in Section 35-1.
B.
This municipality's participation in the trust shall
be terminable at any time by ordinance.
C.
The Declaration of Trust and the purchase of its shares
are for the purpose of investing this municipality's funds in obligations
which are otherwise legal investments as part of a pooled arrangement
with other governmental units, thereby achieving economic and other
advantages of pooled investments.
D.
It is not necessary to finance the agreement authorized
herein from municipal funds 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 the bylaws provided for
therein.
F.
Shares may be purchased and redeemed from time to
time as this municipality may determine to be necessary or appropriate
to meet its cash investment requirements.
[1]
Editor's Note: See 53 P.S. Section 481 et
seq.
