[HISTORY: Adopted by the Board of Commissioners of York County 9-28-1988 as Ord. No.
88-2. Amendments noted where applicable.]
GENERAL REFERENCES
Contracts and purchasing — See Ch. 19.
A.
Whereas the Pennsylvania Local Government Investment Trust was formed
in accordance with the authorization contained in the Intergovernmental
Cooperation Act (1972, P.L. 762, No. 180, as amended)[1] initially by the Boroughs of Chambersburg and Emmaus to
provide a vehicle for Pennsylvania municipal entities to pool their
funds for investment purposes;
[1]
Editor's Note: See 53 P.S. § 481 et seq.
B.
Whereas the Municipal Authorities Act of 1945 (P.L. 382, No. 164,
as amended), as amended by Act 70 of 1981 (P.L. 221),[2] authorizes municipal authorities to join with other political
subdivisions and municipal authorities (collectively "local governmental
units") in accordance with the Intergovernmental Cooperation Act for
the purpose of purchasing investments; and
[2]
Editor's Note: See 53 P.S. § 301 et seq.
C.
Whereas the Intergovernmental Cooperation Act provides that any joint
cooperation agreement shall be deemed in force to any local government
unit when the same has been adopted by all cooperating local governmental
units.
This governmental unit shall join with other local governmental
units in accordance with the Intergovernmental Cooperation Act[1] by becoming a settlor 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 chapter is
adopted.
[1]
Editor's Note: See 53 P.S. § 481 et seq.
This governmental unit 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 are to be taken by the officers designated
for this purpose, pursuant to general or specific instructions by
the governing body of this governmental unit.
The Trustees of the trust are designated as having official
custody of this governmental unit'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:
B.
This governmental unit'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 governmental unit'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 § 61-2.
D.
It is not necessary to finance the agreement authorized herein from
funds of this governmental unit, 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 repurchased and redeemed from time to time as this
governmental unit may determine to be necessary or appropriate to
meet its cash investment requirements.
G.
The 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.
