[HISTORY: Adopted by the Borough Council of the Borough of Aldan 2-10-1982 by Ord. No. 384. Amendments noted where applicable.]
The Borough of Aldan shall join with other municipal corporations in accordance with the Pennsylvania 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 was adopted.[2]
[1]
Editor's Note: See 53 Pa.C.S.A. § 2301 et seq.
[2]
Editor's Note: Said Declaration of Trust is on file in the borough offices.
The Borough of Aldan 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 the general or specific instructions by the Borough Council.
The Trustees of the Trust are designated as having official custody of the Borough of Aldan's funds which are invested by purchase of shares in the Trust.
As required by the Intergovernmental Cooperation Act, 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 § 25-1.
B. 
The Borough of Aldan's participation in the Trust shall be terminable at any time by ordinance or resolution.
C. 
The Declaration of Trust and the purchase of its shares are for the purpose of investing the Borough of Aldan'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 the Borough of Aldan may determine to be necessary or appropriate to meet its cash investment requirements.