[HISTORY: Adopted by the Borough Council of the Borough of Palmyra 7-27-2009 by Ord. No. 708. Amendments noted where applicable.]
This Borough shall join with other local governmental units in accordance with the Intergovernmental Cooperation Act and other similar acts 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 enacted.
Editor's Note: See 53 Pa.C.S.A. § 2301 et seq.
This Borough 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, subject to the terms and restrictions of the Declaration of Trust referred to in § 37-1. These actions are to be taken by the officers designated for this purpose, pursuant to general or specific instructions by Borough Council.
The Trustees of the Trust are designated as having official custody of this Borough's funds which are invested by the purchase of shares in the Trust.
As required by the Intergovernmental Cooperation Act, the following matters are specifically found and determined:
This Borough's participation in the Trust shall be terminable at any time by ordinance, subject to the terms and restrictions of the Declaration of Trust referred to in § 37-1;
The Declaration of Trust and the purchase of its shares are for the purpose of investing this Borough'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 § 37-1;
It is not necessary to finance the agreement authorized herein from funds of this Borough except through the purchase of shares in the Trust;
The Trust shall be managed by a Board of Trustees as set forth in the Declaration of Trust and the by-laws provided for therein;
Shares may be repurchased and redeemed from time to time as this Borough may determine to be necessary or appropriate to meet its cash investment requirements in accordance with the terms and restrictions of the Declaration of Trust referred to in § 37-1 and;
The Trust shall be empowered to enter into contracts for policies of group insurance and employee benefits, including social security, for its employees.