Borough of Lehighton, PA Chapter 15 Local Government Trust Fund

[HISTORY: Adopted by the Borough Council of the Borough of Lehighton 1-23-1989 by Res. No. R-003-89. Amendments noted where applicable.]

§ 15-1 Depository fund established.

The Pennsylvania Local Government Trust Fund (PLGIT) shall be hereby designated as the depository for investments from any Borough account.

§ 15-2 Designation of depository banks.

[Amended 7-24-2000 by Res. No. 012-2006; 7-23-2001 by Res. No. 009-2001; 5-19-2003 by Res. No. 009-2003; 5-24-2004 by Res. No. 008-2004; 9-27-2004 by Res. No. 014-2004; 1-24-2005 by Res. No. 003-2005; 5-23-2005 by Res. No. 001-2005; 3-25-2013 by Res. No. 004-2013; 3-27-2017 by Res. No. R-006-2017; 1-2-2018 by Res. No. R-001-2018; 1-6-2020 by Res. No. R-001-2020]

A. The following institutions are approved as depositories for funds from any Borough accounts:

(1) Jim Thorpe Neighborhood Bank.

(2) First Commonwealth Federal Credit Union.

(3) Mauch Chunk Trust Company.

(4) Wells Fargo.

(5) Pennsylvania Local Government Investment Trust (PLGIT).

(6) KeyBank.

B. This list may be changed from time to time by resolution of the Lehighton Borough Council.

§ 15-3 Signatures for checks.

[Amended 7-23-2001 by Res. No. 009-2001; 3-25-2013 by Res. No. 004-2013; 1-2-2018 by Res. No. R-001-2018; 1-6-2020 by Res. No. R-001-2020]

Two "live" signatures (use of signature stamps is expressly prohibited) shall appear on all Borough checks. These signatures shall be any two of the following: Council President, Council Vice President, Borough Manager, Treasurer or Assistant Secretary/Treasurer.

§ 15-4 Authorization to invest idle funds.

[Amended 1-2-2018 by Res. No. R-001-2018; 1-6-2020 by Res. No. R-001-2020]

The Borough Manager and/or Borough Treasurer are hereby authorized and directed to invest any idle Borough funds in certificates of deposit, time-opened deposits, treasury bills or any other investment permitted by law in order to obtain the highest maximum yield of interest on Borough funds.