[HISTORY: Adopted by the City Council of the City of Clairton as indicated in article histories. Amendments noted where applicable.]
Budget and fiscal matters — See Art. XI.
[Adopted 10-8-1991 by Ord. No. 1500]
Editor's Note: The introduction to this ordinance provides as follows:
"Whereas, the Pennsylvania Municipal Investment Program (the 'Program') was formed as a trust pursuant to provisions of Pennsylvania law on August 24, 1990, by the adoption of a certain declaration of trust (the 'Declaration of Trust') by certain eligible entities as initial participants, for the purpose of pooling the investment of funds of participating Pennsylvania municipalities and municipal authorities; and
"Whereas, participation in the Program by additional eligible entities is implemented by their adoption of and joinder in the Declaration of Trust as additional participants thereof; and
"Whereas, as authorized by law, this participant may invest its funds consistent with sound business practice by providing for an investment program and has determined that participation in the Program and the adoption of the Declaration of Trust will be economically advantageous to this participant and is consistent with its investment program; and
"Whereas, the Declaration of Trust and an information statement relating to the Program have been presented to the governing body of this participant."
The Declaration of Trust as presented to this meeting (a copy of which, together with the accompanying information statement, shall be filed with the records of this participant) is hereby adopted, and this participant shall and is hereby authorized and directed to become a participant in the program and, from time to time, to invest and withdraw its funds all in accordance with the provisions of the Declaration of Trust.
[Amended 4-14-1992 by Ord. No. 1518]
For purposes of the investment of moneys pursuant to the program, the Finance Director and the City Manager, and their respective successors, are hereby designated as "authorized officers" of this participant and are authorized, directed and empowered to effectuate, from time to time, the investment and withdrawal of funds of this participant and to otherwise give effect to this participant's rights, as a participant of the trust described herein, including the right to vote, from time to time, in accordance with the Declaration of Trust. Such authorized officers are hereby further authorized, directed and empowered to take such actions and to execute and deliver counterparts of the Declaration of Trust and any and all other documents as they may deem necessary and appropriate to evidence this participant's approval of the Declaration of Trust and participation in the program and otherwise to carry out the purpose of this article. (The execution of such documents shall conclusively evidence their approval.)
This participant hereby acknowledges and approves the trustees of the trust as having official custody of this participant's funds as are invested in accordance with the Declaration of Trust.