[Adopted 7-14-2016 by Ord. No. 240]
The Township 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 article was
adopted.
The Township 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 § 16-59. These actions are to be taken by the officers designated for this purpose, pursuant to general or specific instructions by the governing body of the Township.
The trustees of the Trust are designated as having official
custody of the Township 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:
A.
The conditions of the agreement are set forth in the Declaration of Trust referred to in § 16-59;
B.
The Township'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 § 16-59;
C.
The Declaration of Trust and the purchase of its shares are for the purpose of investing the Township'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 § 16-59;
D.
It is not necessary to finance the agreement authorized herein from
funds of the Township 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 the Township 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 § 16-59; and
G.
The Trust shall be empowered to enter into contracts for policies
of group insurance and employee benefits, including social security,
for its employees.
This article shall be effective five days after enactment.
