[HISTORY: Adopted by the Borough Council of Montgomery Borough 9-2-1982 by Ord. No. 1982-10 (Ch. V, Part 2, of the 1996 Code of Ordinances). Amendments noted where applicable.]
This municipality shall join with other municipalities in accordance with the Pennsylvania Intergovernmental Cooperation Act 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.
Editor's Note: The preamble to Ord. No. 1982-10 stated that the Pennsylvania Local Government Investment Trust was formed in accordance with the authorization contained in the Intergovernmental Cooperation Act (1972 P.L. 762, No. 180), initially by the Boroughs of Chambersburg and Emmaus; and that the Intergovernmental Cooperation Act provides that any joint cooperation agreement is to be deemed in force as to any municipality when the same has been adopted by ordinance by all cooperating municipalities. Section 5 of the ordinance provided that the ordinance became effective at the earliest date permitted by law.
This municipality 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 general or specific instructions by the governing body adopting this chapter.
The trustees of the trust are designated as having official custody of this municipality'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 municipality's participation in the trust shall be terminable at any time by ordinance;
The declaration of trust and the purchase of its shares are for the purpose of investing this municipality'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;
It is not necessary to finance the agreement authorized herein from municipal funds 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 bylaws provided for therein; and
Shares may be purchased and redeemed from time to time as this municipality may determine to be necessary or appropriate to meet its cash investment requirements.