[HISTORY: Adopted by the Borough Council of the Borough of Pine Grove 11-5-1981 by Ord. No. 261. Amendments noted where applicable.]
This chapter shall be known as and may be cited as the "Pennsylvania Local Government Investment Trust Participation Ordinance."
[Amended at time of adoption of Code (see Ch. 1, General Provisions, Art. I)]
The intent of this chapter is to provide for the Borough of Pine Grove (hereinafter "Borough") participation in the Pennsylvania Local Government Investment Trust under the provisions of the Intergovernmental Cooperation Act [Dec. 19, 1996, P.L. 1158, No. 177, as amended (53 Pa.C.S.A. § 2301 et seq.)].
The Borough hereby elects to join with other municipalities under the provisions of the Intergovernmental Cooperation Act by becoming a settlor of the Pennsylvania Local Government Investment Trust (hereinafter "Trust") and by entering into the Declaration of Trust, which is adopted by reference with the same effect as if it had been more fully set out herein and a copy of which is to be entered in the Code of the Borough of Pine Grove next following this chapter.
Editor's Note: The Declaration of Trust is on file in the Borough offices.
The Borough Treasurer is authorized to purchase shares in the Trust from time to time with available Borough funds, and to redeem some or all of those shares from time to time as funds are needed to satisfy Borough obligations.
The Trustees of the Trust are designated as having official custody of Borough funds which are invested by the purchase of shares in the Trust as provided for in § 32-4.
The following matters are specifically found and determined:
The conditions of the agreement are set forth in the Declaration of Trust incorporated by reference in § 32-3;
The Borough'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 Borough 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 herein authorized from Borough funds except through purchase of shares in the Trust;
The Trust shall be managed by 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 may be determined to be necessary or appropriate by the Borough Treasurer to meet the Borough's cash investment requirements.