[HISTORY: Adopted by the Borough Council of the Borough of Franklin Park as indicated in article histories. Amendments noted where applicable.]
[Adopted 6-11-1986 as Ch. A216 of the 1986 Code]
The Borough of Franklin Park 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") by 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 proper officers of the Borough Council of the Borough of Franklin Park are hereby authorized, empowered and directed to do what is required and take whatever action is required and execute and deliver any documents which may be required to effectuate the joinder of the Borough of Franklin Park with other local government units as a settlor of the Pennsylvania Local Government Investment Trust.
The Borough of Franklin Park is hereby 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 shall be taken by the President of the Borough Council or, in his absence, the Vice President of Borough Council, attested by the Borough Secretary at such time or times as they shall be instructed so to do by the Borough Council.
The Trustees of the Trust are designated as having official custody of the Borough funds which are received by the purchase of shares in the Trust.
As required by the Intergovernmental Cooperation Act, the following matters are specifically found and determined:
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 the Borough'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.
Shares may be purchased and redeemed from time to time as the Borough may determine to be necessary or appropriate to meet its cash investment and flow requirements.