[Adopted 1-8-2001 by Ord. No. 323 (Ch. 1, Part 11, of the 1993 Code)]
Upper Pottsgrove Township (hereinafter referred to as "the Township") shall join with all other local governments in the Commonwealth of Pennsylvania in accordance with the Pennsylvania Intergovernmental Cooperation Law, upon such terms and conditions as are more fully set forth in the attached agreement, a signed copy of which shall be filed with the minutes of the meeting at which this article is adopted. The appropriate Township officers are authorized to execute the agreement and any subsequent amendments thereto, on behalf of the Township.
The duration of the agreement shall be for a period of three years with automatic renewal for one-year periods.
The purpose of this agreement is to permit the State Treasurer to invest the funds of the Township, with the objectives of safety of principal, liquidity and high yield consistent with sound investment strategy.
The Treasurer of the Commonwealth of Pennsylvania shall serve as the investment manager under the terms of the agreement.
The Township is permitted to purchase and redeem shares that in turn are pooled with other local government shares to acquire and sell certain investment securities at a rate of $1 per share.
Any one of the following individuals shall be authorized to make deposits and withdrawals, establish accounts and to perform such other duties as are necessary or appropriate for participation as an invest member:
The persons authorized to make deposits and withdrawals and perform other necessary functions may be modified from time to time by resolution of the Board of Commissioners.