Township of Tobyhanna, PA Chapter 14 Local Government Investment Trust

[HISTORY: Adopted by the Board of Supervisors of the Township of Tobyhanna 8-16-1982 by Ord. No. 322. Amendments noted where applicable.]

§ 14-1 Authorization to join trust.

The Township of Tobyhanna shall join with other municipalities in accordance with the Pennsylvania Intergovernmental Cooperation Act[1] 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.

[1] Editor's Note: Former 53 P.S. § 481 et seq. was repealed 12-19-1996, P.L. 1158, No. 177, § 2(a). See now 53 Pa.C.S.A. § 2301 et seq.

§ 14-2 Purchase and redemption of shares.

The Township of Tobyhanna 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.

§ 14-3 Custody of funds.

The Trustees of the Trust are designated as having official custody of the funds of the Township of Tobyhanna which are invested by the purchase of shares in the Trust.

§ 14-4 Findings and determinations.

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 § 14-1.

B. The participation of the Township of Tobyhanna in the Trust shall be terminable at any time by ordinance.

C. The Declaration of Trust and the purchase of its shares are for the purpose of investing the funds of the Township of Tobyhanna 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.

D. It is not necessary to finance the agreement authorized herein from municipal funds 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 purchased and redeemed from time to time as the Township of Tobyhanna may determine to be necessary or appropriate to meet its cash investment requirement.

G. The Board of Supervisors of Tobyhanna Township hereby authorizes its certain officers including the Chairman, Vice Chairman, Secretary and Treasurer to complete any applications, verifications or other documents necessary for the purchase of shares in the Trust in order to gain the greatest benefit for the township in the utilization of the Trust for designated township funds.