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 § 34.35;
(B) The township’s participation in the Trust shall be terminable at any time by resolution, subject to the terms and restrictions of the declaration of trust referred to in § 34.35;
(C) The declaration of trust and the purchase of its shares are for the purpose of investing the township’s funds in obligations which are otherwise legal investments, as part of a pooled arrangement with other local governmental units, thereby achieving economic and other advantages of pooled investments; and the powers and scope of authority delegated are set forth in the declaration of trust referred to in § 34.35;
(D) It is not necessary to finance the agreement authorized herein from funds of the township 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 repurchased and redeemed from time to time as the township may determine to be necessary or appropriate to meet its cash investment requirements in accordance with the terms and restrictions of the declaration of trust referred to in § 34.35; and
(G) The Trust shall be empowered to enter into contracts for policies of group insurance and employee benefits, including Social Security, for its employees.
(2003 Code, § 18-4) (Ord. 2-94, passed 2-1-1994)