1. Definitions.
AGREEMENT—an intergovernmental cooperation agreement between the Township and the Treasury Department of the Commonwealth of Pennsylvania establishing terms and conditions by which the Township may participate in the INVEST Program.
INVEST PROGRAM—the INVEST Program for Local Governments established by the Treasurer of the Commonwealth of Pennsylvania through which local governments invest in the program and the pooled funds of local governments are further managed and invested under the director of the State Treasurer.
TOWNSHIP—Hanover Township, Lehigh County.
2. Pursuant to § 5.05(c) of the Hanover Township Charter, the Township Treasury Department is authorized to purchase and redeem and otherwise invest in shares of the invest program at the rate of $1 per share.
3. The State Treasurer shall serve as the investment manager of the Township funds invested in and through the INVEST Program as more specifically set forth in the agreement.
4. Any agreement shall be approved by resolution of the Township Council.
(Ord. 459, 6/1/2005)