(A) This municipality shall join with other municipalities in accordance with the Pennsylvania Intergovernmental Cooperation Law, 53 Pa.C.S. §§ 2301 et seq. 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 at length herein and a copy of which shall be filed with the minutes of the meeting at which this section was adopted.
(B) This municipality 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 the 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 section.
(C) The trustees of the trust are designated as having official custody of this municipality’s funds which are invested by the purchase of funds in the trust.
(D) Conditions of this agreement are as follows.
(1) The conditions of the agreement are set forth in the declaration of trust referred to in division (A) above.
(2) The municipality’s participation in the trust may be terminable at any time by ordinance.
(3) The declaration of trust and the purchase of its shares are for the purpose of investing this municipality’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.
(4) It is not necessary to finance the agreement authorized herein from municipal funds except through the purchase of shares in the trust.
(5) The trust shall be managed by a Board of Trustees as set forth in the declaration of trust and the by-laws provided for therein.
(6) Shares may be purchased and redeemed from time to time as this municipality may determine to be necessary or appropriate to meet cash investment requirements.
(7) Investment shall be in federally insured instruments or in accounts insured by the Federal Deposit Insurance Corporation.
(Ord. 123-1984, passed 10-1-1984)