[HISTORY: Adopted by the Board of Supervisors
of the Township of South Strabane 2-27-2001 by Ord. No. 1-2001.
Amendments noted where applicable.]
GENERAL REFERENCES
Intermunicipal agreements — See Ch. 14.
South Strabane shall join with other local governmental
units in accordance with the Intergovernmental Cooperation Act[1] and other similar acts 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: See 53 Pa.C.S.A. § 2301 et seq.
South Strabane is authorized to purchase shares in the trust from time to time with available funds and to redeem some or all of those shares from time to time as funds are needed for other purposes, subject to the terms and restrictions of the Declaration of Trust referred to in § 21-1. These actions are to be taken by the officers designated for this purpose, pursuant to general or specific instructions by the governing body of South Strabane.
The Trustees of the trust are designated as
having official custody of South Strabane funds which are invested
by the purchase of shares in the trust.
As required by the Intergovernmental Cooperation
Act,[1] the following matters are specifically found and determined:
B.
South Strabane's participation in the trust shall be terminable at any time by ordinance, subject to the terms and restrictions of the Declaration of Trust referred to in § 21-1;
C.
The Declaration of Trust and the purchase of its shares are for the purpose of investing South Strabane'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 § 21-1;
D.
It is not necessary to finance the agreement authorized
herein from funds of South Strabane 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 South Strabane 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 § 21-1; 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.
[1]
Editor's Note: See 53 Pa.C.S.A. § 2301 et seq.