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Township of Radnor, PA
Delaware County
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Table of Contents
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New Laws (4) Index
[Adopted 2-22-1988 by Res. No. 88-06]
Radnor Township shall join with other local governmental units in Pennsylvania, in accordance with the Intergovernmental Cooperation Act, by becoming a settlor of the Pennsylvania Local Government Investment Trust (the "Trust").
The Township 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. These actions may be taken by Township officers designated for this purpose by § 5-47D of the Code of the Township of Radnor.
The Trustees of the Trust are designated as having official custody of Township funds that 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:
A. 
The conditions of the agreement are set forth in the Declaration of Trust.[2]
[2]
Editor's Note: The Declaration of Trust is on file and available for inspection in the office of the Township Secretary.
B. 
The Township's participation in the Trust shall be terminable at any time by resolution.
C. 
The Declaration of Trust and the purchase of its shares are for investing available Township funds in obligations that are otherwise legal investments, as part of a pooled arrangement with other local governmental units, thereby achieving economic and other advantages of pooled investments.
D. 
It is not necessary to finance the agreement authorized herein from Township 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 repurchased and redeemed from time to time as the Township deems necessary or appropriate to meet its cash management requirements.
[1]
Editor's Note: See 53 Pa.C.S.A. § 2301 et seq.
A. 
Township deposits in all funds of the Trust shall be limited as follows:
(1) 
The total amount of Township funds deposited in all funds of the Trust at any given time shall not exceed $1,000,000.
(2) 
The weighted average maturity of all Township funds deposited in the Trust at any given time shall not exceed 90 days (with such weights including all Township time investments), as determined by the Township Manager and Finance Director.
B. 
This section shall not apply to any proceeds that the Township receives through the sale of a bond issue.