This governmental unit shall join with other
local governmental units in accordance with the Intergovernmental
Cooperation Act by becoming a settler of the Pennsylvania Local Governmental
Investment Trust and entering into the Declaration of Trust, which
is adopted by reference with the same effect as if it has been set
out verbatim in this section, and a copy of which shall be filed with
the minutes of the meeting at which this article was adopted.
This governmental unit 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. There actions are to be taken by the officers
designated for this purpose, pursuant to general or specific instructions
by the governing body of this governmental unit.
The trustees of the Trust are designated as
having official custody of this governmental unit's funds which are
invested by the purchase of shares in the Trust.
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 §
24-7.
B. This governmental unit's participation in the Trust
shall be terminable at any time by ordinance.
C. The Declaration of Trust and the purchase of its shares are for the purpose of investing this governmental unit'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 §
24-7.
D. It is not necessary to finance the agreement authorized
herein from funds of this governmental unit 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 this governmental unit may determine to be necessary or appropriate
to meet its cash investment requirements.
G. The Trust shall be empowered to enter into contracts
for policies of group insurance and employee benefits, including social
security, for its employees.