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City of Scranton, PA
Lackawanna County
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[Adopted 11-21-2023 by Ord. No. 100-2023[1]]
[1]
Editor's Note: This ordinance also superseded former Art. IV, Local Government Investment Trust, adopted by Ord. No. 56-1981 (Sec. 2-121 of the 1979 Code)
The statutory authority referenced in File of the Council Number 211, 1990, is hereby amended to adhere to updated statutory authority, including but not limited to the Intergovernmental Cooperation Act, as amended, 53 Pa.C.S.A. § 2303, and the Intergovernmental Cooperation Act, as amended, 53 Pa.C.S.A. § 5601.
The City of Scranton shall join with other local governmental units in accordance with the Intergovernmental Cooperation Act 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 article was adopted.
The City of Scranton 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 § 65-16. These actions are to be taken by the officers designated for this purpose, pursuant to general or specific instructions by the governing body of the City of Scranton.
The Trustees of the Trust are designated as having official custody of the City of Scranton'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 § 65-16;
B. 
The City of Scranton's participation in the Trust shall be terminable at any time by ordinance/resolution, subject to the terms and restrictions of the Declaration of Trust referred to in § 65-16;
C. 
The Declaration of Trust and the purchase of its shares are for the purpose of investing the City of Scranton's funds in obligations which are otherwise legal investments, as part of a pooled arrangement with other local government 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 § 65-16;
D. 
It is not necessary to finance the agreement authorized herein from the funds of the City of Scranton 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 by-laws provided for therein;
F. 
Shares may be repurchased and redeemed from time to time as the City of Scranton 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 § 65-16; 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.
This article shall become effective immediately upon passage by Council and approval by the Mayor.