[Adopted 8-11-1981 by Ord. No. 3-1981]
Willistown Township shall join with other municipalities in accordance
with the Pennsylvania Intergovernmental Cooperation Act[1] by becoming a settler of the Pennsylvania Local Government Investment
Trust and entering into the Declaration of Trust, which is incorporated herein
by reference as fully as though set forth at length, a copy thereof being
directed to be filed with the minutes of the meeting at which this article
is adopted, and the appropriate officials of Willistown Township are hereby
authorized and directed to execute the documents necessary and appropriate
for Willistown Township to become a settler of the Trust as aforesaid.
[1]
Editor's Note: See 53 Pa.C.S.A. § 2301 et seq.
Willistown Township, acting by and through its appropriate officials,
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 funds are needed for municipal purposes. The township official or officials
authorized to purchase and redeem shares in the Trust shall be designated
by resolution of the Board of Supervisors and may be amended from time to
time by further resolution of the Board of Supervisors.
The Trustees of the Trust are designated as having official custody
of the funds of Willistown Township which are invested by the purchase of
shares in the Trust.
In accordance with the Intergovernmental Cooperation Act, the following
matters are specifically found and determined:
A.
The conditions of this agreement are as set forth in the Declaration of Trust, incorporated herein by reference pursuant to § 7-1 above.
B.
The duration of the term of the agreement is indefinite
and the participation of Willistown Township in the Trust may be terminated
at any time by further ordinance of the township.
C.
The purpose and objectives of the agreement are to enable
Willistown Township to invest its funds in obligations which are in all respects
legal investments for the township as part of a pooled arrangement with other
municipalities in order to achieve economic and other advantages.
D.
The manner and extent of financing the agreement are
through purchase of shares in the Trust, which purchase is at all times discretionary
with the township, and otherwise there is no financing of this agreement required.
E.
The organizational structure necessary to implement the
agreement is as set forth in the Trust, which provides that the Trust shall
be managed by a Board of Trustees whose duties and responsibilities are more
fully set forth in the Declaration of Trust and the bylaws thereof provided
for therein.
F.
The manner in which property, real or personal, shall
be acquired, managed or disposed of is through the purchase and redemption
of shares in the Trust from time to time as Willistown Township in its sole
discretion shall determine to be necessary or appropriate to meet its cash
investment requirements.
