[HISTORY: Adopted by the Board of Supervisors of the Township of
East Allen 7-10-1986 by Ord. No. 86-3.
Amendments noted where applicable.]
The Supervisors of East Allen Township, Northampton County, Pennsylvania,
do ordain that the East Allen Township Investment Trust Ordinance be and the
same is hereby enacted according to the provisions hereinafter specifically
set forth.
The Township of East Allen shall join with other municipalities in accordance
with the Pennsylvania Intergovernmental Cooperation Act (53 Pa.C.S.A. § 2301
et seq.), by becoming a settlor of the Pennsylvania Local Government Investment
Trust (the “Trust”) and entering into the Declaration of Trust,
which is incorporated herein by reference as if the same were set forth here
at length and a copy of which shall be filed with the minutes of the meeting
at which this chapter is adopted by the Township of East Allen.
The Board of Supervisors of East Allen Township, Northampton County,
Pennsylvania, is hereby authorized to purchase shares in the Trust from time
to time with available Township funds, and to redeem some or all of those
shares from time to time as funds are needed for Township purposes. These
actions are to be taken by the Board of Supervisors or other officers of the
Township designated for this purpose, pursuant to general or specific instructions
by the Board of Supervisors of East Allen Township.
The Trustees of the Trust are designated as having official custody
of the Township of East Allen’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:
B.
The Township of East Allen’s participation in the
Trust shall be terminable at any time by further ordinance of the Township
of East Allen;
C.
The Declaration of Trust and the purchase of its shares
are for the purpose of investing the Township of East Allen’s funds
in obligations which are otherwise legal investments as part of a pooled arrangement
with other 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;
and
F.
Shares may be purchased and redeemed from time to time
as the Township of East Allen may determine to be necessary or appropriate
to meet its cash investment requirements.
