[Ord. No. 357, passed 4-6-1982]
The Township shall join with other municipalities in accordance with the Pennsylvania 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.
[Ord. No. 357, passed 4-6-1982]
The Township 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. These actions are to be taken by the officers designated for this purpose, pursuant to general or specific instructions by the Board. The Trustees of the Trust are designated as having official custody of the Township's funds which are invested by the purchase of shares in the Trust.
[Ord. No. 417, passed 8-11-1993]
This Township, by its duly authorized representatives, shall execute, as grantor, a revocable trust agreement with PNC Bank, as trustee, in the form filed with the meeting materials (the "revocable trust agreement"). In authorizing the execution of the revocable trust agreement, it is expressly acknowledged that the agreement has attached to it and incorporates by reference the plan of the PNC Short Term Investment Fund for Pennsylvania School Districts and Municipalities, as though the plan were fully set forth in the revocable trust agreement.
The revocable trust so manifested shall be funded initially with and increased by the transfer of (or decreased by the withdrawal of) such assets or cash as the duly authorized representatives of this Township may deem advisable, without the need for further authorizing ordinances/resolutions.
PNC Bank, as trustee under the revocable trust agreement, is designated as having official custody of the funds transferred to it as trustee, from time to time.
As required by the Intergovernmental Cooperation Law, 53 P.S. § 487, it is specified that:
The conditions of agreement governing cooperation with other school districts, municipalities, and municipal authorities are set forth in the plan of the PNC Short Term Investment Fund for Pennsylvania School Districts and Municipalities (the "plan"), which is incorporated by reference into the revocable trust agreement;
The duration of the agreement governing cooperation shall terminate at such time, if ever, that the revocable trust agreement is revoked or the plan incorporated by reference therein is terminated;
The revocable trust agreement and the plan incorporated by reference therein are intended to secure the benefits of a corporate fiduciary's services, including but not limited to the enhanced investment opportunities and economic advantages of collective investment in legally authorized investments;
There is no need to finance the engagement of PNC Bank as trustee under the revocable trust agreement or the collective investment or trust assets, except for the payment of reasonable compensation, as provided for in PNC Bank's schedule of compensation or the revocable trust agreement, from time to time;
The organizational structure necessary to implement the agreement of cooperation shall be that of the PNC Short Term Investment Fund for Pennsylvania School Districts and Municipalities, a common trust fund within the meaning of Section 584(a) of the Internal Revenue Code of 1986, as amended, and established and maintained in conformity with the rules and regulations of the United States Comptroller of the currency and the plan incorporated by reference into the revocable trust agreement. It is expressly acknowledged that exclusive management of said common trust fund shall at all times be vested solely in its trustee; and
Units of participation in the PNC Short Term Investment Fund for Pennsylvania School Districts and Municipalities may be purchased, held, and sold from time to time by PNC Bank, as trustee under the revocable trust agreement.