Borough of Middletown, PA
Dauphin County
By using eCode360 you agree to be legally bound by the Terms of Use. If you do not agree to the Terms of Use, please do not use eCode360.
Table of Contents
Table of Contents
[HISTORY: Adopted by the Borough Council of the Borough of Middletown 2-6-2006 by Ord. No. 1206, approved 2-6-2006. Amendments noted where applicable.]

§ 41-1
Authority. 

§ 41-2
Adoption of Trust. 

§ 41-3
Custody of funds. 

§ 41-4
Declaration of Trust provisions. 

§ 41-1 Authority.

The Borough of Middletown (the "Governmental Entity") shall become a settlor of the Fund in accordance with the Declaration of Trust by hereby adopting and entering into the Declaration of Trust in accordance with the terms of the Declaration of Trust and the provisions of the Pennsylvania Intergovernmental Cooperation Act

Editor's Note: See 53 Pa. C.S.A. § 2301 et seq.
as now in effect, and a copy of the Declaration of Trust shall be filed in the records of this Governmental Entity.

§ 41-2 Adoption of Trust.

This Governmental Entity may invest and withdraw funds pursuant to the investment program of the Fund in accordance with the provisions of the Declaration of Trust. The following officers or officials and their respective successors in office are hereby authorized, directed and empowered to take such actions and execute any and all such documents as they may deem necessary and appropriate to effectuate and evident:

A. 

The entry by this Governmental Entity into the Declaration of Trust;

B. 

The investment and withdrawal of funds of this Governmental Entity pursuant to the investment program of the Fund; and

C. 

The exercise of the rights, powers and privileges of this Governmental Entity as a settlor of the Fund, including, without limitation, voting rights, pursuant to the Declaration of Trust:

(1) 

President Borough Council;

(2) 

Borough Secretary;

(3) 

Finance Director.

§ 41-3 Custody of funds.

The trustees of the Fund are hereby designated as having official custody of this Governmental Entity's funds which are invested in accordance with the Declaration of Trust.

§ 41-4 Declaration of Trust provisions.

As required and provided by the Pennsylvania Intergovernmental Cooperation Act (Section 1 of the Act of December 19, 1996, P.L. 1158, No. 177), the following matters are specified:

A. 

The conditions of the agreement regarding intergovernmental cooperation are set forth in the Declaration of Trust;

B. 

This Governmental Entity's participation in the Fund shall be terminable at any time by the delivery of a notice thereof to the Fund in accordance with the Declaration of Trust, and the Fund shall be terminable in accordance with the Declaration of Trust;

C. 

The purpose and objectives of the Declaration of Trust are the investment of funds of this Governmental Entity in obligations and securities in which funds of this Governmental Entity may be legally invested as a part of a pooled arrangement with other Pennsylvania entitles that constitute local governments as such term is defined in the Pennsylvania Intergovernmental Cooperation Act (Section 1 of the Act of December 19, 1996, P.L. 1158, No. 177) in order to achieve thereby economic and other advantages of such investments;

D. 

It is not necessary to finance the agreement authorized herein from funds of this Governmental Entity except through the temporary investment of funds in accordance with the Declaration of Trust;

E. 

The organizational structure necessary to implement the Declaration of Trust shall be as set forth in the Declaration of Trust and the affairs of the Fund shall be managed by the Trustees of the Fund;

F. 

Funds of this Governmental Entity may be invested and withdrawn in accordance with the terms of the Declaration of Trust as this Governmental Entity may determine to be necessary or appropriate to meet its investment requirements; and

G. 

If the Trustees of the Fund deem it to be appropriate, the Fund shall be empowered to enter into contracts for policies of group insurance and employee benefits, including Social Security, for such employees, if any, as it may have from time to time.