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Township of East Goshen, PA
Chester County
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Table of Contents
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New Laws (3) Index
[HISTORY: Adopted by the Board of Supervisors of the Township of East Goshen 3-3-1987 by Ord. No. 76. Amendments noted where applicable.]
East Goshen Township shall join with other local governmental units in accordance with the Intergovernmental Cooperation Act by becoming a member (settlor) of the Pennsylvania Local Government Investment Trust (PLGIT) and entering into the Declaration of Trust, which is adopted by reference, and a copy of which shall be filed with the minutes of the meeting at which this chapter is adopted.
East Goshen Township is authorized to purchase shares in PLGIT from time to time with available funds, and to redeem some of or all of those shares from time to time as funds are needed for other purposes. These actions are to be taken by the township officers named for this purpose pursuant to general or specific instructions by the Board of Supervisors of East Goshen Township.
The Trustees of the Trust are designated as having official custody of East Goshen Township'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 § 40-1.
B. 
East Goshen Township's participation in the Trust shall be terminable at any time by ordinance.
C. 
The Declaration of Trust and the purchase of its shares are for the purpose of investing East Goshen Township'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.
D. 
It is not necessary to finance the Agreement authorized herein from funds of East Goshen Township 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.
F. 
Shares may be purchased and redeemed from time to time as East Goshen Township may determine to be necessary or appropriate to meet its financial needs.