Hellam 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 and a copy of which shall
be filed with the minutes of the meeting at which this chapter is
adopted.
Hellam Township is 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
officers designated for this purpose, pursuant to general or specific
instructions by the Board of Supervisors adopting this chapter.
The trustees of the trust are designated as
having official custody of Township 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 §
46-1;
B. Hellam 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 Township 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 Hellam Township may determine to be necessary or appropriate
to meet its cash investment requirements.