Township of Middle Smithfield, PA Chapter 32 Investments

[HISTORY: Adopted by the Board of Supervisors of the Township of Middle Smithfield as indicated in article histories. Amendments noted where applicable.]

Article I Local Government Investment Trust

[Adopted 3-12-1987 by Ord. No. 39; amended 3-12-2002 by Ord. No. 109[1]]

[1] Editor's Note: This ordinance renumbered this article from Ch. 36, Local Government Investment Trust, to Ch. 32, Art. I.

§ 32-1 Participation authorized.

This governmental unit shall join with other local governmental units in accordance with the Intergovernmental Cooperation Act[1] 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 article was adopted.

[1] Editor's Note: See 53 Pa.C.S.A. § 2301 et seq.

§ 32-2 Purchase of shares authorized.

This governmental unit is authorized to purchase shares in the trust from time to time with available funds and to redeem some or all of those shares from time to time as funds are needed for other purposes. These actions are to be taken by the officers designated for this purpose, pursuant to general or specific instructions by the governing body of this governmental unit.

§ 32-3 Custody of funds.

The Trustees of the trust are designated as having official custody of this governmental unit's funds which are invested by the purchase of shares in the trust.

§ 32-4 Findings and determinations.

As required by the Intergovernmental Cooperation Act,[1] 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 § 32-1.

B. This governmental unit's participation in the trust shall be terminable at any time by ordinance or resolution.

C. The Declaration of Trust and the purchase of its shares are for the purpose of investing this governmental unit's funds in obligations which are otherwise legal investments, as part of a pooled arrangement with other local governmental units, thereby achieving economic and other advantages of pooled investments.

D. It is not necessary to finance the agreement authorized herein from funds of this governmental unit 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 repurchased and redeemed from time to time as this governmental unit may determine to be necessary or appropriate to meet its cash investment requirements.

[1] Editor's Note: See 53 Pa.C.S.A. § 2301 et seq.

Article II State Treasurer's INVEST Program for Local Governments

[Adopted 3-12-2002 by Ord. No. 109]

§ 32-5 Intermunicipal agreement.

The Township of Middle Smithfield shall join with other local governments in accordance with the Intergovernmental Cooperation Law[1] by becoming a member in the Pennsylvania Treasurer's INVEST Program for local governments (INVEST), and by entering into an Intergovernmental Cooperation Agreement (the agreement) with the Pennsylvania Treasury Department, upon such terms and conditions as are more fully set forth in the attached agreement,[2] a signed copy of which shall be filed with the minutes of the meeting at which this article is adopted.

[1] Editor's Note: See 53 Pa.C.S.A. § 2301 et seq.

[2] Editor's Note: Said agreement is on file in the Township offices.

§ 32-6 Duration of agreement.

The duration of the agreement shall be for a period of three years, with automatic renewals for one-year periods.

§ 32-7 Purpose of agreement.

The purpose of the agreement is to permit the State Treasurer to invest the funds of the Township with the objectives of safety of principal, liquidity, and high yield consistent with sound investment strategy.

§ 32-8 Investment manager.

The State Treasurer shall serve as the investment manager under the terms of the agreement.

§ 32-9 Purchase and redemption of shares.

The Township is permitted to purchase and redeem shares that in turn are pooled with other local government shares to acquire and sell certain investment securities at a rate of $1 per share.

§ 32-10 Authorization for office holders to perform duties.

Any one of the following office holders shall be authorized to make deposits and withdrawals, establish accounts, and to perform such other duties as are necessary or appropriate for participation as an INVEST member: Chairperson, Vice Chairperson, Secretary, or Treasurer of the Township of Middle Smithfield.