Township of Whitpain, PA Chapter 23 Local Government Investment Trust

[HISTORY: Adopted by the Board of Supervisors of the Township of Whitpain 7-6-1981 by Ord. No. 121. Amendments noted where applicable.]

§ 23-1 Adoption by reference of Declaration of Trust.

This township, by authority granted by Section 902.1 (Act of July 10, 1980, P.L. 475, No. 102, Sec. 2) of the Second Class Township Code,[1] shall join with other municipalities, in accordance with the Pennsylvania Intergovernmental Corporation Act,[2] by becoming a settlor of the Pennsylvania Local Government Investment Trust and entering into a 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 Board of Supervisors, with authority, from time to time, to purchase shares of the trust from township funds and to redeem some or all of those shares, those actions to be taken by the official(s) designated by the Board of Supervisors for this purpose from time to time under general or specific instructions, and the designation of such official(s) shall be evidenced by the certification of the Township Secretary.

[1] Editor's Note: See now 53 P.S. § 68204.

[2] Editor's Note: See now 53 P.S. § 2301 et seq.

§ 23-2 Custody of funds.

The Trustees of the Pennsylvania Local Government Investment Trust are designated as having official custody of the funds represented by the shares which are purchased under the authorization contained in this chapter.

§ 23-3 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 out in the Declaration of Trust referred to in § 23-1.

B. This township's participation in the Declaration of Trust shall be terminable by the township at any time by ordinance.

C. The Declaration of Trust and the purchase of the shares are for the purpose of investing township funds in obligations, which are otherwise legal investments of the township, as part of a pooled arrangement with other governmental units, in order to achieve economic and other advantages of pooled investments.

D. It is not necessary to finance the agreement authorized by this chapter except through the purchase of shares from township funds.

E. The trust shall be managed by a Board of Trustees as set forth in the Declaration of Trust and in the bylaws provided for in that Declaration of Trust.

F. Shares shall be purchased from time to time and shall be redeemed as necessary to meet the cash needs of the township, as provided in § 23-1.

[1] Editor's Note: See now 53 P.S. § 2301 et seq.