[Adopted 3-9-1989 by Ord. No. 1621, approved 3-9-1989]
The Borough of Carlisle hereby acknowledges membership in the Penn Prime
Trust by entering into the Member Participation Agreement (hereinafter, "Participation
Agreement"). As per the Intergovernmental Cooperation Law, 53 P.S. § 481
et seq.,[1] this article sets forth the components of the Penn Prime Trust
cooperative arrangement in the following sections.
[1]
Editor's Note: See now 53 Pa.C.S.A. § 2301 et seq.
The Participation Agreement, Agreement of Trust, coverage provisions
and bylaws of the Penn Prime Trust, as amended from time to time, are hereby
attached and fully incorporated by reference herein as though they were part
hereof.
The duration of the Participation Agreement is a continuous period commencing
on January 1, 1989, and ending on termination/cancellation.
The purpose of the Participation Agreement shall be to minimize the
financial impact upon the Borough of Carlisle resulting from an occurrence
covered by the trust. This will be accomplished by means of loss prevention
and safety programs to minimize or eliminate risks of such accidents, risk
pooling to share with other local agencies the financial impact of such losses
and the establishment of a mechanism through the trust to provide risk coverage
for catastrophic losses through means deemed appropriate by the Board of Trustees
of the Penn Prime Trust.
The expenses of participating in this cooperative program will be financed
through contributions by the Borough of Carlisle to the Penn Prime Trust and
by investment of the trust governed by the Board of Trustees.
The Participation Agreement will be implemented by the use of the Penn
Prime Trust. The trust is to be administered by the Board of Trustees, which
may designate a day-to-day administrator, as established through the provisions
of the Agreement of Trust and the bylaws.
The Penn Prime Trust, as administered by the Board of Trustees, has
the power, through the bylaws, to acquire, hold or dispose of real or personal
property. Such measures by the trust will be carried out in accordance with
the Penn Prime Trust and its bylaws.
The Penn Prime Trust Agreement sets forth that the Board of Trustees
has the power to enter into contracts and incur debts, liabilities and obligations
in the ordinary course of business. These powers allow the Penn Prime Trust
to enter into such contracts as allowed under 53 P.S. § 487(7) of
the Intergovernmental Cooperation Law.[1]
[1]
Editor's Note: See now 53 Pa.C.S.A. § 2307(7).
