[HISTORY: Adopted by the Borough Council of the Borough of Carlisle
as indicated in article histories. Amendments noted where applicable.]
GENERAL REFERENCES
Fiscal control — See Ch. 27.
[Adopted 12-30-1981 by Ord. No. 1387,
approved 12-30-1981]
The Borough of Carlisle, by authority granted by Section 1316(d)(iii)
of the Borough Code,[1] shall join with other municipalities in accordance with the Pennsylvania
Intergovernmental Cooperation 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 Council, with authority,
from time to time, to purchase shares of the trust from Borough funds and
to redeem some or all of those shares, such actions to be taken by the officials
designated for the purpose by Borough Council, from time to time, under general
or specific instructions, and the designation of those officials shall be
evidenced by the certification of the Borough Secretary.
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 article.
As required by the Intergovernmental Cooperation Act, 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 § 38-1 of this article and in the information statement presented to this meeting.
B.
This Borough's participation in the declaration
of trust shall be terminable by the Borough at any time by ordinance.
C.
The declaration of trust and the purchase of the shares
are for the purpose of investing Borough funds in obligations, which are otherwise
legal investments of the Borough, 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 article except through the purchase of shares from the Borough 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.
[Adopted 4-13-1995 by Ord. No. 1802,
approved 4-13-1995]
The Borough of Carlisle, by authority granted by Section 1316(d)(iii)
of the Borough Code,[1] shall join with other municipalities in accordance with the Pennsylvania
Intergovernmental Cooperation Act,[2] by becoming an investor and shareholder of the State Treasurer's
Invest Program for Local Governments (INVEST) and entering into an intergovernmental
cooperation agreement, 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 has
been affixed to the minutes of the meeting of Council whereby this article
was duly adopted, with authority, from time to time, to purchase INVEST shares
with Borough funds and to redeem some or all of those shares, such actions
to be taken by the officials designated for the purpose by Borough Council,
from time to time, under general or specific instructions, and the designation
of those officials shall be evidenced by the certification of the Borough
Secretary.
The Treasury Department of the Commonwealth of Pennsylvania is designated
as having official custody of the funds represented by the shares which are
purchased under the authorization contained in this article.
As required by the Intergovernmental Cooperation Act,[1] the following matters are specifically found and determined:
A.
The conditions of the agreement are more fully set forth in the Intergovernmental Cooperation Agreement referred to in § 38-4 of this article.
B.
This Borough's participation in the agreement shall
be for a term of three years, with automatic renewal of one-year periods,
terminable by the Borough, by ordinance, after the initial term.
C.
The purpose of the agreement is to permit the State Treasurer
to invest the funds of this Borough, with the objectives of safety of principal,
liquidity and high yield consistent with sound investment strategy; all such
investments shall be as permitted by law.
D.
The agreement will not be financed, except for the purchase
of INVEST shares, in quantities determined by this Borough.
E.
The State Treasurer shall serve as the investment manager under the terms and conditions of the agreement referenced in § 38-4 of this article.
F.
Shares shall be purchased from time to time and shall be redeemed as necessary to meet the cash needs of this Borough, as provided in § 38-4 of this article; it being understood that this Borough's shares are in turn pooled with other local government shares to acquire and sell certain investment securities at a rate of $1 per share.
[1]
Editor's Note: See 53 Pa.C.S.A. 32301 et seq.
