[Adopted 1-26-1989 by Res. No. R-3-89]
This governmental unit shall join with other local governmental units
in accordance with the 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 Resolution No.
R-3-89 was adopted.
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.
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.
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 §
17-1.
B. This governmental unit's participation in the Trust
shall be terminable at any time by resolution.
C. The Declaration of Trust and the purchase of its shares
are for the purpose of investing this governmental unit's funds, 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 purpose 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.