[HISTORY: Adopted by the Borough Council of the Borough of Tullytown as indicated in article histories. Amendments noted where applicable.]
[Adopted 6-3-2008 by Ord. No. 319[1]]
[1]
Editor's Note: This ordinance also superseded former Art. I, Investment Policy, adopted 12-5-1988 by Ord. No. 204 (Ch. 1, Part 7, of the 1985 Code).
The Borough of Tullytown shall join with other local governmental units in accordance with the Intergovernmental Cooperation Act[1] and other similar acts by becoming a settler 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 has been set out verbatim in this § 16-1 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.
Tullytown Borough 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, subject to the terms and restrictions of the Declaration of Trust referred to in § 16-1. These actions are to be taken by the officers designated for this purpose, pursuant to general or specific instructions by the Tullytown Borough Council.
The Trustees of the Trust are designated as having official custody of funds of the Borough of Tullytown which are invested by the purchase of shares in the Trust.
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 § 16-1;
B. 
Tullytown Borough's participation in the Trust shall be terminable at any time by ordinance, subject to the terms and restrictions of the Declaration of Trust referred to in § 16-1;
C. 
The Declaration of Trust and the purchase of its shares are for the purpose of investing funds of the Borough of Tullytown in obligations which are otherwise legal investments, as part of a pooled arrangement with other local governmental units, thereby achieving economic and other advantages, and the powers and scope of authority delegated are set forth in the Declaration of Trust referred to in § 16-1;
D. 
It is not necessary to finance the agreement authorized herein from funds of Tullytown Borough 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 the Tullytown Borough Council may determine to be necessary or appropriate to meet its cash investment requirements in accordance with the terms and restrictions of the Declaration of Trust referred to in § 16-1; and
G. 
The Trust shall be empowered to enter into contracts for policies of group insurance and employee benefits, including social security, for its employees.
[1]
Editor's Note: See 53 Pa.C.S.A. § 2301 et seq.