[Adopted 4-5-2005 by Ord. No. 605, approved 4-5-2005]
All monies payable under the Facility Cooperation
Agreement dated March 2, 2004, between the Borough of Pen Argyl and
Waste Management of Pennsylvania, Inc., shall, upon receipt, be placed
in the account created by this article to be named "Facility Cooperation
Agreement Fund" (hereinafter referred to as the "Fund").
All monies in said Fund may be invested in any
investments that are permitted by state law, specifically any investments
that are permitted by § 1316 of the Borough Code (53 P.S.
§ 46316).
All interest received on such investments shall
likewise remain in the Fund.
Borough Council may, by majority vote of Council,
authorize the expenditure of monies from the Fund for any purpose
for which it is legal for Borough Council to expend money pursuant
to the Borough Code.
