The Township of Rostraver 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 chapter was
adopted.
The Township of Rostraver 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 President
and Secretary/Manager, officers designated for this purpose, pursuant
to general or specific instructions by the Board of Commissioners
of the Township of Rostraver.
The trustees of the trust are designated as
having official custody of the Township of Rostraver'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 §
28-1.
B. The Township of Rostraver'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 the Township of Rostraver's funds
in obligations which are otherwise legal investments, as part of a
pooled arrangement with other local governmental units, thereby achieving
economic and other advantages of pooled investments.
D. It is not necessary to finance the agreement authorized
herein from funds of the Township of Rostraver 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 Township of Rostraver may determine to be necessary or
appropriate to meet its cash investment requirements.