[HISTORY: Adopted by the Board of Commissioners of the Township of Rostraver 9-5-1989 as Part 3, Ch. 3, of the 1989 Code. Amendments noted where applicable.]
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:
The Township of Rostraver's participation in the trust shall be terminable at any time by resolution.
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.
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.
The trust shall be managed by a Board of Trustees as set forth in the Declaration of Trust and the bylaws provided for therein.
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.