[HISTORY: Adopted by the Borough Council of the Borough of Steelton as indicated in article histories. Amendments noted where applicable.]
[Adopted 3-15-1982 by Ord. No. 82-1, approved 3-15-1982]
The Pennsylvania Local Government Investment Trust was formed in accordance with the authorization contained in the Intergovernmental Cooperation Act of 1972, P.L. 762, No. 180,[1] initially by the Boroughs of Chambersburg and Emmaus, and has later been joined in by other local government units, with whom the Borough of Steelton desires to join, in order to invest and to secure a favorable return on temporarily available funds under the terms of said Pennsylvania Local Government Investment Trust.
[1]
Editor's Note: 53 P.S. § 481 et seq. was repealed 1996, P.L. 1158. See now 53 Pa.C.S.A. § 2301 et seq.
This Borough, by authority granted by Section 1319(d)(iii) of the Borough Code [53 P.S. § 46316(d)(iii)],[1] shall join with other municipalities in accordance with the Pennsylvania Intergovernmental Cooperation Act, by becoming a settler of the Pennsylvania Local Government Investment Trust and entering into a 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 Council, with authority, from time to time, to purchase shares of the trust from Borough funds and to redeem some or all of those shares. Those actions shall be taken by the officials designated for the purpose by the Borough Council, from time to time, under general or specific instructions, and the designation of those officials shall be evidenced by the certification of the Borough Secretary.
[1]
Editor's Note: See now 8 Pa.C.S.A. § 1316(d)(3).
The Trustees of the Pennsylvania Local Government Investment Trust are designated as having official custody of the funds represented by the shares which are purchased under the authorization contained in this article.
As required by the Intergovernmental Cooperation Act,[1] the following matters are specifically found and determined:
A. 
The conditions of the agreement are set out in the declaration of trust referred to in § 32-2 of this article and in the information statement presented to this meeting.
B. 
This Borough's participation in the declaration of trust shall be terminated by the Borough at any time by ordinance.
C. 
The declaration of trust and the purchase of the shares are for the purpose of investing Borough funds in obligations, which are otherwise legal investments of the Borough, as part of a pooled arrangement with other governmental units, in order to achieve economic and other advantages of pooled investments.
D. 
It is not necessary to finance the agreement authorized by this article, except through the purchase of shares from Borough funds.
E. 
The trust shall be managed by a Board of Trustees as set forth in the declaration of trust and in the bylaws provided for in that declaration of trust.
F. 
Shares may be purchased, from time to time, and shall be redeemed as necessary to meet the cash needs of the Borough as provided in § 32-2 of this article.
[1]
Editor's Note: See 53 Pa.C.S.A. § 2301 et seq.
This article shall become effective at the earliest date allowed under the law.
[Adopted 11-16-1992 by Ord. No. 92-5, approved 11-16-1992]
The declaration of trust, as presented to this meeting (a copy of which, together with the accompanying information statement, shall be filed with the records of this participant), is hereby adopted, and this participant shall and is hereby authorized and directed to become a participant in the program and, from time to time, to invest and withdraw its funds all in accordance with the provisions of the declaration of trust.
For purposes of the investment of moneys pursuant to the program, Kathy Handley and Michael Rozman (and their respective successors) are hereby designated as "authorized officers" of this participant and are authorized, directed and empowered to effectuate, from time to time, the investment and withdrawal of funds of this participant and to otherwise give effect to this participant's rights, as a participant of the trust described herein, including the right to vote, from time to time, in accordance with the declaration of trust. Such authorized officers are hereby further authorized, directed and empowered to take such actions and to execute and deliver counterparts of the declaration of trust and any and all other documents as they may deem necessary and appropriate to evidence this participant's approval of the declaration of trust and participation in the program and otherwise to carry out the purpose of this article (the execution of such documents shall conclusively evidence their approval).
This participant hereby acknowledges and approves the trustees of the trust as having official custody of this participant's funds as are invested in accordance with the declaration of trust.