[HISTORY: Adopted by the Borough Council of the Borough of
Parkside as indicated in Article histories. Amendments noted where
applicable.]
[Adopted 7-19-1989 by Ord. No. 357]
A.
This municipality may join with other municipalities in accordance
with the Pennsylvania Intergovernmental Cooperation Act[1] by becoming a member of the association and entering into
the intergovernmental contract 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 article was adopted.
[1]
Editor's Note: See 53 Pa.C.S.A. § 2301 et seq.
B.
This municipality is authorized to enter into the intergovernmental
contract for the purposes contained therein. These actions are to
be taken by the member(s) or employee(s) of this municipality designated
for this purpose only after satisfactory resolution of those issues
raised by the Borough Solicitor in his letter of June 19, 1989, a
copy of which is attached hereto and made a part hereof.
The association is designated as having official custody of
this municipality's funds which are invested by the association pursuant
to the terms of the intergovernmental contract.
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 intergovernmental contract referred to in § 15-1A.
B.
This municipality's participation in the association shall be terminable
at any time, by ordinance.
C.
The purposes and objectives of the agreement are set forth hereinabove,
and the intergovernmental contract and actions contemplated thereby
and purposes and objectives contained therein are otherwise legal
as part of a pooled arrangement with other governmental units, thereby
achieving economic and other advantages of intergovernmental cooperation.
D.
It is not necessary to finance the agreement authorized herein from
municipal funds except through the contribution of this municipality's
basis rate (as such term is defined in the intergovernmental contract)
to the association.
E.
The association shall be managed by a Board of Commissioners or Executive
Committee as set forth in the bylaws of said association, a copy of
which has been provided for review in connection with the adoption
of this article.
F.
All property, real or personal, shall be acquired, managed or disposed
of by the association in accordance with the terms of the intergovernmental
contract.
[1]
Editor's Note: See 53 Pa.C.S.A. § 2301 et seq.
[Adopted 8-12-1981 by Ord. No. 308]
This municipality shall join with other municipalities in accordance
with the Pennsylvania Intergovernmental Cooperation Act[1] 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 article was
adopted.
[1]
Editor's Note: See 53 Pa.C.S.A. § 2301 et seq.
This municipality is authorized to purchase shares in the trust
from time to time with available municipal funds and to redeem some
or all of those shares from time to time as funds are needed for municipal
purposes. These actions are to be taken by the officers designated
for this purpose, pursuant to general or specific instructions by
the governing body adopting this article.
The trustees of the trust are designated as having official
custody of this municipality's funds 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:
B.
This municipality's participation in the trust shall be terminable
at any time, by ordinance.
C.
The Declaration of Trust and the purchase of its shares are for the
purpose of investing this municipality's funds in obligations which
are otherwise legal investments as part of a pooled arrangement with
other governmental units, thereby achieving economic and other advantages
of pooled investments.
D.
It is not necessary to finance the agreement authorized herein from
municipal funds 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 purchased and redeemed from time to time as this municipality
may determine to be necessary or appropriate to meet its cash investment
requirements.
[1]
Editor's Note: See 53 Pa.C.S.A. § 2301 et seq.
