[Adopted 10-25-1993 by Ord. No. 93-10]
This local government shall join with other
local governments in accordance with the Intergovernmental Cooperation
Law by becoming a member in INVEST and by entering into an intergovernmental
cooperation agreement with the Commonwealth of Pennsylvania Treasury
Department (the "agreement"), upon such terms and conditions as are
more fully set forth in the attached agreement, a signed copy of which
shall be filed with the minutes of the meeting at which this article
is adopted.[1]
[1]
Editor's Note: A copy of the agreement is
on file in the Township offices.
The duration of the agreement shall be for a
period of three years, with automatic renewal of one-year periods.
The purpose of the agreement is to permit the
State Treasurer to invest the funds of this local government, with
the objectives of safety of principal, liquidity, and high yield consistent
with sound investment strategy.
The agreement will not be financed, except for
the purchase of INVEST shares in quantities determined by this local
government.
The State Treasurer shall serve as the investment
manager under the terms of the agreement.
This local government is permitted to purchase
and redeem shares that in turn are pooled with other local government
shares to acquire and sell certain investment securities, at a rate
of $1 per share.
Any one of the following individuals shall be
authorized to make deposits and withdrawals, establish accounts, and
perform such other duties as are necessary or appropriate for participation
as an INVEST member.[1]
[1]
Editor's Note: The current list of authorized
individuals is on file in the Township offices.
