The Borough of Aldan shall join with other municipal corporations in
accordance with the Pennsylvania 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 Borough of Aldan 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 the general or specific instructions by the Borough Council.
The Trustees of the Trust are designated as having official custody
of the Borough of Aldan's funds which are invested by 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 §
25-1.
B. The Borough of Aldan's participation in the Trust
shall be terminable at any time by ordinance or resolution.
C. The Declaration of Trust and the purchase of its shares
are for the purpose of investing the Borough of Aldan'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 the Borough of Aldan may determine to be necessary or appropriate
to meet its cash investment requirements.