The Borough of Milton, Northumberland County,
Pennsylvania, (hereinafter called the "government unit") 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.
This governmental unit 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 officers
designated for this purpose, pursuant to general or specific instructions
by the governing body of the governmental unit.
The Trustees of the trust are designated as
having official custody of this governmental unit'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:
A. The conditions of the agreement are set forth in the Declaration of Trust referred to in §
35-1.
B. This governmental unit's participation in the trust shall be terminable at any time by resolution, subject to the terms and restrictions of the Declaration of Trust referred to in §
35-1.
C. The Declaration of Trust and the purchase of its shares are for the purpose of investing this governmental unit'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; and the powers and scope of authority delegated are set forth in the Declaration of Trust referred to in §
35-1.
D. It is not necessary to finance the agreement authorized
herein from funds of this governmental unit 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 repurchased and redeemed from time to time as this governmental unit may determine to be necessary or appropriate to meet its cash investment requirements, in accordance with the terms and restrictions of the Declaration of Trust referred to in §
35-1.
G. The trust shall be empowered to enter into contracts
for policies of group insurance and employee benefits, including social
security, for its employees.