The Pennsylvania Local Government Trust Fund
(PLGIT) shall be hereby designated as the depository for investments
from any Borough account.
[Amended 7-24-2000 by Res. No. 012-2006; 7-23-2001 by Res. No. 009-2001; 5-19-2003 by Res. No. 009-2003; 5-24-2004 by Res. No. 008-2004; 9-27-2004 by Res. No. 014-2004; 1-24-2005 by Res. No. 003-2005; 5-23-2005 by Res. No. 001-2005; 3-25-2013 by Res. No. 004-2013; 3-27-2017 by Res. No.
R-006-2017; 1-2-2018 by Res. No. R-001-2018; 1-6-2020 by Res. No. R-001-2020]
A. The following institutions are approved as depositories for funds
from any Borough accounts:
(1) Jim Thorpe Neighborhood Bank.
(2) First Commonwealth Federal Credit Union.
(3) Mauch Chunk Trust Company.
(5) Pennsylvania Local Government Investment Trust (PLGIT).
B. This list
may be changed from time to time by resolution of the Lehighton Borough
Council.
[Amended 7-23-2001 by Res. No. 009-2001; 3-25-2013 by Res. No. 004-2013; 1-2-2018 by Res. No.
R-001-2018; 1-6-2020 by Res. No. R-001-2020]
Two "live" signatures (use of signature stamps
is expressly prohibited) shall appear on all Borough checks. These
signatures shall be any two of the following: Council President, Council
Vice President, Borough Manager, Treasurer or Assistant Secretary/Treasurer.
[Amended 1-2-2018 by Res.
No. R-001-2018; 1-6-2020 by Res. No. R-001-2020]
The Borough Manager and/or Borough Treasurer
are hereby authorized and directed to invest any idle Borough funds
in certificates of deposit, time-opened deposits, treasury bills or
any other investment permitted by law in order to obtain the highest
maximum yield of interest on Borough funds.