[HISTORY: Adopted by the Borough Council
of the Borough of Trappe as indicated in article histories. Amendments
noted where applicable.]
GENERAL REFERENCES
Utilities — See Ch. 310.
[Adopted 4-4-1978 by Res. No. 78-3 (Part
3, Ch. 1, Sec. 3-1003, of the 1987 Code)]
The Borough of Trappe jointly with the Borough
of Collegeville and the Collegeville-Trappe Municipal Authority shall
open a deposit account with the American Bank and Trust Company of
Pennsylvania wherein there will be deposited the funds collected for
utility charges by the Borough of Trappe.
The Borough of Trappe hereby authorizes telephonic
transfers from the Deposit Account to the various accounts of the
Borough of Collegeville, the Borough of Trappe and the Collegeville-Trappe
Municipal Authority from time to time.
[Adopted 7-7-1981 by Ord. No. 217 (Part
3, Ch. 3, of the 1987 Code)]
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 Ordinance No. 217
was adopted.
[1]
Editor's Note: See 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 Ordinance No. 217.
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, the following matters are specifically found and determined:
B.
This municipality's participation in the Trust may
be terminated 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; and
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.
