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Borough of Duncannon, PA
Perry County
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Table of Contents
Table of Contents
Code
New Laws (20) Index Notes (2)
[HISTORY: Adopted by the Borough Council of the Borough of Duncannon 11-20-2007 by Ord. No. 374. Amendments noted where applicable.]

§ 30-1
Participation authorized. 

§ 30-2
Purchase and redemption of shares. 

§ 30-3
Custody of funds. 

§ 30-4
Findings and determinations. 

Duncannon Borough shall join with other local governmental units in accordance with the Intergovernmental Cooperation Act

Editor's Note: See 53 Pa.C.S.A. § 2301 et seq.
by becoming a settlor of the Pennsylvania Local Government Investment Trust ("trust") and by entering into the Declaration of Trust, which Declaration of Trust 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.

Duncannon Borough 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, subject to the terms and restrictions of the Declaration of Trust. These actions are to be taken by the officers designated for this purpose and pursuant to general or specific instructions by the Borough Council of Duncannon Borough.

The Trustees of the trust are designated as having official custody of Duncannon Borough's funds invested by the purchase of shares in the trust.

As required by the Intergovernmental Cooperation Act,

Editor's Note: See 53 Pa.C.S.A. § 2301 et seq.
the following matters are specifically found and determined:

A. 

The conditions of the joint cooperation agreement entered into under the Intergovernmental Cooperation Act are set forth in the Declaration of Trust.

B. 

Duncannon Borough's participation in the trust shall be terminable at any time by ordinance, subject to the terms and restrictions of the Declaration of Trust.

C. 

The Declaration of Trust and the purchase of shares are for the purpose of investing Duncannon Borough's funds in obligations, that are otherwise legal investments, as a part of a pooled arrangement with other local governmental units, thereby achieving economic and other advantages of pooled investments. The powers and scope of authority delegated for this purpose are set forth in the Declaration of Trust.

D. 

It is not necessary to finance the joint cooperation agreement authorized herein from funds of Duncannon Borough, 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 by the bylaws provided for therein.

F. 

Shares may be repurchased and redeemed from time to time as Duncannon Borough may determine to be necessary or appropriate to meet its cash investment requirements and in accordance with the terms and restrictions of the Declaration of Trust.

G. 

The trust shall be empowered to enter into contracts for policies of group insurance and employee benefits, including social security, for its employees.