[HISTORY: Adopted by the Borough Council of the Borough of Penndel 7-5-1989 by Ord. No. 89-4 (Ch. 11 of the 1976 Borough Code). Amendments noted where applicable.]
This governmental 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.
Editor's Note: See now the provisions at 53 Pa.C.S.A. § 2301 et seq.
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 this 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:
This governmental unit's participation in the trust shall be terminable at any time by ordinance.
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.
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.
The trust shall be managed by a Board of Trustees as set forth in the declaration of trust and the bylaws provided for therein.
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.
Whenever the requirements of this chapter are in conflict with other requirements of the ordinances of the Borough of Penndel, the most restrictive or those imposing the higher standards shall govern.