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.
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:
A. The conditions of the agreement are set forth in the declaration of trust referred to in §
29-1.
B. This governmental unit's participation in the trust shall be
terminable at any time by ordinance.
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.
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.
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.