[Ord. No. 357,
passed 4-6-1982]
The Township shall join with other municipalities in accordance
with the Pennsylvania 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.
[Ord. No. 357,
passed 4-6-1982]
The Township 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 Board. The Trustees of the Trust are designated as having official
custody of the Township's funds which are invested by the purchase
of shares in the Trust.
[Ord. No. 417,
passed 8-11-1993]
A.
This Township, by its duly authorized representatives, shall execute,
as grantor, a revocable trust agreement with PNC Bank, as trustee,
in the form filed with the meeting materials (the "revocable trust
agreement"). In authorizing the execution of the revocable trust agreement,
it is expressly acknowledged that the agreement has attached to it
and incorporates by reference the plan of the PNC Short Term Investment
Fund for Pennsylvania School Districts and Municipalities, as though
the plan were fully set forth in the revocable trust agreement.
B.
The revocable trust so manifested shall be funded initially with
and increased by the transfer of (or decreased by the withdrawal of)
such assets or cash as the duly authorized representatives of this
Township may deem advisable, without the need for further authorizing
ordinances/resolutions.
C.
PNC Bank, as trustee under the revocable trust agreement, is designated
as having official custody of the funds transferred to it as trustee,
from time to time.
D.
As required by the Intergovernmental Cooperation Law, 53 P.S. § 487,
it is specified that:
1.
The conditions of agreement governing cooperation with other school
districts, municipalities, and municipal authorities are set forth
in the plan of the PNC Short Term Investment Fund for Pennsylvania
School Districts and Municipalities (the "plan"), which is incorporated
by reference into the revocable trust agreement;
2.
The duration of the agreement governing cooperation shall terminate
at such time, if ever, that the revocable trust agreement is revoked
or the plan incorporated by reference therein is terminated;
3.
The revocable trust agreement and the plan incorporated by reference
therein are intended to secure the benefits of a corporate fiduciary's
services, including but not limited to the enhanced investment opportunities
and economic advantages of collective investment in legally authorized
investments;
4.
There is no need to finance the engagement of PNC Bank as trustee
under the revocable trust agreement or the collective investment or
trust assets, except for the payment of reasonable compensation, as
provided for in PNC Bank's schedule of compensation or the revocable
trust agreement, from time to time;
5.
The organizational structure necessary to implement the agreement
of cooperation shall be that of the PNC Short Term Investment Fund
for Pennsylvania School Districts and Municipalities, a common trust
fund within the meaning of Section 584(a) of the Internal Revenue
Code of 1986, as amended, and established and maintained in conformity
with the rules and regulations of the United States Comptroller of
the currency and the plan incorporated by reference into the revocable
trust agreement. It is expressly acknowledged that exclusive management
of said common trust fund shall at all times be vested solely in its
trustee; and
6.
Units of participation in the PNC Short Term Investment Fund for
Pennsylvania School Districts and Municipalities may be purchased,
held, and sold from time to time by PNC Bank, as trustee under the
revocable trust agreement.
