[HISTORY: Adopted by the Borough Council of the Borough of Tyrone 9-14-1992 by Res. No. 423. Amendments noted where applicable.]
The Borough of Tyrone shall join with other local governmental units in accordance with the Intergovernmental Cooperation Act and other similar acts 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 resolution was adopted.
Editor's Note: See 53 Pa.C.S.A. § 2301 et seq.
The Borough of Tyrone 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 referred to in § 30-1. These actions are to be taken by the officers designated for this purpose, the Borough Council.
The trustees of the trust are designated as having official custody of the Borough of Tyrone 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:
The Borough of Tyrone's participation in the trust shall be terminable at any time, by resolution, subject to the terms and restrictions of the declaration of trust referred to in § 30-1.
The declaration of trust and the purpose of its shares are for the purpose of investing the Borough of Tyrone 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, and the powers and scope of authority delegated are set forth in the declaration of trust referred to in § 30-1.
It is not necessary to finance the agreement authorized herein from funds of the Borough of Tyrone, except through the purchase of shares in the trust.
The trust shall be managed by a Board of Trustees set forth in the declaration of trust and by the bylaws provided for therein.
Shares may be repurchased and redeemed, from time to time, as the Borough of Tyrone may determine to be necessary or appropriate to meet its cash investment requirements in accordance with the terms and restrictions of the declaration of trust referred to in § 30-1.
The trust shall be empowered to enter into contracts for policies of group insurance and employee benefits, including social security, for its employees.