[HISTORY: Adopted by the Borough Council of the Borough of Sellersville as indicated in article histories. Amendments noted where applicable.]
[Adopted 10-12-1981 by Ord. No. 486]
This municipality 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 and a copy of which shall be filed with the minutes of the meeting at which this article was adopted.
Editor's Note: See 53 Pa.C.S.A. § 2301 et seq.
This municipality 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 governing body adopting this article.
The trustees of the trust are designated as having official custody of this municipality'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 municipality's participation in the trust shall be terminable at any time by this article;
The Declaration of Trust and the purchase of its shares are for the purpose of investing this municipality's funds in obligations which are otherwise legal investments as part of a pooled arrangement with other governmental units, thereby achieving economic and other advantages of pooled investments;
It is not necessary to finance the agreement authorized herein from municipal funds 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; and
Shares may be purchased and redeemed from time to time as this municipality may determine to be necessary or appropriate to meet its cash investment requirements.
[Adopted 2-9-2015 by Ord. No. 700]
The Borough Council President is hereby authorized to execute the Delaware Valley Health Trust Agreement (the "Trust Agreement") and any other agreements necessary for Sellersville Borough's participation in the trust. The Trust Agreement is attached and incorporated as Exhibit "A." The Trust Agreement is on file for inspection and review at the offices of Sellersville Borough at 140 East Church Street, Sellersville, Pennsylvania 18960. The Trust Agreement may be subsequently modified or amended but in no event shall such amendments or modifications materially adversely affect the right of Sellersville Borough to participate in the trust.
The participation of Sellersville Borough in the trust is authorized for the purpose of obtaining high-quality health benefits at the most reasonable cost to Sellersville Borough and its employees, retirees and their dependents.
As set forth in the Trust Agreement and as otherwise stated in this article, the following conditions apply to the participation of Sellersville Borough in the trust:
Each trust participant (as such term is defined in the Trust Agreement) must meet the admission and eligibility requirements set forth in the Trust Agreement;
Each trust participant agrees to pay all contributions when due as provided in the Trust Agreement and any bylaws adopted by the trust;
Each trust participant shall use its best efforts to provide appropriations for the payment of any contributions required to achieve the purposes and objectives of the trust;
Each trust participant shall cooperate fully in achieving the purposes and objectives of the trust; and
Each trust participant shall comply with all other terms and conditions of the Trust Agreement.
Sellersville Borough agrees to participate in the trust for a minimum of two years and thereafter may withdraw for any reason whatsoever provided that it has fulfilled all the applicable conditions in the Trust Agreement and satisfies all its financial obligations to the trust upon withdrawal.
The effective date of the participation of Sellersville Borough in the trust will be April 1, 2015.
The organizational structure of the trust consists of a Board of Trustees and Executive Committee selected by the Board of Trustees in accordance with the Trust Agreement.
The Sellersville Borough Council delegates to the Board of Trustees of the trust the powers enumerated in the Trust Agreement.
All contributions paid by Sellersville Borough shall be made with funds appropriated by Sellersville Borough Council for that purpose.
The funds required for the operation of the trust shall be provided by the trust participants through annual appropriations.
The trust is empowered to enter into contracts for policies of group insurance and employee benefits, including social security, for any of its employees.
As a condition of participating in the trust, Sellersville Borough agrees to comply with all the terms and conditions in the attached Trust Agreement.
This article is being enacted pursuant to the provisions of the Pennsylvania Intergovernmental Cooperation Law, as amended, 53 Pa.C.S.A. § 2301 et seq.