[HISTORY: Adopted by the Board of Supervisors of the Township
of Fallowfield 10-25-1994 by Ord. No. 130. Amendments noted where
applicable.]
Fallowfield Township shall join with other local governmental
units in accordance with the Intergovernmental Cooperation Act[1] 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
Ordinance No. 130 was adopted.
[1]
Editor's Note: See 53 Pa.C.S.A. § 2301 et seq.
Fallowfield Township 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 § 48-1. 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 Fallowfield Township funds which are invested by the purchase
of shares in the trust.
As required by the Intergovernmental Cooperation Act,[1] the following matters are specifically found and determined:
B.
Fallowfield Township's participation in the trust shall be terminable at any time by ordinance subject to the terms and restrictions of the Declaration of Trust referred to in § 48-1;
C.
The Declaration of Trust and the purchase of its shares are for the purpose of investing Fallowfield Township's funds in obligation 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 § 48-1;
D.
It is not necessary to finance the agreement authorized herein from
funds of Fallowfield Township except through the purchase of shares
in the trust;
E.
The trust shall be managed by the Board of Trustees as set forth
in the Declaration of Trust and by bylaws provided for therein;
F.
Shares may be repurchased and redeemed from time to time as Fallowfield Township 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 § 48-1; and
G.
The trust shall be empowered to enter into contracts for policies
of group insurance and employee benefits, including social security,
for its employees.
[1]
Editor's Note: See 53 Pa.C.S.A. § 2301 et seq.
