Mount Wolf Borough 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 chapter was
adopted.
Mount Wolf Borough 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 Borough Council of Mount Wolf Borough.
The Trustees of the Trust are designated as having official
custody of Mount Wolf Borough'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 §
86-1.
B. Mount Wolf Borough'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 Mount Wolf Borough'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.
D. It is not necessary to finance the agreement authorized herein from
municipal funds 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 purchased and redeemed from time to time as Mount Wolf
Borough may determine to be necessary or appropriate to meet its cash
investment requirements.
G. The Trust
shall be empowered to enter into contracts for policies of group insurance
and employee benefits, including social security, for its employees.