[Adopted 1-5-2015 by Ord. No. 17-2015]
A. 
The Board of Supervisors adopts the Restated Trust Agreement and agrees to participate in the Trust in accordance with the amended and updated terms of the Restated Trust Agreement, and the Chairman of the Board of Supervisors and Secretary of the Township are hereby authorized to sign the Restated Trust Agreement and any other agreements necessary for the Township's participation in the Trust.
B. 
The Restated Trust Agreement is on file for inspection and review at the Township's offices at 12751 State Route 29 Montrose, Pennsylvania. The Restated Trust Agreement may be subsequently modified or amended in accordance with its terms, but in no event shall such modifications or amendments divert any of the trust funds from the purposes of the Trust. The Township may withdraw from the Trust in accordance with the Restated Trust Agreement, including if the Township determines the modifications or amendments are not in the best interests of the Township.
The participation of the Township in the Trust is authorized for the purpose of offering high quality pension and retirement plans at a reasonable cost to the Township and its employees.
As set forth in greater detail in the Restated Trust Agreement and as otherwise stated herein, the following conditions apply to the participation of the Township in the Trust:
A. 
That each participating employer must meet the admission and eligibility requirements set forth therein;
B. 
That each participating employer agrees to pay all contributions when due as provided in the Restated Trust Agreement or as otherwise established by the Board of Trustees; and
C. 
That each participating employer complies with all other conditions of the Restated Trust Agreement.
The Township agrees to participate in the Trust and may withdraw for any reason and in accordance with the Restated Trust Agreement, provided that it has fulfilled all its financial obligations to the Trust upon withdrawal.
The effective date of the Township's agreement to and joinder in the Restated Trust Agreement and the participation of the Township in the Trust pursuant to the terms of the Restated Trust Agreement will be January 5, 2015.
Each participating employer delegates to the Board of Trustees the powers enumerated in the Restated Trust Agreement.
The organizational structure of the Trust shall consist of a Board of Trustees. Under the Restated Trust Agreement, the Board of Trustees is authorized to, among other things, enter into contracts with third parties to perform various services necessary for the administration of the Trust.
The funds required for the operation of the Trust shall be provided by the participating employers through scheduled appropriations as determined by the Board of Trustees.
The Trust is empowered to enter into contracts for policies of group insurance and employee benefits, including social security, for employees of the Trust, if any.
As a condition of participating in the Trust, the Township agrees to comply with all of the terms and conditions in the Restated Trust Agreement.
The Secretary of the Township shall provide a certified copy of this article upon its enactment to the Board of Trustees of the Trust.
The Board of Supervisors of the Township is hereby authorized to take any and all such other actions as may be necessary or appropriate to carry out the purposes of this article and comply with the requirements of the Restated Trust Agreement and any duly adopted amendments thereto.
The duration of the term of the Township's participation in the Trust and obligations under the Restated Trust Agreement shall continue until withdrawal from the Trust by the Township in accordance with the terms of the Restated Trust Agreement.
The Board of Supervisors hereby specifically finds and determines as follows:
A. 
The conditions of the intergovernmental cooperative agreement are set forth in the Restated Trust Agreement incorporated by reference herein.
B. 
The Township shall participate in the Trust in accordance with the Restated Trust Agreement until it withdraws by giving notice to the Board of Trustees in accordance with the terms of the Restated Trust Agreement.
C. 
The purpose and objectives of the intergovernmental cooperative arrangement, including powers and scope of authority delegated to the Board of Trustees, are set forth in the incorporated Restated Trust Agreement.
D. 
The manner and extent of financing of the agreement are that:
(1) 
Funds to implement the Township's obligations under the agreement shall come from the normal and usual budgeted amounts for Township employee compensation and employee benefits; and
(2) 
No borrowing is anticipated to be required.
E. 
The Trust shall be managed by the Board of Trustees pursuant to the terms of the Restated Trust Agreement.
F. 
All assets and property, real or personal, of the Trust shall be titled to, acquired, managed, licensed or disposed of by the Trust, and its Board of Trustees, in accordance with the terms of the Restated Trust Agreement.
G. 
The Trust, in accordance with the Restated Trust Agreement, shall be empowered to enter into contracts for the creation and administration of group and/or individual pension and retirement plans to be offered to participating employers for their eligible employee and dependents.
Nothing in this article shall be interpreted to affect any rights or liabilities of the Township, or to affect any cause of action, existing prior to the enactment of this article.