[Adopted 10-20-2014 by Ord. No. 2014-05]
The Township of Union 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
article was adopted.
[1]
Editor's Note: See 53 Pa.C.S.A. § 2301 et seq.
The Township of Union 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. These actions are to be taken by the officers designated
for this purpose, pursuant to general or specific instructions by
the governing body of the Township of Union.
The Trustees of the Trust are designated as having official
custody of the Township of Union'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 determined:
A.
The conditions of the agreement are set forth in the Declaration
of Trust;
B.
The Township of Union's participation in the Trust shall be terminable
at any time by ordinance, subject to the terms and restrictions of
the Declaration of Trust;
C.
The Declaration of Trust and the purchase of its shares are for the
purpose of investing the Township of Union's 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;
D.
It is not necessary to finance the agreement authorized herein from
funds of the Township of Union 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 by the bylaws provided for therein.
F.
Shares may be repurchased and redeemed from time to time as the Township
of Union 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; 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.
