The participation of the Township in the Trust is authorized
for the purpose of obtaining high-quality, cost-effective life, disability
and other employee welfare benefit insurance at a reasonable cost
to the Township and its employees.
As required by the Intergovernmental Cooperation Act, 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 at least 90 days in advance, to become effective
on either June 30 or December 31 of a given plan year; or in the case
of an initial year of participation in the Trust shall participate
for a minimum of one year.
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 Restated Trust Agreement
are that:
(1) Funds to implement the Township's obligations under the Restated
Trust 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 policies of group insurance
and employee welfare benefits to be offered to participating employers
for their eligible employees and dependents.