[HISTORY: Adopted by the Borough Council of Montgomery Borough 9-2-1982 by Ord. No. 1982-10 (Ch. V, Part 2, of the 1996 Code of Ordinances). Amendments noted
where applicable.]
This municipality 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.[1]
[1]
Editor's Note: The preamble to Ord. No. 1982-10 stated
that the Pennsylvania Local Government Investment Trust was formed
in accordance with the authorization contained in the Intergovernmental
Cooperation Act (1972 P.L. 762, No. 180), initially by the Boroughs
of Chambersburg and Emmaus; and that the Intergovernmental Cooperation
Act provides that any joint cooperation agreement is to be deemed
in force as to any municipality when the same has been adopted by
ordinance by all cooperating municipalities. Section 5 of the ordinance
provided that the ordinance became effective at the earliest date
permitted by law.
This municipality 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 governing body adopting this chapter.
The trustees of the trust are designated as having official
custody of this municipality'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:
B.
This municipality'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 this municipality'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; and
F.
Shares may be purchased and redeemed from time to time as this municipality
may determine to be necessary or appropriate to meet its cash investment
requirements.
