[HISTORY: Adopted by the Borough Council of the Borough of Collegeville 10-7-1981 by Ord. No. 310 (Part 3, Ch. 3, of the 1985 Code of Ordinances). Amendments noted where applicable.]
Council shall provide for an investment program of its funds in one or more of the following forms of investments:
A. 
United States Treasury Bills.
B. 
Short-term obligations of the United States government or its agencies or instrumentalities.
C. 
Deposits in savings accounts or time deposits or shared accounts of institutions insured by the Federal Deposit Insurance Corporation or the Federal Savings and Loan Corporation or the National Credit Union Share Insurance Fund to the extent that such accounts are so insured.
D. 
Obligations of the United States of America or any of its agencies or instrumentalities backed by the full faith and credit of the United States of America, the Commonwealth of Pennsylvania or any of its agencies or instrumentalities backed by the full faith and credit of the commonwealth, or of any political subdivision of the Commonwealth of Pennsylvania or any of its agencies or instrumentalities backed by the full faith and credit of the political subdivision.
E. 
Shares of an investment company whose shares are registered under the Securities Act of 1933,[1] provided that the only investments of that company are in the authorized investments for Borough funds listed in Subsections A through D, above.
[1]
Editor's Note: See 15 U.S.C. § 77a.
F. 
As a settlor with other municipalities in accordance with the Pennsylvania Intergovernmental Cooperation Act[2] in the Pennsylvania Local Government Investment Trust (the trust) and entering into a declaration of trust, which is adopted by reference herein.
(1) 
The 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 Borough purposes. These actions are to be taken by the officers designated for this purpose, pursuant to general or specific instructions by Council.
(2) 
The trustees of the trust are designated as having official custody of the Borough's funds which are invested by the purchase of shares in the trust.
(3) 
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 a Declaration of Trust referred to in this section.
(b) 
This Borough's participation in the trust shall be terminable at any time by ordinance.
(c) 
The Declaration of Trust and the purchases of its shares are for the purpose of investing this Borough's funds in obligations which are otherwise legal investment 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 for municipal funds except through the purchase of shares in the trust.
(e) 
The trust shall be managed by the Board of Trustees as set forth in the Declaration of Trust and the bylaws provided by their end.
(f) 
Shares may be purchased and redeemed from time to time as the Borough may determine to be necessary or appropriate to meet its cash investment requirements.
[2]
Editor's Note: See 53 Pa.C.S.A. § 2301 et seq.
The proper officers, agents or employees of the Borough are directed to place the funds of the Borough in one or more of the above forms of investment as they determine to be in the best interests of the Borough.