[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, provided that the only investments of that company are in the authorized investments for Borough funds listed in Subsections
A through
D, above.
F. As a settlor with other municipalities in accordance with the Pennsylvania
Intergovernmental Cooperation Act 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.
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.