The Borough of Cheswick 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 forth verbatim in this section, and a copy of which shall
be filed with the minutes of the meeting at which this chapter was
adopted.
The Borough of Cheswick 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
proper 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:
A. The conditions of the agreement are set forth in the Declaration of Trust referred to in §
28-1.
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 the 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.
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.