The Township shall join with other local governmental units in accordance with the Intergovernmental Cooperation Act (53 Pa.C.S.A. § 2301 et seq.) and other similar acts 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 of the Board of Supervisors (the "Board") at which the Board adopts this article.
[HISTORY: Adopted by the Board of Supervisors of the Township of Nockamixon as indicated in article histories. Amendments noted where applicable.]
[Adopted 5-17-2018 by Ord. No. 166]
The Township is authorized to purchase shares in the Trust from time to time with available funds, and to redeem some or all of those shares from time to time as funds are needed for other purposes, subject to the terms and restrictions of the Declaration of Trust referred to in § 21-1 of this article. The Board shall designate those officers of the Township who will have authority to take such actions.
The Board hereby designates the Trustees of the Trust as having official custody of the Township's funds which are invested by the purchase of shares in the Trust.
As required by the Intergovernmental Cooperation Act, the Board finds and determines the following:
A.
The conditions of the agreement are set forth in the Declaration of Trust referred to in § 21-1 of this article;
B.
The Township's participation in the Trust shall be terminable at any time by ordinance, subject to the terms and restrictions of the Declaration of Trust referred to in § 21-1 of this article;
C.
The Declaration of Trust and the purchase of shares in the Trust are for the purpose of investing the Township's funds in obligations, which are otherwise legal investments, as part of a pooled arrangement with other local governmental units, thereby achieving economic and other advantages of pooled investments; and the powers and scope of authority delegated are set forth in the Declaration of Trust referred to in § 21-1 of this article;
D.
It is not necessary to finance the agreement authorized herein from funds of the Township, except through the purchase of shares in the Trust;
E.
A Board of Trustees, as set forth in the Declaration of Trust and the bylaws provided for therein, shall manage the Trust;
F.
Shares may be repurchased and redeemed from time to time as the Township may determine to be necessary or appropriate to meet its cash investment requirements in accordance with the terms and restrictions of the Declaration of Trust referred to in § 21-1 of this article; and
G.
The Trust shall be empowered to enter into contracts for policies of group insurance and employee benefits, including social security, for its employees.