[Adopted 6-11-1986 as
Ch. A216 of the 1986 Code]
The Borough of Franklin Park 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") by 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 article was
adopted. The proper officers of the Borough Council of the Borough
of Franklin Park are hereby authorized, empowered and directed to
do what is required and take whatever action is required and execute
and deliver any documents which may be required to effectuate the
joinder of the Borough of Franklin Park with other local government
units as a settlor of the Pennsylvania Local Government Investment
Trust.
The Borough of Franklin Park is hereby 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 shall be taken by
the President of the Borough Council or, in his absence, the Vice
President of Borough Council, attested by the Borough Secretary at
such time or times as they shall be instructed so to do by the Borough
Council.
The Trustees of the Trust are designated as having official
custody of the Borough funds which are received 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 §
29-1.
B. The
Borough'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 Borough'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 the Borough may
determine to be necessary or appropriate to meet its cash investment
and flow requirements.
G. The Trust shall be empowered to enter into contracts for policies
of group insurance and employee benefits, including social security,
for its employees.