[HISTORY: Adopted by the Borough Council of the Borough of
Middletown 2-6-2006 by Ord. No.
1206, approved 2-6-2006. Amendments noted where applicable.]
The Borough of Middletown (the "Governmental Entity") shall
become a settlor of the Fund in accordance with the Declaration of
Trust by hereby adopting and entering into the Declaration of Trust
in accordance with the terms of the Declaration of Trust and the provisions
of the Pennsylvania Intergovernmental Cooperation Act[1] as now in effect, and a copy of the Declaration of Trust
shall be filed in the records of this Governmental Entity.
[1]
Editor's Note: See 53 Pa.C.S.A. § 2301 et seq.
This Governmental Entity may invest and withdraw funds pursuant
to the investment program of the Fund in accordance with the provisions
of the Declaration of Trust. The following officers or officials and
their respective successors in office are hereby authorized, directed
and empowered to take such actions and execute any and all such documents
as they may deem necessary and appropriate to effectuate and evident:
The trustees of the Fund are hereby designated as having official
custody of this Governmental Entity's funds which are invested
in accordance with the Declaration of Trust.
As required and provided by the Pennsylvania Intergovernmental
Cooperation Act (Section 1 of the Act of December 19, 1996, P.L. 1158,
No. 177),[1] the following matters are specified:
A.
The
conditions of the agreement regarding intergovernmental cooperation
are set forth in the Declaration of Trust;
B.
This
Governmental Entity's participation in the Fund shall be terminable
at any time by the delivery of a notice thereof to the Fund in accordance
with the Declaration of Trust, and the Fund shall be terminable in
accordance with the Declaration of Trust;
C.
The
purpose and objectives of the Declaration of Trust are the investment
of funds of this Governmental Entity in obligations and securities
in which funds of this Governmental Entity may be legally invested
as a part of a pooled arrangement with other Pennsylvania entitles
that constitute local governments as such term is defined in the Pennsylvania
Intergovernmental Cooperation Act (Section 1 of the Act of December
19, 1996, P.L. 1158, No. 177) in order to achieve thereby economic
and other advantages of such investments;
D.
It
is not necessary to finance the agreement authorized herein from funds
of this Governmental Entity except through the temporary investment
of funds in accordance with the Declaration of Trust;
E.
The
organizational structure necessary to implement the Declaration of
Trust shall be as set forth in the Declaration of Trust and the affairs
of the Fund shall be managed by the Trustees of the Fund;
F.
Funds
of this Governmental Entity may be invested and withdrawn in accordance
with the terms of the Declaration of Trust as this Governmental Entity
may determine to be necessary or appropriate to meet its investment
requirements; and
G.
If
the Trustees of the Fund deem it to be appropriate, the Fund shall
be empowered to enter into contracts for policies of group insurance
and employee benefits, including social security, for such employees,
if any, as it may have from time to time.
[1]
Editor's Note: See 53 Pa.C.S.A. § 2301 et seq.
