The municipality 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 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.
This municipality 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 officers designated for this purpose, pursuant
to general or specific instructions by the governing body adopting this article.
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 §
66-1.
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 this 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.