[Adopted 10-14-1981 by Ord. No. 7-1981[1]]
[1]
Editor's Note: This ordinance also provided
that it shall take effect 30 days after adoption.
The Borough of West Chester shall join with
other municipalities in accordance with the Pennsylvania Intergovernmental
Cooperation Act[1] by becoming a settlor of the Pennsylvania Local Government
Investment Trust and entering into the Declaration of Trust, which
is incorporated hereby by reference as fully as though set forth at
length, a copy thereof being directed to be filed with the minutes
of the meeting at which this article is adopted, and the appropriate
officials of the Borough of West Chester are hereby authorized and
directed to execute the documents necessary and appropriate for the
Borough of West Chester to become a settlor of the trust as aforesaid.
[1]
Editor's Note: The Intergovernmental Cooperation
Act of 1972 was repealed 12-19-1996 by P.L. 1158, No. 177. See now
the current provisions at 53 Pa.C.S.A. § 2301 et seq.
The Borough of West Chester, acting by and through
its appropriate officials, 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. The Borough official or officials authorized
to purchase and redeem shares in the trust shall be designated by
resolution of the Borough Council and may be amended from time to
time by further resolution of the Borough Council.
The trustees of the trust are designated as
having official custody of the funds of the Borough of West Chester
which are invested by the purchase of shares in the trust.
In accordance with the Intergovernmental Cooperation
Act,[1] the following matters are specifically found and determined:
A.
The conditions of this agreement are as set forth in the Declaration of Trust, incorporated herein by reference pursuant to § 12-1 above.
B.
The duration of the term of the agreement is indefinite,
and the participation of the Borough of West Chester in the trust
may be terminated at any time by further ordinance of the Borough.
C.
The purpose and objectives of the agreement are to
enable the Borough of West Chester to invest its funds in obligations
which are in all respects legal investments for the Borough as part
of a pooled arrangement with other municipalities in order to achieve
economic and other advantages.
D.
The manner and extent of financing the agreement are
through purchase of shares in the trust, which purchase is at all
times discretionary with the Borough, and otherwise there is no financing
of this agreement required.
E.
The organizational structure necessary to implement
the agreement is as set forth in the trust, which provides that the
trust shall be managed by a Board of Trustees whose duties and responsibilities
are more fully set forth in the Declaration of Trust and the bylaws
thereof provided for therein.
F.
The manner in which property, real or personal, shall
be acquired, managed or disposed of is through the purchase and redemption
of shares in the trust from time to time as the Borough of West Chester
in its sole discretion shall determine to be necessary or appropriate
to meet its cash investment requirements.
[1]
Editor's Note: The Intergovernmental Cooperation
Act of 1972 was repealed 12-19-1996 by P.L. 1158, No. 177. See now
the current provisions at 53 Pa.C.S.A. § 2301 et seq.
