[Adopted 4-15-1981 as Ord. No. 1953]
A. 
The Township of Lower Merion shall join with other municipalities in accordance with the Pennsylvania Intergovernmental Cooperation Act (Act of July 12, 1972, No. 180, as amended)[1] by becoming a settlor of the Pennsylvania Local Government Investment Trust and entering into the Declaration of Trust, which is incorporated and adopted herein by reference with the same effect as if it had been set out verbatim in this section.
[1]
Editor's Note: See 53 P.S. § 481 et seq.
B. 
A copy of the Declaration of Trust shall be filed in the office of the Township Secretary with the minutes of the Board of Commissioners meeting at which this article is adopted, and a copy of the Declaration of Trust is on file in the office of the Director of Finance.
C. 
The President of the Board of Commissioners is hereby authorized to execute the Declaration of Trust on behalf of the Township of Lower Merion.
The Township of Lower Merion is hereby authorized to purchase shares of 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. These actions are to be taken by the Director of Finance or by his or her duly authorized representatives pursuant to general or specific instructions given by the Board of Commissioners.
The Trustees of the Pennsylvania Local Government Investment Trust are hereby designated as having official custody of the funds represented by the shares which are purchased pursuant to the authorization contained in this article.
As required by the Pennsylvania Intergovernmental Cooperation Act, the following matters are specifically found and determined:
A. 
The conditions of the agreement are set out in the Declaration of Trust referred to and incorporated in § 10-23 of this chapter.
B. 
Participation in the Pennsylvania Local Government Investment Trust and in the Declaration of Trust shall be terminable by the Board of Commissioners at any time by adoption of an ordinance repealing this article.
C. 
The Declaration of Trust and the purchase of the shares are for the purpose of investing funds in obligations which are otherwise legal investments and which are permitted for Townships of the First Class under the laws and statutes of the Commonwealth of Pennsylvania, as part of a pooled arrangement with other governmental units, in order to achieve economic and other advantages of pooled investments.
D. 
It is not necessary to finance the agreement authorized by this article except through the purchase of shares in the Pennsylvania Local Government Investment Trust.
E. 
The Trust shall be managed by a Board of Trustees as set forth in the Declaration of Trust and in the bylaws provided for in the Declaration of Trust.
F. 
Shares may be purchased from time to time and shall be redeemed as necessary to meet the cash needs of the Township of Lower Merion, as provided in § 10-24 of this article.