[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.
