Bern Township shall join with other local governmental
units in accordance with the 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.
Bern Township is authorized to purchase shares
in the Trust from time to time as funds are needed for other purposes.
These actions are to be taken by the officers designated for this
purpose, pursuant to general or specific instructions by the Board
of Supervisors of Bern Township.
The Trustees of the Trust are designated as
having official custody of all Bern Township 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 §
19-1.
B. Bern Township'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 governmental unit's funds in
obligations which are otherwise legal investments, as part of a pooled
arrangement with other local governmental units, thereby achieving
economic and other advantages of pooled investments.
D. It is not necessary to finance the agreement authorized
herein from funds of this governmental unit 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 repurchased and redeemed from time to
time as the Bern Township Board of Supervisors may determine to be
necessary or appropriate to meet its cash investment requirements.