The caption of and recitals to this article
as set forth above are incorporated herein by reference.
The Cooperative is designated as having official
custody of such of the funds of this Borough as are budgeted by the
Cooperative pursuant to the terms of the intergovernmental agreement.
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 Intergovernmental Agreement for Intergovernmental Insurance Cooperative referred to in §
43-9A herein.
B. The Borough's participation in the Cooperative shall
be for a period of not less than three (3) years.
C. The purpose and objectives of the Agreement are to
enter into an intergovernmental contract to form a local government
insurance cooperative to select and contract with a common insurance
carrier for employee benefits which may include but are not necessarily
limited to insurance covering life, health, hospitalization, accident,
medical and surgical services, and to defend and protect, in accordance
with the Agreement, the liability of the Board of Directors, officers
and employees of the Cooperative and to delegate the administration
of the Cooperative to a Board of Directors appointed and/or elected
pursuant to the Agreement.
D. The Cooperative shall be managed by a Board of Directors
pursuant to the terms of the agreement.
E. All property, real or personal, shall be acquired,
managed or disposed of by the Cooperative in accordance with the terms
of the agreement.
Nothing contained in this article shall be construed
to affect any suit or proceeding pending in any court, or any rights
acquired or liability incurred, or any cause or causes of action existing
prior to the enactment of this article.