[Adopted 7-16-1981 by Ord. No. 716]
The Borough of Media shall join with other municipalities
in accordance with the Pennsylvania Intergovernmental Cooperation
Act[1] by becoming one of the settlors of the Pennsylvania local
government investment trust and entering into the Declaration of Trust,
a copy of which is made part of the minutes of the meeting of the
Council of the Borough of Media at which this article is adopted and
is hereby incorporated by reference.
[1]
Editor's Note: See 53 P.S. § 481
et seq.
The Treasurer of the Borough of Media is authorized
to purchase shares in the trust from time to time with available municipal
funds and redeem some or all of those shares from time to time as
funds are needed for municipal purposes.
The following matters are specifically found
and determined:
A.
The conditions of the agreement by which the Borough of Media becomes one of the settlors of the trust are set forth in the Declaration of Trust referred to in § 23-1 of this article.
B.
The participation of the Borough of Media in the trust
shall be terminable at any time by formal action of the Council of
the Borough of Media.
C.
The Declaration of Trust and the purchase of its shares
are for the purpose of investing funds of the Borough of Media and
obligations which are legal investments as part of a pool of investments
of a similar nature with other governmental units, thereby achieving
the economic and other advantages of pooled investments.
D.
The trust shall be managed by a Board of Trustees
as set forth in the Declaration of Trust and the bylaws provided for
therein.
E.
Shares may be purchased and redeemed from time to
time as is deemed necessary or appropriate to meet the cash investment
requirements of the Borough of Media.
F.
The agreement shall be financed from municipal funds
only by and through the purchase of shares of the trust.
