[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.