[HISTORY: Adopted by the Board of Supervisors of the Township of
East Goshen 3-3-1987 by Ord. No. 76. Amendments noted where applicable.]
East Goshen Township shall join with other local governmental units
in accordance with the Intergovernmental Cooperation Act by becoming a member
(settlor) of the Pennsylvania Local Government Investment Trust (PLGIT) and
entering into the Declaration of Trust, which is adopted by reference, and
a copy of which shall be filed with the minutes of the meeting at which this
chapter is adopted.
East Goshen Township is authorized to purchase shares in PLGIT from
time to time with available funds, and to redeem some of or all of those shares
from time to time as funds are needed for other purposes. These actions are
to be taken by the township officers named for this purpose pursuant to general
or specific instructions by the Board of Supervisors of East Goshen Township.
The Trustees of the Trust are designated as having official custody
of East Goshen Township's 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:
B.
East Goshen 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 East Goshen Township's funds in obligations
which are otherwise legal investments, as part of a pooled arrangement with
other local government units, thereby achieving economic and other advantages
of pooled investments.
D.
It is not necessary to finance the Agreement authorized
herein from funds of East Goshen Township 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 purchased and redeemed from time to time
as East Goshen Township may determine to be necessary or appropriate to meet
its financial needs.
