[HISTORY: Adopted by the Board of Supervisors of the Township of
North Codorus 6-20-1995 by Ord. No. 132-6-95.
Amendments noted where applicable.]
The Township of North Codorus shall join with other local governmental
units in accordance with the Intergovernmental Cooperation Act[1] and other similar acts by becoming a settlor
of the Pennsylvania Local Government Investment Trust (hereinafter, "the Trust")
and entering into the Declaration of Trust, a copy of which is attached hereto
and made a part hereof.[2]
North Codorus Township is authorized to purchase shares in the Trust
from time to time with available funds, and to redeem some or
all of those shares from time to time as funds are needed for other purposes,
subject to the terms and restrictions of the said Declaration of Trust. These
actions are to be taken by the officers designated for this purpose, pursuant
to general or specific instructions by the Supervisors of the Township.
The Trustees of the Trust are designated as having official custody
of the 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:
A.Â
The conditions of the agreement are set forth in the
aforesaid Declaration of Trust;
B.Â
The participation of North Codorus Township in the Trust
shall be terminable at any time by ordinance, subject to the terms and restrictions
of the aforesaid Declaration of Trust;
C.Â
The Declaration of Trust and the purchase of its shares
are for the purpose of investing the Township'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; and the powers and scope of authority delegated are
set forth in the aforesaid Declaration of Trust;
D.Â
It is not necessary to finance the agreement authorized
herein from funds of the Township except through the purchase of shares in
the Trust;
E.Â
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.Â
Shares may be repurchased and redeemed from time to time
as the Township may determine to be necessary or appropriate to meet its cash
investment requirements in accordance with the terms and restrictions of the
aforesaid Declaration of Trust; and
G.Â
The Trust shall be empowered to enter into contracts
for policies of group insurance and employee benefits, including social security,
for its employees.
The Chairman of the Board of Supervisors, the Township Secretary and
the Township Treasurer are hereby authorized to execute the Account Registration
Form, the Declaration of Trust and any and all other instruments as may be
required to join the Trust, and are hereby authorized to deliver the same
to the Trust to give effect to this chapter.
