[Adopted by Article 129 of the Codified Ordinances]
The sum of the lawful fidelity bond which the City Treasurer is required to give to the Commonwealth of Pennsylvania under the provisions of the Third Class City Code[1] is fixed at $1,500,000.
[1]
Editor's Note: See 53 P.S. § 35101 et seq.
The sum of the insurance protection against any and all losses of funds which the City Treasurer is required to furnish under the provisions of the Third Class City Code[1] for any and all losses of funds is fixed at $15,000.
[1]
Editor's Note: See 53 P.S. § 35101 et seq.
Annually, at the first stated meeting of the Council in January, the Council shall select and designate the banks, banking institutions or trust companies of the City to be the City depositories for the ensuing year. Each depository so named shall pay to the City interest on the average daily balance so deposited, the rate to be determined by the Mayor, City Treasurer, City Controller and Director of the Department of Administrative Services.
The City Treasurer, before making such deposits, shall require each bank, banking institution or trust company so selected and designated to give a good and sufficient bond with corporate surety, to be approved by the Council, and no deposit shall at any time be greater than the amount of the bond furnished by such depository, provided that no institution shall become its own bondsman, and provided further that in lieu of the aforesaid surety bond, the aforesaid designated depository shall give collateral security to the City, to be approved by the Council in an amount sufficient to cover any deposit, before any such deposit of public funds shall be made therein, agreeable to the Act of 1933, P.L. 624, Section 1004, exception (1).
A. 
The City shall join with other municipalities in accordance with the Pennsylvania Intergovernmental Cooperation Act by becoming a settler of the Pennsylvania Local Government Investment Trust and entering into the Declaration of Trust, which is adopted by reference with the same effect as if it had been set out verbatim in this article and a copy of which is attached to original Ordinance No. 14-1982.
B. 
The City is authorized to purchase shares in the Trust from time to time with available municipal funds and to redeem some or all of those shares from time to time as funds are needed for municipal purposes. These actions are to be taken by the officers designated for this purpose, pursuant to general or specific instructions by the governing body adopting this article.
C. 
The Trustees of the Trust are designated as having official custody of the City's funds which are invested by the purchase of shares in the Trust.
D. 
As required by the Intergovernmental Cooperation Act,[1] the following matters are specifically found and determined:
(1) 
The conditions of the agreement are set forth in the Declaration of Trust referred to in Subsection A hereof.
(2) 
The City's participation in the Trust shall be terminable at any time by ordinance.
(3) 
The Declaration of Trust and the purchase of its shares are for the purpose of investing the City's funds in obligations which are otherwise legal investments as part of a pooled arrangement with other governmental units, thereby achieving economic and other advantages of pooled investments.
(4) 
It is not necessary to finance the agreement authorized herein from municipal funds except through the purchase of shares in the Trust.
(5) 
The Trust shall be managed by a Board of Trustees as set forth in the Declaration of Trust and the bylaws provided for therein.
(6) 
Shares may be purchased and redeemed from time to time as the City may determine to be necessary or appropriate to meet its cash investment requirements.
[1]
Editor's Note: See 53 P.S. § 481 et seq.