Allegheny County, PA Chapter 430 Local Government Investment Trust

[HISTORY: Adopted by the County Council of Allegheny County 5-2-2000 by Ord. No. 4-00. Amendments noted where applicable.]

CHARTER REFERENCES

For additional information regarding County budgeting and finance policies, see Art. VII.

ADMINISTRATIVE CODE REFERENCES

For additional information regarding intergovernmental purchases, see Art. 907.

§ 430-1 Authorization.

The County of Allegheny is hereby authorized to join with other local governmental units in Pennsylvania in taking all necessary actions to become a settlor of the Pennsylvania Local Government Investment Trust (PLGIT) or "Trust." The County Treasurer, on behalf of the County of Allegheny, is hereby authorized to execute the Declaration of Trust for the PLGIT, the terms of which are incorporated by reference in its entirety herein. A copy of the Declaration of Trust shall be filed with the minutes of the meeting when this chapter is adopted.[1]

[1] Editor's Note: A copy of the Declaration of Trust is on file in the County offices and is available for inspection during regular office hours.

§ 430-2 Purchase of shares.

The County of Allegheny, is hereby 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 Declaration of Trust referred to in § 430-1 of this chapter. These actions are to be taken by the officials designated for this purpose, pursuant to general or specific instructions by the governing body of the County.

§ 430-3 Trustees to maintain custody of funds.

The Trustees of the Trust are entrusted with official custody of the County's funds invested by the purchase of shares in the Trust subject to review by the appropriate County officials.

§ 430-4 Findings; statutory authority.

Pursuant to the Intergovernmental Cooperation Act,[1] Council makes the following findings and determinations:

A. The conditions of the agreement are set forth in the Declaration of Trust referred to in § 430-1 of this chapter.

B. The County's participation in the Trust shall be terminable at any time by resolution, subject to the terms and restrictions of the Declaration of Trust referred to in § 430-1 of this chapter.

C. The Declaration of Trust and the purchase of its shares are for the purpose of investing the County'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 Declaration of Trust referred to in § 41-1 of this chapter.

D. It is not necessary to finance the agreement authorized herein from funds of the County 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 repurchased and redeemed from time to time as the County may determine to be necessary or appropriate to meet its cash investment requirements in accordance with the terms and restrictions of the Declaration of Trust referred to in § 430-1 of this chapter.

G. The Trust shall be empowered to enter into contracts for policies of group insurance and employee benefits, including social security, for its employees.

[1] Editor's Note: See 53 Pa.C.S.A. § 2301 et seq.