[HISTORY: Adopted by the Board of Supervisors of the Township
of Forks 6-18-1987 by Ord. No. 187. Amendments noted where applicable.]
GENERAL REFERENCES
Intermunicipal agreements — See Ch. 18..
This governmental unit shall join with other local governmental
units in accordance with the Intergovernmental Cooperation Act[1] by becoming a settlor of the Pennsylvania Local Government
Investment Trust (the "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 section and a copy of which shall
be filed with the minutes of the meeting at which this chapter was
adopted.
[1]
Editor's Note: See now 53 Pa.C.S.A. § 2301
et seq.
This governmental unit 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. These actions are to be taken by the officers designated
for this purpose, pursuant to general or specific instructions by
the governing body of this governmental unit.
The trustees of the trust are designated as having official
custody of this governmental unit's funds which are invested
by the purchase of shares in the trust.
As required by the Intergovernmental Cooperation Act,[1] the following matters are specifically found and determined:
B.
This
governmental unit's participation in the trust shall be terminable
at any time by resolution.
C.
The
Declaration of Trust and the purchase of its shares are for the purpose
of investing this governmental unit'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.
D.
It
is not necessary to finance the agreement authorized herein from funds
of this governmental unit 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 this governmental
unit may determine to be necessary or appropriate to meet its cash
investment requirements.
[1]
Editor's Note: See now 53 Pa.C.S.A. § 2301
et seq.
