This governmental unit shall join with other local governmental
units in accordance with the Intergovernmental Cooperation Act 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.
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, the following
matters are specifically found and determined:
A. The conditions of the agreement are set forth in the Declaration of Trust referred to in §
29-1.
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 units 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 §
29-1.
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 repurchased and redeemed from time to time as this governmental
unit may determine to be necessary or appropriate to meet its cash
investment requirements.
G. The
Trust shall be empowered to enter into contracts for policies of group
insurance and employee benefits, including social security, for its
employees.