[HISTORY: Adopted by the Borough Council
of the Borough of Abbottstown as indicated in article histories. Amendments
noted where applicable.]
GENERAL REFERENCES
Intergovernmental cooperation — See Ch. 25.
[Adopted 1-18-2007 by Ord. No. 2007-02]
Abbottstown Borough (herein referred to as "this
governmental unit") 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 (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
article was adopted.
[1]
Editor's Note: See 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, subject to the terms and restrictions of
the Declaration of Trust referred to in § 32-5. 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 § 32-5.
B.
This governmental unit's participation in the Trust
shall be terminable at any time by ordinance, subject to the terms
and restrictions of the Declaration of Trust referred to in § 32-5.
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; and the powers
and scope of authority delegated are set forth in the Declaration
of Trust referred to in § 32-5.
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 in accordance with the terms
and restrictions of the Declaration of Trust referred to in § 32-5.
G.
The Trust shall be empowered to enter into contracts
for policies of group insurance and employee benefits, including social
security, for its employees.
