[Adopted 5-3-1982 by Ord. No. 167]
Silverdale Borough shall join with the other
municipalities, in accordance with the Pennsylvania 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 article was
adopted.
Silverdale Borough 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.
The Trustees of the Trust are designated as
having official custody of Silverdale Borough'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 §
42-1;
B. Silverdale Borough's participation in the Trust shall
be terminable at any time by ordinance;
C. The Declaration of Trust and the purchase of its shares
are for the purpose of investing Silverdale Borough'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;
D. It is not necessary to finance the agreement authorized
herein from municipal funds 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; and
F. Shares may be purchased and redeemed from time to
time as Silverdale Borough may determine to be necessary or appropriate
to meet its cash investment requirements.
[Adopted 12-26-1989 by Ord. No. 214]
This governmental unit shall join with other
local governmental units in accordance with the Intergovernmental
Cooperation Act by becoming a settlor of the Trusts and entering into
the Declarations of Trust for the Trusts, which are adopted by reference
with the same effect as if such Declarations of Trust had been set
out verbatim in this section and copies of which shall be filed with
the minutes of the meeting at which this article was adopted.
This governmental unit is authorized to purchase shares in the Trusts 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 Declarations of Trust referred to in §
42-5. 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 each Trust are designated as
having official custody of this governmental unit's funds which are
invested by the purchase of shares in such Trust.
As required by the Intergovernmental Cooperation
Act, the following matters are specifically found and determined:
A. The conditions of the agreement with respect to each Trust are set forth in the respective Declaration of Trust referred to in §
42-5;
B. This governmental unit's participation in each Trust shall be terminable at any time by ordinance, subject to the terms and restrictions of the respective Declaration of Trust referred to in §
42-5;
C. With respect to each Trust, 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 §
42-5;
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 Trusts;
E. Each Trust shall be managed by a Board of Trustees as set forth in the respective Declaration of Trust referred to in §
42-5 and the respective bylaws provided for therein;
F. Shares of each Trust 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 and in accordance with the terms and restrictions of the respective Declarations of Trust referred to in §
42-5; and
G. Each Trust shall be empowered to enter into contracts
for policies of group insurance and employee benefits, including social
security, for its employees.