[HISTORY: Adopted by the Borough Council of the Borough of Silverdale as indicated in article histories. Amendments noted where applicable.]
[Adopted 5-3-1982 by Ord. No. 167]
Silverdale Borough shall join with the other municipalities, in accordance with the Pennsylvania 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 article was adopted.[2]
[1]
Editor's Note: See 53 Pa.C.S.A. § 2301 et seq.
[2]
Editor's Note: The preamble to this ordinance stated that the Pennsylvania Local Government Investment Trust had been formed in accordance with the authorization contained in the Intergovernmental Cooperation Act (1972, P.L. 762, No. 180) initially by the Boroughs of Chambersburg and Emmaus and that the Intergovernmental Cooperation Act provides that any joint cooperation agreement is to be deemed in force as to any municipality when the same has been adopted by ordinance by all cooperating municipalities.
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.
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.[1]
[1]
The preamble to this ordinance stated that the Borough of Silverdale (referred to in the ordinance as "this governmental unit") desired to join with other governmental units as a settlor of Pennsylvania Local Government Investment Trust (referred to in the ordinance as "PLGIT") Investment Trust A, PLGIT Investment Trust B and PLGIT Investment Trust C (each referred to in the ordinance as a "Trust" and collectively referred to as "Trusts") for the purpose of purchasing shares of those Trusts; that each Trust is a Pennsylvania common-law Trust formed in accordance with the authorization contained in the Intergovernmental Cooperation Act (1972, P.L. 762, No. 180, as amended), and related statutes, to provide a vehicle for Pennsylvania municipal entities to pool their funds for investment purposes; that the Municipal Authorities Act of 1945 (P.L. 382, No. 164, as amended by Act 70 of 1981) authorizes municipal authorities to join with other political subdivisions and municipal authorities (collectively referred to as "local governmental units") in accordance with the Intergovernmental Cooperation Act for the purpose of purchasing investments; and that the Intergovernmental Cooperation Act provides that any joint cooperation agreement is to be deemed in force as to any local governmental unit when the same has been adopted by all cooperating local governmental units. Section 5 of this ordinance provided that the ordinance amends and supplements Ordinance 167 (Article I of this chapter).
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.
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.