The Township of Tobyhanna shall join with 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 chapter was adopted.
The Township of Tobyhanna 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 chapter.
The Trustees of the Trust are designated as having official custody
of the funds of the Township of Tobyhanna 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 §
14-1.
B. The participation of the Township of Tobyhanna 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 the funds of the Township of Tobyhanna 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.
F. Shares may be purchased and redeemed from time to time
as the Township of Tobyhanna may determine to be necessary or appropriate
to meet its cash investment requirement.
G. The Board of Supervisors of Tobyhanna Township
hereby authorizes its certain officers including the Chairman, Vice Chairman,
Secretary and Treasurer to complete any applications, verifications or other
documents necessary for the purchase of shares in the Trust in order to gain
the greatest benefit for the township in the utilization of the Trust for
designated township funds.