[HISTORY: Adopted by the Board of Supervisors of the Township of Middle Smithfield as indicated in article histories. Amendments noted where applicable.]
[Adopted 3-12-1987 by Ord. No. 39; amended 3-12-2002 by Ord. No. 109]
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 article 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:
This governmental unit's participation in the trust shall be terminable at any time by ordinance or resolution.
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.
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.
The trust shall be managed by a Board of Trustees as set forth in the Declaration of Trust and the bylaws provided for therein.
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.
[Adopted 3-12-2002 by Ord. No. 109]
The Township of Middle Smithfield shall join with other local governments in accordance with the Intergovernmental Cooperation Law by becoming a member in the Pennsylvania Treasurer's INVEST Program for local governments (INVEST), and by entering into an Intergovernmental Cooperation Agreement (the agreement) with the Pennsylvania Treasury Department, upon such terms and conditions as are more fully set forth in the attached agreement, a signed copy of which shall be filed with the minutes of the meeting at which this article is adopted.
The duration of the agreement shall be for a period of three years, with automatic renewals for one-year periods.
The purpose of the agreement is to permit the State Treasurer to invest the funds of the Township with the objectives of safety of principal, liquidity, and high yield consistent with sound investment strategy.
The State Treasurer shall serve as the investment manager under the terms of the agreement.
The Township is permitted to purchase and redeem shares that in turn are pooled with other local government shares to acquire and sell certain investment securities at a rate of $1 per share.
Any one of the following office holders shall be authorized to make deposits and withdrawals, establish accounts, and to perform such other duties as are necessary or appropriate for participation as an INVEST member: Chairperson, Vice Chairperson, Secretary, or Treasurer of the Township of Middle Smithfield.