RESOLUTION NO. 32-98

 

A RESOLUTION OF THE WEST MIFFLIN SANITARY SEWER MUNICIPAL AUTHORITY, ALLEGHENY COUNTY, PENNSYLVANIA, TO PARTICIPATE AS A MEMBER IN THE STATE TREASURER’S INVEST PROGRAM FOR LOCAL GOVERNMENTS FOR THE PURPOSE OF PURCHASING AND REDEEMING SHARES OF INVEST.

 

            NOW, THEREFORE, be it resolved and it is hereby resolved that:

1.         The West Mifflin Sanitary Sewer Municipal Authority (hereinafter referred to as “Local Government”) shall join with  other local governments in accordance with the Intergovernmental Cooperation Law by becoming a member in the   Invest Program for Local Governments (hereinafter referred to as “Invest”) and by entering into an Intergovernmental  Cooperation Agreement with the Treasury (the “Agreement”), 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 resolution is  adopted.

2.         The duration of the Agreement shall be for a period of three (3) years, with automatic renewal for one (1) year   periods.

3.         The purpose of the Agreement is to permit the State Treasurer to invest the funds of this Local Government with the  objective of safety of principal, liquidity and high yield consistent with sound investment strategy.

4.         State Treasurer shall serve as the investment manager under the terms of the Agreement.

5.         This Local Government is permitted to purchase and redeem shares that, in turn, are pooled with other local    governments’ shares to acquire and sell certain investment securities, at a rate of $1.00 per share.

6.         Any two (2) of the following individuals shall be authorized to make deposits and withdrawals, established accounts  and to perform such other duties as are necessary or appropriate for participation as an Invest member.

 

Cynthia Sullivan, Chairman                                                                    Phone (412) 466-6070

 

              

Donald Trimbath, Treasurer                                                                  Phone(412) 466-6070

 

          

Irene Parkinson,  Administrative Manager                                             Phone(412) 466-3887

           

 

7.         This Resolution shall become effective at the earliest date permitted by law.

           

RESOLVED, this 24th day of September1998.

 

ATTEST:                                                    

 Cynthia Sullivan, Chairman 

 Michael Price, Jr., Secretary