RESOLUTION NO. 51-00
A RESOLUTION
AUTHORIZING PARTICIPATION IN THE PENNSYLVANIA LOCAL GOVERNMENT INVESTMENT
TRUST (PLGIT)
WHEREAS, the Pennsylvania Local Government Investment
Trust was formed in accordance with the authorization contained in the Intergovernmental
Cooperation Act (1972 P.L. 762 No. 180), as amended, initially by the Boroughs
of Chambersburg and Emmaus, to provide a vehicle for Pennsylvania municipal
entities to pool their funds for investment purposes; and
WHEREAS, the Municipal Authorities
Act of 1945 (P.L. 382, No. 164, as amended), as amended by Act 70 of 1981
(P.L. 221), authorizes municipal authorities to join with other political
subdivisions and municipal authorities (collectively, “local government units”)
in accordance with the Intergovernmental Cooperation Act for the purpose of
purchasing investments; and
WHEREAS, the intergovernmental
Cooperation Act provides that any joint cooperation agreement shall be deemed
in force to any local government unit, when the same has been adopted by all
cooperating local government units;
NOW, THEREFORE, IT SHALL BE RESOLVED
AS FOLLOWS:
Section
1. This Governmental Unit shall join with other
local governmental units in accordance with the Intergovernmental Cooperation
Act and other similar acts 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 Resolution was adopted.
Section
2. 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, subject to the terms and restrictions of the Declaration of
Trust, referred to in Section 1. 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.
Section
3. The Trustees of the Trust are designated
as having official custody of this Governmental Units funds which are invested
by the purchase of shares in the Trust.
Section
4. 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 Section 1;
b) This Governmental Unit’s participation in the Trust shall be
terminable at any time by Resolution, subject to the terms and restrictions
of the Declaration of Trust referred to in Section 1;
c) 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 Section 1;
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 Trust;
e) The Trust shall managed by a Board of Trustees as set forth
in the Declaration of Trust and the By-Laws provided for therein;
f) 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 in accordance with the terms and restrictions
of the Declaration of Trust referred to in Section 1 and;
g) The Trust shall be empowered to enter into contracts for policies
of group insurance and employee benefits, including social security, for its
employees.
Section
5. This Resolution shall become effective at
the earliest date permitted by law.
RESOLVED, this 2nd day of February
2000.
WEST MIFFLIN SANITARY SEWER
Michael Price, Chairman