Source: http://ecode360.com/12775556
Timestamp: 2017-05-28 18:30:06
Document Index: 197041467

Matched Legal Cases: ['§ 2301', '§ 20', '§ 20', '§ 20', '§ 20', '§ 20']

Borough of Chester Heights, PA Local Government Investment Trust
Authorization to purchase or redeem shares.
Authority of Trustees.
Circuses, Carnivals and Transient Merchants
Utility Poles, Wires and Lines
Ch A189
of the Borough of Chester Heights 9-9-1995 by Ord. No. 140. Amendments
This governmental unit shall join with other
local governmental units in accordance with the Intergovernmental
Cooperation Act[1] and other similar acts by becoming a settlor of the Pennsylvania
effect as if it had been set out verbatim in this section, and a copy
chapter was adopted.[2]
Editor's Note: See 53 Pa.C.S.A. § 2301
Editor's Note: The Declaration of Trust is
on file in the Borough offices.
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 § 20-1. 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.
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:
A. The conditions of the agreement are set forth in the Declaration of Trust referred to in § 20-1;
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 § 20-1;
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 § 20-1;
herein from funds of this governmental unit 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
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 wit the terms and restrictions of the Declaration of Trust referred to in § 20-1; and
for policies of group insurance and employee benefits, including social
security, for its employees.