Ordinance No. 109

An Ordinance authorizing participation by Kennett Township as a member in the Pennsylvania Municipal Investment Program (PMIP).

            WHEREAS, the Pennsylvania Municipal Investment Program (the "Program") was formed as a trust pursuant to provisions of Pennsylvania law on August 24, 1990, by the adoption of a certain declaration of trust (the "Declaration of Trust") by certain eligible entities as initial Participants, for the purpose of pooling the investment of funds of participating Pennsylvania municipalities and municipal authorities; and

            WHEREAS, participation in the Program by additional eligible entities is implemented by their adoption of and joinder in the Declaration of Trust as additional Participants thereof; and

            WHEREAS, as authorized by law, this Participant may invest its funds consistent with sound business practice by providing for an investment program and has determined that participation in the Program and the adoption of the Declaration of Trust will be economically advantageous to this Participant and is consistent with its investment program; and

            WHEREAS, the Declaration of Trust and an information statement relating to the Program have been presented to the governing body of this Participant.

            NOW THEREFORE, BE IT ORDAINED AND ENACTED AS FOLLOWS:

Section 1.      The Declaration of Trust as presented to this meeting (a copy of which, together with the accompanying information statement, shall be filed with the records of this Participant) is hereby adopted and this Participant shall, and is hereby authorized and directed to, become a Participant in the Program and, from time to time, to invest and withdraw its funds all in accordance with the provisions of the Declaration of Trust.

Section 2.      For purposes of investment of monies pursuant to the Program, Cheryl A. Kusy, as Secretary Treasurer for Kennett Township is hereby designated as "Authorized Officer" of this Participant and is authorized, directed and empowered to effectuate, from time to time, the investment and withdrawal of funds of this Participant and to otherwise give effect to this Participant's rights, as a participant of the Trust described herein, including the right to vote, from time to time, in accordance with the Declaration of Trust.  Such Authorized Officer is hereby further authorized, directed and empowered to take such actions and to execute and deliver counterparts of the Declaration of Trust and any and all other documents as deemed necessary and appropriate to evidence this Participant's approval of the Declaration of Trust and participation in the Program and otherwise to carry out the purpose of this Ordinance (the execution of such documents shall conclusively evidence approval).

Section 3.      This Participant hereby acknowledges and approves the Trustees of the Trust as having official custody of this Participant's funds as are invested in accordance with the Declaration of Trust.

Section 4.      All ordinances or parts of ordinances inconsistent herewith be and the same are hereby repealed.

Section 5.      Adopted this 19th day of August, 1996.

                                                                   KENNETT TOWNSHIP

                                                                   BOARD OF SUPERVISORS

Attest:

                                                                   ______________________

______________________                       Charles G. Shoemaker

Secretary-Treasurer

                                                                   ______________________

                                                                   James C. Henderson

                                                                   ______________________

                                                                   Michael E. Elling