Return to Board of Trustees Resolutions
Return to Board of Trustees
Lincoln University, PA
WHEREAS, Lincoln University has established a depository institution for its Operating, Payroll, and other Funds to operate the institution and to make payments for various purposes; and
WHEREAS, Lincoln University has entered into agreements with said depository to secure and deposit funds of the institution and the President and Vice President for Fiscal Affairs of the institution are hereby directed, authorized and empowered to execute such agreement or agreements with said depository and to bind Lincoln University; and
WHEREAS, Lincoln University has funds at depository that are available from time to time for higher yield investments which are fully collateralized; and
WHEREAS, Lincoln University has determined that it would be prudent to invest in a manner similar to the method used by school districts throughout the Commonwealth of Pennsylvania for securing deposits of higher yield under the Act of Assembly, Act of August 6, 1971, P.L. 281, No. 72, 72 P.S. 3836-1; therefore, be it
RESOLVED, That the Board of Trustees authorizes the President and Vice President for Fiscal Affairs of Lincoln University to utilize said depository to secure the deposit of public funds through pledging of collateral and by being consistent with all of the applicable investment terms and requirements of the Act of Assembly, Act of August 6, 1971, P.L. 281, No. 72, 72 P.S. 3836-1.