shall have the meanings given to them in this subsection unless
the context clearly indicates otherwise:
"Local government investment trust" or "local government
investment pool" shall mean a trust or pool offered by the State
Treasurer or multiple public corporations or municipal
authorities, governed by a board of directors or board of
trustees for the exclusive benefit of the participating public
corporations or municipal authorities.
"Public corporation" shall have the same meaning as given to
it in section 1 of the act of May 16, 1929 (P.L.1773, No.581),
entitled, "An act to supplement an act approved the twentieth
day of April, one thousand eight hundred and seventy-four
(Pamphlet Laws, sixty-five), entitled 'An act to regulate the
manner of increasing the indebtedness of municipalities; to
provide for the redemption of the same; and to impose penalties
for illegal increase thereof,' by authorizing the sale of
property purchased by a public corporation out of funds provided
by increase of indebtedness of such corporation; and providing
for the disposition of the funds realized from such sale."
Section 1.2. (a) In addition to products otherwise
authorized by law, a public corporation or municipal authority
may invest and reinvest money of the public corporation or
municipal authority in any of the following financial products:
(1) Negotiable certificates of deposit or other evidences of
deposit, with a remaining maturity of three years or less,
issued by a nationally or State-chartered bank, a Federal or
State savings and loan association or a State-licensed branch of
a foreign bank. For obligations with a maturity of one year or
less, the debt obligations of the issuing institution or its
parent must be rated in the top short-term rating category by at
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