17290_Authority_February_2024

municipalauthorities.org | 29 Most PLGIT Investors know that the Trust is somehow unique among investment options in the Commonwealth of Pennsylvania. Unlike other financial institutions, PLGIT’s members actually own and operate the Trust. PLGIT serves more than 3,216 local governments, authorities, and schools in Pennsylvania, oversees more than $10 billion in assets (as of September 30, 2023), and provides Investors with tools like online access, procurement cards and more. PLGIT invests solely in investments permitted across all codes governing local governments, schools, and municipal authorities in Pennsylvania. Unlike a bank, which serves stockholders, PLGIT is governed by a Board of Trustees who are chosen from seven statewide sponsoring associations -- a critical structural difference that sets PLGIT apart. Who votes for the members of that Board? You do, as a PLGIT Investor. The PLGIT Board of Trustees The voice of your authority at the Pennsylvania Local Government Investment Trust By Tamara Kemmler, Senior Marketing Representative, PLGIT That vote is critically important, because PLGIT’s Trustees play a vital role. The Board you help elect performs important work in the oversight of your investments and helps to ensure that the stewardship of those investments is sound. Nominated by You, Elected by You The 11 members of the all-volunteer Board of Trustees are nominated each year by the sponsoring associations, which include: PMAA, the Pennsylvania Municipal Authorities Association; PSATS, the Pennsylvania State Association of Township Supervisors; PSAB, the Pennsylvania State Association of Boroughs; PML, the Pennsylvania Municipal League; CCAP, the County Commissioners Association of Pennsylvania; PSATC, the Pennsylvania State Association of Township Commissioners; and PASA, the Pennsylvania Association of School Administrators. Those nominees are, in turn, voted for and elected by PLGIT Investors. The Board of Trustees meets quarterly in public meetings to review, discuss and take action on the business of the Trust. To assure adequate representation of the interests of the variety of participating entities, the Trust’s nominating committee must nominate at least one candidate representing each of the following: boroughs, cities, counties, municipal authorities, school districts, townships of the first class, and townships of the second class. All Trustees must be either an elected member or full-time employee of their respective municipality or school district. The Trust seeks to maintain a Board that represents a cross-section of entities, geographic regions, and municipalities of varying sizes. (For a full listing of PLGIT Board Members see www.PLGIT.com) At its most recent elections in May of 2023, Kathleen DePuy was elected as the Board’s new President. She has served at a PLGIT trustee since 2014, has been a Councilperson for the Borough of Whitehall in Allegheny County since 1990 and served as President of that council in 1992, 1997, 2010, 2017 and 2023. She was also President of Pennsylvania State Association of Boroughs (PSAB) in 2013. Having representatives like Kathleen DePuy in place puts decision-making responsibility in the hands of people with first-hand knowledge of issues that affect local governments. Ownership -- and Stewardship -- on Your Behalf PLGIT’s Declaration of Trust is a governing document which was initially drafted in 1981 and has been amended over time. The Declaration of Trust gives the Trustees broad decision- making powers, stating “the Trustees shall have exclusive and absolute control … over the affairs of the Trust to the same extent as if the Trustees were the sole owners of the Trust Property.” This means that the Trustees have the power to guide PLGIT. While the PLGIT Board of Trustees is not directly responsible for Trust investments, they do have important policymaking and oversight responsibilities which have a direct bearing on the success of the Trust. These duties include: Reviewing vendors who work for the Trust. The Board of Trustees reviews Continued on page 56.