Chapter 2.32
INVESTMENT BOARD*

Sections:

2.32.010    Use of city funds authorized – Designated.

2.32.020    Determination of amount of money.

2.32.030    Authority.

2.32.040    Report.

2.32.050    Conversion to cash.

*    For statutory provision on investment of excess funds, see RCW 35A.40.050.

2.32.010 Use of city funds authorized – Designated.

The treasurer of the city is authorized to make investments of any portion of the moneys in the city’s inactive funds or in other funds in excess of current needs in the following:

A.    United States bonds;

B.    United States certificates of indebtedness;

C.    Bonds or warrants of the state;

D.    General obligation or utility revenue bonds or warrants of the city or of any other city or town in the state;

E.    The city’s own bonds or warrants of a local improvement or condemnation award district, which is within the protection of the local improvement guarantee fund law;

F.    Account or accounts in savings and loan associations up to the amount of the insurance afforded such accounts by the Federal Savings and Loan Insurance Corporation;

G.    Savings or time account or accounts in banks, trust companies, and mutual savings banks up to the amount of insurance afforded such accounts by the Federal Deposit Insurance Corporation;

H.    Repurchase agreements with local banks according to current state auditors’ ruling. (Ord. 796 § 1, 1976).

2.32.020 Determination of amount of money.

The city treasurer shall determine the amount of money available in each fund for investment purposes. (Ord. 796 § 2, 1976).

2.32.030 Authority.

The city treasurer is authorized to make such investments, subject to the approval of the city manager. (Ord. 796 § 3, 1976).

2.32.040 Report.

The city treasurer shall make a monthly report of all investment transactions to the city manager which will be reported to council. (Ord. 796 § 4, 1976).

2.32.050 Conversion to cash.

The city treasurer may at any time convert any of its investments, securities, or any part thereof, into cash to meet the needs of the city. (Ord. 796 § 5, 1976).