Chapter 3.44
INVESTMENT OF FUNDS

Sections:

3.44.010    Authority delegation.

3.44.020    Securities—Purchase and sale.

3.44.030    Securities—Redemptions.

3.44.040    Cancellation of bonds.

3.44.050    Reports required.

3.44.060    Deposits.

3.44.010 Authority delegation.

Pursuant to RCW 35.39.032, the authority to invest and reinvest money of the city, to sell or exchange securities so purchased, and to deposit such securities for safekeeping is delegated to the city clerk/treasurer, subject to the advice and consent of the city investment committee, described and created in Chapter 2.28. (Ord. 517 § 1, 1985).

3.44.020 Securities—Purchase and sale.

The city clerk/treasurer is authorized, under the advice and consent of the investment committee, to purchase at their original sale or after they have been issued, securities which are permissible investments under RCW 35.39.032 and 36.29.020, as they now read or may hereafter be amended, from money in her custody which is not required for the immediate necessities of the city and as she and the investment committee may deem wise and expedient, and to sell or exchange for other eligible securities and reinvest the proceeds of the securities so purchased. (Ord. 517 § 2, 1985).

3.44.030 Securities—Redemptions.

From time to time the city clerk/treasurer shall redeem the securities in which city money has been invested pursuant to Section 3.44.020 so that the proceeds may be applied to the purposes for which the original purchase money was designated or placed in the city treasury. (Ord. 517 § 3, 1985).

3.44.040 Cancellation of bonds.

Bonds issued by the city and purchased pursuant to Section 3.44.020 may be cancelled either in satisfaction of sinking fund obligations or otherwise, provided, however, that the bonds may be held uncancelled and while so held may be resold. (Ord. 517 § 4, 1985).

3.44.050 Reports required.

The city clerk/treasurer shall make a monthly report of all such investments to the city council. (Ord. 517 § 5, 1985).

3.44.060 Deposits.

The city clerk/treasurer is authorized to deposit for safekeeping with a trust company of a state or national bank located within this state or within the Federal Reserve Bank or any branch thereof located within this state or with any Federal Reserve Bank or with any state or national bank located in any city designated as a reserve city by the Board of Governors of the Federal Reserve System, the securities in which the city money has been invested pursuant to Section 3.44.020; provided, however, that the city clerk/treasurer shall take from such trust company or bank a receipt for the securities so deposited and shall not be responsible for such securities delivered to and receipted for by such trust company or bank until they are withdrawn therefrom by the city clerk/treasurer. (Ord. 517 § 6, 1985).