Chapter 3.16
INVESTMENT OF TAX MONEYS
Sections
3.16.010 Taxes available for investment by county comptroller.
3.16.020 County comptroller directed to invest taxes collected on behalf of the city.
3.16.030 County comptroller authorized to deduct investment service fee.
3.16.010 Taxes available for investment by county comptroller.
The city council finds that property taxes and other taxes are collected by the county comptroller for and on behalf of the city and such funds are disbursed to the city once per month, generally on or about the tenth day of each month. Accordingly, the county has the benefit of such funds for investment purposes for up to 30 days and the citizens of the city are deprived of the interest of such funds. [Ord. 1144 § 63(14), 1995; Ord. 754 § 1, 1988. Formerly 3.68.010.]
3.16.020 County comptroller directed to invest taxes collected on behalf of the city.
The county comptroller is authorized and directed to invest in the manner specified in RCW 36.29.020, and in investments authorized by state law, all funds collected as taxes by the county for and on behalf of the city while such funds are retained in the custody of the county pending distribution to the city. This includes all taxes collected for the city and retained by the comptroller pending an official accounting. [Ord. 1144 § 63(14), 1995; Ord. 754 § 2, 1988. Formerly 3.68.020.]
3.16.030 County comptroller authorized to deduct investment service fee.
When the county comptroller invests tax moneys as provided in DMMC 3.16.020, he may deduct and retain an investment service fee as contemplated by RCW 36.29.020 in an amount of five percent of the interest or earnings up to a maximum fee of $50.00 per year for each transaction. For purposes of computing the maximum fee, all collections, deposits, and investments on one day are considered a single transaction and each day of activity is a separate transaction. [Ord. 1144 § 63(14), 1995; Ord. 754 § 3, 1988. Formerly 3.68.030.]
3.16.040 County comptroller directed to distribute funds together with accrued interest on investments thereof.
The county comptroller is authorized and directed to distribute to the city finance director, for and on behalf of the city, all taxes collected for and on behalf of the city in the manner currently practiced; provided, however, the comptroller is further directed to distribute to the city all interest earned on funds payable to the city from the date of receipt by the county to the date of disbursement to the city, less any investment service fee described in DMMC 3.16.030. [Ord. 1144 § 63(14), 1995; Ord. 754 § 4, 1988. Formerly 3.68.040.]