Chapter 4.22
INVESTMENT OF CITY FUNDS

Sections:

4.22.010    Investments designated.

4.22.020    Council consent not required – Conversion into cash.

4.22.030    Report of transactions.

4.22.010 Investments designated.

In accordance with RCW 35A.40.050, authority is granted to the city manager and the finance director to invest any portion of the moneys in its inactive or in other funds in excess of current needs in:

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 its own or any other city or town in the state;

E. Its own bonds or warrants of a local improvement or condemnation award district which is within the protection of the local improvement guaranty fund law; and

F. In other investments authorized by law. (Ord. 495 § 5, 1980).

4.22.020 Council consent not required – Conversion into cash.

The city manager and the finance director shall have the authority to make the investments without the consent of the city council for each investment and may, at any time, convert the securities mentioned in MICC 4.22.010, or any part thereof, into cash. (Ord. 495 § 5, 1980).

4.22.030 Report of transactions.

The director of finance shall prepare a report for the city manager each month, who in turn shall make a monthly report of all investment transactions to the city council. (Ord. 495 § 5, 1980).