Chapter 4.46
PROPERTY TAX INVESTMENT AND DISTRIBUTION

Sections:

4.46.010    Property taxes available for investment by county comptroller.

4.46.020    County comptroller directed to invest property taxes.

4.46.030    County comptroller authorized to deduct investment service fee.

4.46.040    County comptroller directed to distribute property taxes together with accrued interest on investments thereof.

4.46.010 Property taxes available for investment by county comptroller.

The city council finds that property taxes collected by the King County comptroller for and on behalf of the city of Mercer Island are moneys which are not required for immediate expenditure by the city while held by the comptroller and are surplus moneys of the city available for investment by the comptroller. (Ord. A-27 § 1, 1983).

4.46.020 County comptroller directed to invest property taxes.

The King County comptroller is authorized and directed, pursuant to the provisions of RCW 36.29.020, to invest in the manner specified and in the investments authorized by state law any and all funds which are due to the city of Mercer Island for property taxes while retained in the custody pending distribution to the city. This includes all property taxes collected for the city and retained by the comptroller pending an official accounting. (Ord. A-27 § 1, 1983).

4.46.030 County comptroller authorized to deduct investment service fee.

Pursuant to the provisions of RCW 36.29.020, when the King County comptroller invests property tax moneys for the city while in his custody, he may deduct and retain the investment service fee provided by state law when the interest earnings on the investment of the property tax moneys become available to the city. (Ord. A-27 § 1, 1983).

4.46.040 County comptroller directed to distribute property taxes together with accrued interest on investments thereof.

The King County comptroller is authorized and directed to distribute to the city finance director, for and on behalf of the city of Mercer Island, all property taxes collected as frequently as daily, and the comptroller is directed to distribute to the city all interest accrued on the investment thereof by the county at the time of the distribution of the property tax moneys to the city. The city finance director is authorized to give a receipt therefor whenever funds are delivered to the city. Delivery may be in money or as a transfer of an investment authorized by RCW 36.29.020, made by the comptroller on behalf of the city. (Ord. A-27 § 1, 1983).