Chapter 3.56
INVESTMENTS

Sections:

3.56.010    Finance Director designated as investment officer.

3.56.020    Policy for investments.

3.56.030    Previous or outstanding investments.

Stat. Ref.: For provisions on the investment of city funds, see Chapter 35.39 RCW.

3.56.010 Finance Director designated as investment officer.

The Finance Director is designated as the investment officer for the City of Issaquah and is authorized to invest any excess or inactive funds in any manner authorized by law. (Ord. 1522 § 1, 1982).

3.56.020 Policy for investments.

In accordance with RCW 35.39.034, as amended, the following policy for the investment of excess or inactive funds is adopted:

A. Moneys determined to be available for investment by the Finance Director may be invested on an individual fund basis or may, unless otherwise restricted by law, be commingled within 1 common investment portfolio.

B. The Finance Director shall have discretion to determine whether the income derived from such investment shall be apportioned and used for the benefit of the various participating funds or for the benefit of the General or Current Expense Fund; provided that, funds derived from the sale of general obligation or revenue bonds or similar instruments of indebtedness shall be invested or used in such manner as the initiating ordinances, resolutions or bond covenants may lawfully prescribe.

C. Any excess or inactive funds on hand in the City treasury not otherwise invested or required to be invested by this section, as now or hereafter amended, may be invested in United States government bonds, notes, bills, certificates of indebtedness, or interim financing warrants of a local improvement district which is within the protection of the local improvement guaranty fund law for the benefit of the General or Current Expense Fund. (Ord. 1522 § 2, 1982).

3.56.030 Previous or outstanding investments.

All previous or outstanding investments of City funds for the benefit of the City’s General or Current Expense Fund which have been or could be made in accordance with the provisions of this section as now or hereafter amended, are declared valid. (Ord. 1522 § 3, 1982).