Chapter 5.10
TREASURY

Sections:

5.10.010    Designation of King County as treasurer.

5.10.020    Establishment of funds.

5.10.030    Audit officer.

5.10.040    Authentication of claims.

5.10.050    Approval by the board and execution of payment.

5.10.060    Repealed.

5.10.070    Selection of banks, trusts and other depositories.

5.10.010 Designation of King County as treasurer.

King County Treasury Operations is designated as the Treasurer of Cascade. The individual designated by the Board under CWAC 2.05.170 (the “Board Treasurer”) shall, in accordance with the Bylaws, carry out his or her duties under the Bylaws by overseeing, on behalf of the Board, the treasury operations functions carried out by King County Treasury Operations and by Cascade staff, respectively, including the maintenance of complete books and records of account for all funds and securities of Cascade, the transfer of receipts for money due and payable to Cascade, the disbursement of funds, and the investment of money of Cascade with King County consistent with the investment pool agreement. The Board will continue to appoint, as Board Treasurer, the representative of a Member participating in the Joint Municipal Utility Services Agreement. The Chair and the Treasurer of Cascade are authorized to execute the investment pool agreement on behalf of Cascade. The Treasurer of Cascade, the Chair and the Chief Executive Officer of Cascade are each separately authorized to enter into such additional agreements and to make such certifications as may be necessary to provide for operational coordination between Cascade and King County Treasury Operations and to carry out the terms of the investment pool agreement, including, without limitation, documents enabling Cascade to establish accounts under King County’s banking services agreement with one or more banks. [Res. 2012-07 § 37; Res. 2009-19 § 5; Res. 2006-03 § 1].

5.10.020 Establishment of funds.

There are hereby established the following funds of Cascade:

A. An operating fund.

B. An RCFC fund.

C. A construction fund.

D. A rate stabilization fund.

E. A water system revenue bond fund, including a debt service account and a reserve account.

The board may at any time create additional funds, accounts, subfunds and subaccounts as it may deem necessary or appropriate for the purposes of Cascade. [Res. 2006-03 § 4].

5.10.030 Audit officer.

Cascade’s finance director is appointed the audit officer of Cascade Water Alliance as provided in RCW 42.24.080. [Res. 2009-18 § 2].

5.10.040 Authentication of claims.

The finance director shall authenticate all claims for materials, supplies and services and certify that such materials and supplies have been received, and such service has been rendered, and that such claim is just, that it is due, and that it is unpaid. [Res. 2009-18 § 3].

5.10.050 Approval by the board and execution of payment.

A. This section implements CWAC 2.05.400.

B. Cascade’s chief executive officer or the chief executive officer’s designee is authorized to act for the board of directors regarding the execution of any payment.

C. The funds for any payment of a claim must be included in the board-approved budget and Cascade’s contractual liability must not exceed available fund balances.

D. Any claim for payment shall be appropriately authenticated by the finance director as follows: the claim shall be listed on a claims authorization form that shall identify the claimant, the amount of the claim, and the total of all claims submitted for payment.

E. A report of any payment of a claim shall be submitted at the next regular meeting of the board of directors following such payment, on the claims authorization form signed by the finance director and countersigned by the treasurer, chair or vice chair of Cascade. [Res. 2011-03 § 1; Res. 2009-18 § 4].

5.10.060 Approval by the chief executive officer and execution of payment.

Repealed by Res. 2011-03. [Res. 2009-18 § 5].

5.10.070 Selection of banks, trusts and other depositories.

A. The board authorizes Cascade’s chief executive officer to select, on its behalf, banks, trust companies or other depositories for all contributions and funds received by Cascade as follows:

1. The chief executive officer may select the same banks, trust companies or other depositories utilized by Cascade’s treasurer; and/or

2. The chief executive officer may select, through an open, transparent, competitive process, any other or additional banks, trust companies or other depositories.

B. The chief executive officer shall submit a report of any actions taken pursuant to this authorization to the board at its next regularly scheduled meeting. [Res. 2009-17].