Chapter 3.35
INVESTMENT OF FUNDS
Sections:
3.35.040 Excess or inactive funds.
3.35.050 Revocation of authority.
3.35.010 Authority.
Pursuant to the provisions of Chapter 35.39 RCW, which authorizes the town to invest any portion of moneys in its inactive funds or in other funds in excess of current needs in (1) United States bonds, notes, bills; (2) United States Certificates of indebtedness; (3) bonds or warrants of this state; (4) general obligation or utility revenue bonds or warrants of La Conner or of any other city or town in the state; (5) its own bonds or warrants of a local improvement district which are within the protection of the local improvement guaranty fund law; and (6) in any other investments authorized by law for any other taxing districts, the clerk of the town of La Conner is hereby granted the authority to make such investments as he or she deems are available in each fund for investment purposes. [Ord. 500 § 1, 1982.]
3.35.020 Monthly report.
The clerk shall make a monthly report of all investment transactions to the town council. [Ord. 500 § 2, 1982.]
3.35.030 Available moneys.
Moneys thus determined available for this purpose may be invested on an individual fund basis or may, unless otherwise restricted by law, be commingled within one common investment portfolio for investment. All 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 funds as the town council shall determine; provided, that funds derived from sale of general obligation bonds or revenue bonds or similar instruments of indebtedness shall be invested, or used in such manner as the initiating ordinances or bond covenants may lawfully prescribe. [Ord. 500 § 3, 1982.]
3.35.040 Excess or inactive funds.
Any excess or inactive funds on hand in the town treasury not otherwise invested, or required to be invested by the laws of the state of Washington, may be invested by the clerk according to LCMC 3.35.010. [Ord. 500 § 4, 1982.]
3.35.050 Revocation of authority.
This authority hereby delegated to the clerk may be revoked, and the authority assumed by the town council at any time deemed appropriate. [Ord. 500 § 6, 1982.]