Chapter 3.12


3.12.010    Authority.

3.12.020    Income.

3.12.030    Market-rate account – Authorized.

3.12.040    Market-rate account – Income.

3.12.010 Authority.

Pursuant to RCW 35.39.030 and 35.39.032, funds in excess of current needs of the city are invested by the finance director as authorized by Resolution No. 173 dated September 11, 1979. (Ord. 879 § 5, 2002; Ord. 294 § 1, 1983)

3.12.020 Income.

Income derived from excess funds of the city invested by the finance director are apportioned and used for the benefit of the various participating funds. (Ord. 879 § 5, 2002; Ord. 294 § 2, 1983)

3.12.030 Market-rate account – Authorized.

Pursuant to federal legislation allowing banks and savings and loans to provide accounts paying variable rates on funds retained in those accounts, the finance director is authorized to open such an account for the benefit of retaining city funds on deposit until such time as needed for payment of claims for services and payroll. (Ord. 879 § 5, 2002; Ord. 294 § 3, 1983)

3.12.040 Market-rate account – Income.

In accordance with RCW 35.39.034, any excess or inactive funds on hand in the city treasury, not otherwise invested, may be invested and all income derived from this investment used for the benefit of the current expense fund. All income derived from investment in the market-rate savings account shall be used for the benefit of the current expense fund. Income derived from investment of excess money of all funds other than those funds for the operation of city bonded indebtedness shall be used for benefit of the current expense fund. (Ord. 879 § 5, 2002; Ord. 330, 1984; Ord. 294 § 4, 1983)