Chapter 3.28
PROPERTY TAX AND ABATEMENT LIEN REGULATIONS

Sections:

3.28.010    Policy.

3.28.020    Authorization.

3.28.030    Investments.

3.28.040    Investment fee.

3.28.050    Prior action.

3.28.010 Policy.

It shall be the policy of the town to receive collections of property taxes and abatement liens as soon as practical and to invest funds not required or available for immediate expenditure for the benefit of the town as authorized by law.

(Ord. 219 §1, 1988).

3.28.020 Authorization.

The county treasurer is authorized and requested to distribute to the town for and on behalf of the town all property taxes and abatement liens collected as frequently as daily; and the town is authorized to deliver a receipt therefor whenever funds are delivered to the town. Delivery may be in money or as a transfer of an investment authorized by RCW 36.29.020, and made by the county treasurer for the town.

(Ord. 219 §2, 1988).

3.28.030 Investments.

The county treasurer is authorized and directed to promptly, upon receipt, invest all property taxes and abatement liens collected for the town and retained in his custody pending distribution to the town in the Washington State Local Government Investment Pool as authorized by law and as has been previously authorized by the town council. Pursuant RCW 36.29.022, moneys of the town may be invested by the county treasurer together with the moneys of other units of local government and until (a) a distribution to the town as contemplated by this chapter, or (b) the monthly distribution to the town required by RCW 36.29.110. The county treasurer is further authorized and directed to inform the town each business day as to the balance in such account and at the time of making distribution as contemplated herein or RCW 36.29.110, to transfer all interest accrued and all treasury bills purchased, to the town.

(Ord. 219 §3, 1988).

3.28.040 Investment fee.

If the county treasurer in- vests funds for the town while in his custody, he may deduct and retain the investment fee contemplated by RCW 36.29.020 when the interest earnings become available to the town.

(Ord. 219 §4, 1988).

3.28.050 Prior action.

Any action which is consistent with the authority of the ordinance codified in this chapter but taken prior to its effective date, is ratified and confirmed.

(Ord. 219 §5, 1988).