Chapter 3.02
CITY DEPOSITORIES
Sections:
3.02.010 Designation of depositories.
3.02.020 Availability of money for investment.
3.02.030 Investments – Mayor’s supervision.
3.02.010 Designation of depositories.
(1) The finance director for the city of Oak Harbor shall annually at the end of each fiscal year, or at such other times as may be deemed necessary, designate one or more financial institutions which are qualified public depositories as set forth by the public deposit protection commission as depository or depositories for the moneys required to be kept by the finance director.
(2) The finance director shall advise the mayor and city council of the designations made.
(3) Nothing in this section shall be construed as forbidding the city from making investments as authorized and permitted under state law, as now in effect or as hereafter amended, and done in accordance with the city’s financial policies as now in effect or as hereafter amended. (Ord. 1219 § 1, 2000; Ord. 725 § 1, 1985).
3.02.020 Availability of money for investment.
Investments may be made in any type of institution or any instrument approved by the state of Washington. Responsibility for determining the amount of money available for investment from each city fund shall be upon the finance director. (Ord. 1219 § 2, 2000; Ord. 725 § 2, 1985).
3.02.030 Investments – Mayor’s supervision.
Investments may be made by finance director upon supervision of the mayor in accordance with finance policies of the city with report to council. (Ord. 1219 § 3, 2000; Ord. 725 § 3, 1985).
3.02.040 Finance policies.
Investments by the city shall be made in accordance with financial policies approved by the city council. (Ord. 1219 § 4, 2000; Ord. 725 § 4, 1985).