Chapter 3.08
INVESTMENT OF CITY FUNDS
Sections:
3.08.020 Investment policy declaration.
3.08.030 Delivery/transfer of funds collected by Grant County treasurer.
3.08.040 Investment of funds by Grant County treasurer.
3.08.010 Authority.
A. Chapter 35.39 RCW, as now codified or hereafter amended, provides a city may invest excess funds, may designate an investment official and may deposit certain investment returns into the current expense fund.
B. Pursuant to RCW 35.39.032, as now codified or hereafter amended, the city clerk is authorized to determine the amount of money available in each fund for investment purposes and to make the investments allowed by law. The clerk shall make a monthly report of all investment transactions to the council.
C. Pursuant to RCW 35.39.034, as now codified or hereafter amended, the clerk is directed to deposit all income derived from investments into the current expense fund except for that income required by the law of the state of Washington or the United States to be returned to the participating fund. (Ord. 962 § 1, 2002).
3.08.020 Investment policy declaration.
It shall be the policy of the city 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 city as authorized by law. (Ord. 962 § 1, 2002).
3.08.030 Delivery/transfer of funds collected by Grant County treasurer.
The Grant County treasurer is authorized and requested to distribute to the city clerk for and on behalf of the city all property taxes and abatement liens collected as frequently as daily; and the city clerk is authorized to deliver a receipt therefor whenever funds are delivered to the city. Delivery may be in money or as a transfer of an investment authorized by RCW 36.29.020, and made by the Grant County treasurer for the city. (Ord. 962 § 1, 2002).
3.08.040 Investment of funds by Grant County treasurer.
The Grant County treasurer is authorized and directed to promptly, upon receipt, invest all property taxes and abatement liens collected for the city and retained in his custody pending distribution to the city in the Washington State Local Government Investment Pool as authorized by law and as has been previously authorized by the city council. Pursuant to RCW 36.29.022, monies of the city may be invested by the Grant County treasurer together with the monies of other units of local government. Such funds shall be invested in that manner until the soonest of (a) a distribution to the city as contemplated by this chapter; or (b) the monthly distribution to the city as required by RCW 36.29.110. The Grant County treasurer is further authorized and directed to inform the city clerk 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 to the city clerk. (Ord. 962 § 1, 2002).