Chapter 1.18
INVESTMENT OF PROPERTY TAX MONEYS BY COUNTY TREASURER

Sections:

1.18.010    Property taxes available for investment by county treasurer.

1.18.020    County treasurer directed to invest property taxes.

1.18.030    Deduction of fees by county.

1.18.040    County treasurer directed to distribute property taxes together with accrued interest on investments thereof.

1.18.010 Property taxes available for investment by county treasurer.

The city commission finds that property taxes collected by the Chelan County treasurer for and on behalf of the city of Wenatchee are moneys which are not required for immediate expenditure by the city while held by the county treasurer and are surplus moneys of the city available for investment by the treasurer. (Ord. 2736 § 1, 1988)

1.18.020 County treasurer directed to invest property taxes.

The Chelan County treasurer is authorized and directed pursuant to the provisions of RCW 36.29.020 to invest in the manner specified and in the investments authorized by state law any and all funds which are due to the city of Wenatchee for property taxes while retained in the custody of the treasurer pending distribution to the city. This includes all property taxes collected for the city and retained by the treasurer pending an official accounting. (Ord. 2736 § 2, 1988)

1.18.030 Deduction of fees by county.

Pursuant to the provisions of RCW 36.29.020, when the Chelan County treasurer invests property tax moneys for the city while in his custody, he may deduct and retain the investment service fee provided by state law when the interest earnings on the investment of the property tax moneys become available to the city. (Ord. 2736 § 3, 1988)

1.18.040 County treasurer directed to distribute property taxes together with accrued interest on investments thereof.

The Chelan County treasurer is authorized and directed to distribute to the city treasurer for and on behalf of the city of Wenatchee all property taxes collected as frequently as daily and the county treasurer is directed to distribute to the city all interest accrued on the investment thereof by the county at the time of the distribution of the property tax moneys to the city. The city treasurer is authorized to give 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 made by the treasurer on behalf of the city. (Ord. 2736 § 4, 1988)