Chapter 3.21
INVESTMENT OF EXCESS FUNDS

Sections:

3.21.010    Authority delegated.

3.21.020    Investments specified.

3.21.030    Common investment portfolio.

3.21.040    Limitation on earnings from bonds.

3.21.010 Authority delegated.

Pursuant to RCW 35.39.032, the City Manager and the Finance Director, acting in committee, shall have the authority to make investments of inactive or surplus funds without the consent of the City Council for each investment. (Ord. 530 § 8, 2012; Ord. 28 § 1, 1993)

3.21.020 Investments specified.

The authority to invest inactive and surplus funds is limited to:

(1) United States bonds;

(2) United States certificates of indebtedness;

(3) Bonds or warrants of the State of Washington;

(4) General obligation or utility revenue bonds or warrants of the City of Woodinville or of any other city or town in the State;

(5) Bonds or warrants of a local improvement district of the City of Woodinville which are within the protection of the local improvement guarantee fund law; and

(6) Other investments as are authorized by law for any other taxing district. (Ord. 28 § 2, 1993)

3.21.030 Common investment portfolio.

(1) Money determined to be available for investment purposes may be invested on an individual fund basis or may, unless otherwise restricted by law, be commingled within one common investment portfolio for the mutual benefit of all participating funds.

(2) If money is commingled in a common investment portfolio, all income derived therefrom shall be apportioned among the various participating funds in proportion to the amount of money invested by each fund based on the end-of-the-month fund balance. The costs of investment will be attributed either to the general fund or to each participating fund in proportion to the amount of money invested by each fund based on the end-of-the-month fund balance. If money is commingled in the local government investment pool for common investment, the costs of investment will be paid from the pool’s earnings pursuant to RCW 43.250.060. (Ord. 657 § 1, 2018; Ord. 28 § 3, 1993)

3.21.040 Limitation on earnings from bonds.

All earnings from the sale of general obligation bonds or revenue bonds or similar instruments of indebtedness shall be invested or used in such manner as the initiating ordinances, resolutions, or bond covenants may lawfully prescribe. (Ord. 657 § 2, 2018; Ord. 28 § 4, 1993)