Chapter 3.56
PROPERTY TAX INVESTMENT AND DISTRIBUTION
Sections:
3.56.010 Property taxes available for investment by county treasurer.
3.56.020 County treasurer directed to invest property taxes.
3.56.030 County treasurer authorized to deduct investment service fee.
3.56.010 Property taxes available for investment by county treasurer.
The city council finds that property taxes collected by the Lewis County treasurer for and on behalf of the city of Centralia are moneys which are not required for immediate expenditure by the city while held by the treasurer and are surplus moneys of the city available for investment by the treasurer. (Ord. 1635 § 1 (part), 1988).
3.56.020 County treasurer directed to invest property taxes.
The Lewis 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 Centralia for property taxes while retained in his custody pending distribution to the city. This includes all property taxes collected for the city and retained by the treasurer pending an official accounting. (Ord. 1635 § 1 (part), 1988).
3.56.030 County treasurer authorized to deduct investment service fee.
Pursuant to the provisions of RCW 36.29.020, when the Lewis 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. 1635 § 1 (part), 1988).
3.56.040 County treasurer directed to distribute property taxes together with accrued interest on investment thereof.
The Lewis County treasurer is authorized and directed to distribute to the city finance director, for and on behalf of the city of Centralia, all property taxes collected and the 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 finance director 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. 1635 § 1 (part), 1988).