Chapter 3.04
DEPOSITORY – INVESTMENT OF FUNDS
Sections:
3.04.020 Authority to invest funds.
3.04.010 Depository.
A. The finance director-treasurer is authorized and directed to designate a suitable bank in Pierce County, Washington, as a depository for the funds of the city and to obtain from such depository a bond and a contract with the city conditioned as provided by RCW 35.38.040, which bond and contract shall be filed with the city clerk.
B. Such designation, when made, shall remain in effect until revoked by majority vote of the city council. (Ord. 1746 § 1 (Exh. A), 2011; Ord. 6 §§ 1, 2, 1957).
3.04.020 Authority to invest funds.
The city finance director-treasurer is authorized and directed to invest funds of the city which are not required for immediate expenditure as authorized by RCW 35A.40.050, including participation in the Washington State Treasurer’s Local Government Investment Pool. (Ord. 1746 § 1 (Exh. A), 2011; Ord. 1721 § 1, 2010; Ord. 153 § 1, 1965).