Chapter 3.01
BANKING GUIDELINES*

Sections:

3.01.010    Payment by bank check.

3.01.020    Competitive service review.

3.01.030    Signature on checks.

*State law reference(s) – Depositories, RCW 35A.40.030; deposit of public funds, RCW 39.58.010 et seq.; payment of claims and expenses, RCW 42.24.035 et seq.

3.01.010 Payment by bank check.

The payment of claims or other obligations of the city shall be paid by bank check, debit memo, or wire transfer.

(Ord. No. 2297, § 1; Ord. No. 2930, § 2, 7-3-90. Formerly Code 1986, § 3.06.010)

3.01.020 Competitive service review.

A. In order for the city to obtain a banking relationship that provides maximum services to the city, the city will solicit competitive proposals.

B. The banking services of the city will be reviewed every three (3) years. The council may decide to extend for an additional period of time or may direct the finance department to solicit a new agreement.

C. The banks to be considered must be full-service banks. The banks also must have complete investment departments which will, without solicitation, keep the city informed of interest rate changes, investment opportunities, or other market conditions which would affect the return or investment of city funds.

D. The banks must provide copies of all documents required by state law. The banks must meet or exceed the requirements outlined in state law.

E. Although a bank will be appointed to handle the regular checking activity, the city will reserve the right to rescind such appointment, should the banking relationship become unsatisfactory. This will require a majority vote of the city council.

F. The investment activities of the city will in no way be affected by the appointment of a bank to handle the city’s regular checking account. All investment activity will be handled at the direction of the finance director, in accordance with state laws.

(Ord. No. 2297, § 2; Ord. No. 2930, § 3, 7-3-90. Formerly Code 1986, § 3.06.020)

State law reference(s) – Protection of public funds, RCW 39.58.010 et seq.

3.01.030 Signature on checks.

The finance director is hereby designated as the officer authorized to sign checks. In the event of the absence or incapacity of the finance director, the city administrator is authorized to sign such checks.

(Ord. No. 2297, § 3; Ord. No. 2930, § 4, 7-3-90. Formerly Code 1986, § 3.06.030)

Cross reference(s) – Finance director, § 2.16.020.