Chapter 5.25
MAINTENANCE FUND
Sections:
5.25.020 Investment authorized.
5.25.010 Established.
There is created and established in the office of the Snohomish County Treasurer, as ex officio Treasurer of the District, a special fund to be known as the “maintenance fund,” into which shall be placed all moneys received by the District not designated to be deposited into other funds of the District and out of which shall be paid all expenses of maintenance and operation of the District and the payment of all costs not directed to be paid from other funds. [Res. 54 § 1, 1968.]
5.25.020 Investment authorized.
The Clerk of the District is authorized and directed to act on the District’s behalf in determining when there is sufficient money in the maintenance fund for investment and directing the Snohomish County Treasurer to invest these funds in the highest yielding legal investments as determined by such treasurer. [Res. 366 § 1, 1982.]
5.25.030 Investment criteria.
In making decisions as to the availability of moneys in the maintenance fund for investment, the District’s Clerk shall be guided by the goal of obtaining the highest rate of return from these funds being invested, taking into consideration the District’s need for the funds, the length of the investment, the type of investments permitted by State law, and covenants of the District’s outstanding bonds. In making decisions to invest money available in the maintenance fund of the District, the Clerk is authorized to consult with any of the financial consultants of Seattle-Northwest Securities Corporation, the District’s financial advisor, and to follow the advice of the person who was consulted. [Res. 366 § 2, 1982.]
5.25.040 Investment report.
The District’s Clerk shall prepare a monthly report of the investments made of moneys in the maintenance fund of the District and present the report to the Board of Commissioners at the first regular meeting each month. [Res. 366 § 3, 1982.]