Chapter 5.65 INVESTMENT

Chapter 5.65
INVESTMENT

Sections:

5.65.030 Snohomish County investment pool.

5.65.010 Investment authorized.

The Treasurer of Snohomish County, Washington, ex officio Treasurer of the District, is authorized and directed to invest money on deposit in the maintenance fund (E01), revenue bond fund (E17), construction fund (E08/E09), revenue bond reserve fund (E19), revenue bond fund, 1984 (E07) and renewal/replacement fund (E15) in the highest yielding investments authorized by RCW 56.16.160 as determined by such Treasurer at the times, in the amounts and for such periods of time as directed in writing by the Superintendent of the District. The Superintendent of the District shall file with the Board of Sewer Commissioners of the District a copy of each such written directive to the Snohomish County Treasurer. The Board of Sewer Commissioners of the District shall ratify and confirm each such written directive at the next regular meeting of the Board. [Res. 571 § 1, 1994; Res. 510 § 1, 1987.]

5.65.020 Investment policy guidelines.

(1) Safety. Safety of principal is the foremost objective of the District. Investments of the District shall be undertaken in a manner that seeks to ensure the preservation of capital in the overall portfolio. To obtain this objective, diversification is required so that potential losses on an individual security do not exceed the income generated from the remainder of the portfolio.

(2) Liquidity. The District’s investment portfolio will remain sufficiently liquid to enable the District to meet all operating requirements that might be reasonably anticipated.

(3) Return on Investment. The District’s investment portfolio shall be designed with the objective of obtaining a market rate of return throughout budgetary and economic cycles, taking into account the District’s investment risk constraints, the District’s investment objectives, and the cash flow characteristics of the portfolio.

(4) Prudence. Investments shall be made with discretion and care, not for speculation, but for investment, considering the probable safety of their capital as well as the probable income to be derived. [Res. 831 § 1, 2010.]

5.65.030 Snohomish County investment pool.

In furtherance of the foregoing investment policy guidelines, the District is hereby authorized to participate in the investment pool operated by the Snohomish County Treasurer, and the President is authorized to execute such agreements as may be necessary to facilitate such participation by the District. [Res. 831 § 2, 2010.]