Chapter 2.57
INVESTMENT COMMITTEE*
Sections:
*For the statutory provisions regarding the investment of excess of inactive funds by code cities, see RCW 35A.40.050.
2.57.010 Created – Authority.
(1) There is created a committee composed of the treasurer and the director of finance of the city, which said committee is authorized to make investments of moneys of the city which are in excess of the city’s current needs, in accordance with RCW 35.39.030.
(2) The committee is granted the authority to make such investments without the approval of the city council but monthly reports of all investment transactions shall be made to the city council, upon request.
(3) The committee may, at any time, convert the investments so made, or any part thereof, into cash.
(4) All investments shall be in accordance with the laws of the state and in accordance with any investment policy that is adopted by the city council. (Ord. 2762 § 1, 2000; Ord. 2552 § 1, 1994; Ord. 1267 § 1, 1965).