Chapter 3.10
INVESTMENT OF EXCESS FUNDS
Sections:
3.10.010 Generally.
The finance director may, except as otherwise provided by state law, invest any portion of the moneys in the city’s inactive funds or in other funds in excess of current needs in the manner authorized by RCW 35.39.030, 35.39.032 and 35.39.034. The finance director shall make a monthly report of all investment transactions to the city council. Any moneys determined by the finance director to be available for this purpose may be invested, unless otherwise restricted by state law, by commingling such moneys within one common investment portfolio. All income derived from such investment shall be for the benefit of the general fund; provided, that funds derived from the sale of general obligation bonds or revenue bonds or similar instruments of indebtedness shall be invested or used in such manner as the initiating ordinances, resolutions or bond covenants may lawfully prescribe. (Ord. 2239 § 1, 1986).