Chapter 3.04 INVESTMENTS

Chapter 3.04
INVESTMENTS

Sections:

3.04.010 Investment committee.

Pursuant to the provisions of RCW 35.39.030 and 35A.40.050, a committee composed of the city manager, the city finance director and such third officer of the city as may be designated from time to time by resolution of the council is granted authority to invest any portion of the moneys in its inactive funds or in other funds in excess of current needs in:

(1) United States Bonds;

(2) United States Certificates of Indebtedness;

(3) Bonds or warrants of this state;

(4) General obligation or utility revenue bonds or warrants of the city of Normandy Park or any other city or town in the state;

(5) Bonds or warrants of a local improvement or condemnation award district of the city which is within the protection of the local improvement guaranty fund law;

(6) Other investments authorized by law. (Ord. 883 § 5, 2012; Ord. 185 § 1, 1966).

3.04.020 Authority for investments.

Such committee or a majority thereof shall have authority to make the investments authorized as indicated in NPMC 3.04.010 without the prior consent of the city council for each investment and may, at any time, convert the investment in the securities mentioned in NPMC 3.04.010 or any part thereof into cash. (Ord. 185 § 2, 1966).

3.04.030 Report of transactions.

The city manager, on behalf of such committee, shall make a monthly report of all investment transactions of the committee to the city council. (Ord. 185 § 3, 1966).