Chapter 3.09
PROPERTY TAX INVESTMENT AND DISTRIBUTION
Sections:
3.09.010 Property taxes available for investment by county office of finance.
3.09.020 County finance director directed to invest property taxes.
3.09.030 County finance director authorized to deduct investment service fee.
3.09.010 Property taxes available for investment by county office of finance.
The city council finds that property taxes collected by the King County office of finance for and on behalf of the city are moneys which are not required for immediate expenditure by the city while held by the office of finance and are surplus moneys of the city available for investment by the office of finance. (Ord. 494 § 1, 1988).
3.09.020 County finance director directed to invest property taxes.
The King County finance director is authorized and directed, pursuant to the provisions of RCW 36.29.020, to invest in the manner specified by and in the investments authorized by state law any and all funds which are due to the city for property taxes while retained in the custody pending distribution to the city. This includes all property taxes collected for the city and retained by the finance director pending an official accounting. (Ord. 494 § 1, 1988).
3.09.030 County finance director authorized to deduct investment service fee.
Pursuant to the provisions of RCW 36.29.020, when the King County finance director invests property tax moneys for the city while in the office of finance’s custody, the finance director may deduct and retain the investment service fee provided by state law when the interest earnings on the investment of the property tax moneys become available to the city. (Ord. 494 § 1, 1988).
3.09.040 County finance director directed to distribute property taxes together with accrued interest on investment thereof.
The King County finance director is authorized and directed to distribute to the city clerk-treasurer, for and on behalf of the city, all property taxes collected as frequently as daily, and the finance director is directed to distribute to the city all interest accrued on the investment thereof by the county at the time of the distribution of the property tax moneys to the city. The city clerk treasurer is authorized to give a receipt therefor whenever funds are delivered to the city. Delivery may be in money or as a transfer of an investment authorized by RCW 36.29.020, made by the finance director on behalf of the city. (Ord. 494 § 1, 1988).