Chapter 2.56 INVESTMENT COMMITTEE

Chapter 2.56
INVESTMENT COMMITTEE*

Sections:

2.56.020 Composition—Investment authority.

2.56.030 Investment possibilities and procedure.

* For provisions regarding the city manager, see Chapter 2.04 of this title; for provisions regarding the clerk/treasurer, see Chapter 2.16 of this title; for provisions regarding revenue and finance, see Title 3 of this code.

2.56.010 Excess or inactive funds.

Excess or inactive funds of the city not currently needed in the operation of the city shall be invested as authorized in RCW 35.39.030 and 35.39.034. (Ord. 131 § 1, 1974)

2.56.020 Composition—Investment authority.

The city clerk/treasurer and the city manager are appointed and authorized as an investment committee to determine the amount of money available in each of the funds of the city for investment purposes and make the investments authorized as indicated in RCW 35.30.030 and the provisions of RCW 35.39.034 without the consent of the mayor and city council for each investment. The city clerk/treasurer shall make a monthly report of all investment transactions to the mayor and city council. The mayor and city council or the investment committee may at any time convert any of its investment securities, or any part thereof, into cash. (Ord. 131 § 2, 1974)

2.56.030 Investment possibilities and procedure.

A. Moneys thus determined available for investment may be invested on an individual fund basis or may, unless otherwise restricted by law, be commingled within one common investment portfolio for the mutual benefit of all participating funds; provided, that if such moneys are commingled in a common investment portfolio, all income derived therefrom shall be apportioned among the various participating funds in direct proportion to the amount of money invested by each.

B. Any excess or inactive funds on hand in the city treasury, not otherwise invested for the specific benefit of any particular fund, may be invested by the city clerk/treasurer in United States government bonds, notes, bills or certificates of indebtedness, or in time certificates of a qualified public depositary for the benefit of the general or current expense fund.

(Ord. 131 § 3, 1974)