Chapter 3.16
INCOME FROM INVESTMENT OF CITY FUNDS

Sections:

3.16.010    Funds—Determination of availability—Investment—Statutory authority.

3.16.020    Council powers and restrictions.

3.16.030    Conversion of investments to cash.

3.16.010 Funds—Determination of availability—Investment—Statutory authority.

Pursuant to RCW 35.39.032, the city council of the city of Othello hereby delegates the authority to determine the moneys available in each fund for investment purposes to the city finance officer. The city finance officer shall make such investments as authorized by RCW 35.39.030 as now or hereafter amended; the provisions of RCW 35.39.034 and 39.60.050; without the consent of the legislative authority for each investment. The city finance officer shall make a monthly report of all investment transactions to the city council. (Ord. 1407 § 8 (part), 2014: Ord. 740 § 1, 1985).

3.16.020 Council powers and restrictions.

Nothing in this chapter shall prevent the Othello city council, in adopting the annual budget, from allocating all or portions of the earnings or interest income from such investments for the benefit of the current expense fund; further provided, that all earnings from 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. 1407 § 8 (part), 2014: Ord. 740 § 2, 1985).

3.16.030 Conversion of investments to cash.

The city council or city finance officer may at any time convert any of the city’s investments or parts thereof to cash. (Ord. 1407 § 8 (part), 2014: Ord. 740 § 3, 1985).