Chapter 3.20
INVESTMENT OF INACTIVE FUNDS
Sections:
3.20.020 Committee to be appointed.
3.20.040 Council consent not required.
3.20.010 Purpose.
The purpose of this chapter is to enable the city to invest its inactive funds in certain prescribed investments through an investment committee. (Ord. 2009-036 § 1; Ord. 2009-023; Ord. 217 § 1, 1968)
3.20.020 Committee to be appointed.
The mayor of the city, with consent of a majority of the city council, shall appoint a committee composed of two councilmen and a person designated by the city manager from the city finance department to make investments of any portions of the moneys in the city’s inactive funds or in any other funds in excess of current needs. The city manager may manage funds in accordance with state law and as directed by the finance committee, as approved by the city council. (Ord. 2009-036 § 1; Ord. 2009-023; Ord. 217 § 2, 1968)
3.20.030 Investment of funds.
The moneys shall be invested in:
A. United States bonds (RCW 39.59.020);
B. United States certificates of indebtedness;
C. Bonds or warrants of the state;
D. General obligation or utility revenue bonds or warrants of the city or of any other city or town in the state;
E. The city’s own bonds or warrants of a local improvement or condemnation award district which is within the protection of the local improvement guaranty fund law; and
F. In other investments authorized by law, including, but not limited to, RCW 39.59.020, 39.59.030, 43.84.080 and 43.250.040. (Ord. 2009-036 § 1; Ord. 2009-023; Ord. 217 § 3, 1968)
3.20.040 Council consent not required.
The investments authorized as indicated in SMC 3.20.030 may be made by the city manager or the city manager’s designee without the consent of the city council for each investment. (Ord. 2009-036 § 1; Ord. 2009-023; Ord. 217 § 4, 1968)
3.20.050 Report to council.
The investment committee shall make a report of all investments to the city council upon request of the council and shall keep the council informed of any substantial investment changes. (Ord. 2009-036 § 1; Ord. 2009-023; Ord. 217 § 5, 1968)
3.20.060 Conversion of funds.
The city council or the investment committee authorized to invest city funds may at any time convert the securities specified in SMC 3.20.030 purchased with city funds, or any part thereof, into cash. (Ord. 2009-036 § 1; Ord. 2009-023; Ord. 217 § 6, 1968)