Chapter 3.68
INVESTMENT OF TAXES AND LIENS
Sections:
3.68.010 Policy established.
It shall be the policy of the city to receive collections of property taxes and abatement liens as soon as practical and to invest funds not required or available for immediate expenditure for the benefit of the city as authorized by law. (Ord. 722 § 1, 1988).
3.68.020 Authorization.
The Grant County treasurer is authorized and requested to distribute to the city for and on behalf of the city all property taxes and abatement liens collected as frequently as daily; and the city is authorized to deliver 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, and made by the Grant County treasurer for the city. (Ord. 722 § 2, 1988).
3.68.030 Investments.
The Grant County treasurer is authorized and directed to promptly, upon receipt, invest all property taxes and abatement liens collected for the city and retained in his custody pending distribution to the city in the Washington State Local Government Investment Pool as authorized by law and as has been previously authorized by the city council. Pursuant to RCW 36.29.022, moneys of the city may be invested by the Grant County treasurer together with the moneys of other units of local government and until (A) a distribution to the city as contemplated by this chapter or (B) the monthly distribution to the city required by RCW 36.29.110. The Grant County treasurer is further authorized and directed to inform the city each business day as to the balance in such account as contemplated herein or RCW 36.29.110, to transfer all interest accrued and all treasury bills purchased, to the city. (Ord. 722 § 3, 1988).
3.68.040 Investment fee.
If the Grant County treasurer invests funds for the city while in his custody, he may deduct and retain the investment fee contemplated by RCW 36.29.020 when the interest earnings become available to the city. (Ord. 722 § 4, 1988).