Chapter 3.50
INVESTMENT OF FUNDS
Sections:
3.50.010 Inactive funds.
Whereas by RCW 35.39.030 et seq. the city of South Bend may invest any portion of the monies in its inactive funds or in other funds in excess of current needs in:
A. U.S. Certificates of Indebtedness;
B. U.S. Bonds;
C. Bonds or warrants of the state;
D. General obligation bonds or utility revenue bonds or warrants out of its own or any other city or town in the state;
E. Its own bonds or warrants of a local improvement or condemnation award district which is within the protection of the local improvement guarantee fund law; and
F. In any other investment authorized by law for any other taxing districts.
And whereas as the aforesaid city has at present, and will continue to have, certain funds which should be invested in any of the above securities; now, therefore, the finance committee of the city of South Bend, Washington is hereby authorized and directed to determine the amount of money available in each of the various funds of the aforesaid city for investment purposes and make the investment as authorized by statute, and to convert the same to cash when necessary.
Said finance committee shall make a monthly report of all transactions to the city council as the same occur. (Ord. 913 § 1, 1973).