Chapter 3.68
INVESTMENT OF FUNDS1
Sections:
3.68.010 Excess and inactive funds – Investment.
3.68.020 City finance director – Fund investment duties.
3.68.030 City finance director – Investment report duty.
3.68.040 Investment of excess funds on short-time basis.
3.68.010 Excess and inactive funds – Investment.
Excess and inactive funds on hand in the city treasury shall be invested in:
A. Savings or time accounts in banks, trust companies and mutual savings banks which are doing business in the state, up to the amount of insurance afforded such accounts by the Federal Deposit Insurance Corporation; or
B. Savings or time accounts with savings and loan associations, organized under either federal or state law which are doing business in the state, up to the amount of insurance afforded such accounts by the Federal Savings and Loan Insurance Corporation; or
C. Certificates, notes, or bonds of the United States or other obligations of the United States or its agencies, or of any corporation wholly owned by the government of the United States; or
D. Bonds or warrants or obligations of the state; or
E. General obligation or utility revenue bonds or warrants of the city or any other city in the state; or
F. The bonds, warrants or obligations of any of the city’s local improvement districts. [Ord. 308 § 1, 1979].
3.68.020 City finance director – Fund investment duties.
The city finance director is directed to determine the amount of monies available in funds for investment purposes and make such investments as are authorized in this chapter. [Ord. 308 § 2, 1979].
3.68.030 City finance director – Investment report duty.
The city finance director shall report monthly to the city council all investment transactions involving city funds. [Ord. 308 § 3, 1979].
3.68.040 Investment of excess funds on short-time basis.
A. Any excess or inactive funds on hand in the city treasury not otherwise invested and not necessary to meet the current obligations of the city as they come due may be invested by the city finance director in United States bonds, United States certificates of indebtedness, bonds or warrants of the state of Washington, general obligation or utility revenue bonds or warrants of the city or any other city or town in the state, bonds or warrants of a local improvement district which are within the protection of the local improvement guaranty fund, and any other investment authorized by law.
B. All income derived from such investments shall be apportioned among the various participating funds or the general expense fund in accordance with RCW 35A.40.050.
C. The city finance director shall make a monthly report of all funds thus invested to the city council. [Ord. 32-13 § 1, 2013; Ord. 308 § 2, 1979].
Editor’s Note: For statutory provisions on the investment of excess and inactive funds, see RCW 35A.40.050 and Chapter 35.39 RCW.