Chapter 2.10
INVESTMENT OFFICER
Sections:
2.10.020 Investments authorized.
2.10.030 Commingling funds authorized.
2.10.040 Investment of inactive funds.
2.10.050 Approval of investment not required.
2.10.010 Designated.
The city clerk-treasurer is hereby designated as the official investment officer of the city. (Ord. 668 § 1, 1981)
2.10.020 Investments authorized.
The city investment officer is hereby authorized, from time to time, to determine the amount of money available in each fund of the city for investment purposes, and to make the investment of those funds which are in excess of the current needs of the city in the following manner:
(1) United States bonds;
(2) United States certificates of indebtedness;
(3) Bonds or warrants of the state of Washington;
(4) General obligation or utility revenue bonds or warrants of the city or of any other city or town in the state;
(5) The city bonds or warrants of a local improvement district which are within the protection of the local improvement guarantee fund law; and
(6) In any other investment authorized by law for any other taxing districts. (Ord. 668 § 2, 1981)
2.10.030 Commingling funds authorized.
Moneys determined by the city’s investment officer to be available for the purpose of investment may be invested on an individual-fund basis or may, unless otherwise restricted by law, be commingled within one common investment portfolio for the mutual benefit of all participating funds; provided, that if such moneys are commingled in a common investment portfolio, all income derived therefrom shall be apportioned among the various participating funds in direct proportion to the amount of money invested by each. (Ord. 668 § 3, 1981)
2.10.040 Investment of inactive funds.
Any excess or inactive funds on hand in the city treasury not otherwise invested for the specific benefit of any particular fund may be invested by the city’s investment officer in United States government bonds, notes, bills, certificates of indebtedness, or interim financing warrants of a local improvement district which is within the protection of the local improvement guarantee fund law, for the benefit of the general or current expense fund. (Ord. 668 § 4, 1981)
2.10.050 Approval of investment not required.
The city’s investment officer shall make said investments without the consent of the legislative authority for each investment. (Ord. 668 § 5, 1981)
2.10.060 Monthly report.
The city’s investment officer shall make a monthly report of all investment transactions to the city council. (Ord. 668 § 6, 1981)