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-::t r L--RESOLUTION NO. o''-"L ... )
WHEREAS, the bond interest and redemption fund for trunk
sewers has in it an unexpended balance of $1,070.00 for which
no immediate use is anticipated; and
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WHEREAS, the reserve fund for payment of sewer revenue bonds
and interest has in it an unexpended balance of $2,070.00 for which
there is anticipated no immeliate use;and
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WHEREAS, the Local Improvement Guaranty Fund has in it
dormant funds in the amount of $8,171.48 for which no immediate
9 use is anticipated; and
10 WHEREAS, R.C.W. 35.39.030 provides that every city and
11 town may invest any portion of the moneys in inactive funds or
12 in other funds in excess of current needs in its own bonds or
13 warrants of Local Improvement District which is within the pro-
1' tection of Local ImprovementGuaranty Fund Law; and
1 5 WHEREAS, R. C. W. 35.24.400 provides that the City Treasurer
16 with the consent of the City's Finance Committee, may inves~
1? any portion of its Local Improvement Guaranty Fund in the City's
18 own Guaranteed Local Improvement bonds in amount not to exceed
19 ten (10) per cent of the total issue of bonds in any one Local
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20 IrnprovementDistrict, provided that no such investment shall be made
21 in an amount which will affect the ability of the Local Improvement
22 Guaranty Fund to meet its obligations as they accrue, and that if
23 all the bonds have the same maturity, the bonds having the highest
24 numbers shall be purchased; and
25 WHEREAS, the investment of $5,100.00 of the Local Improvement
26 Guaranty Fund will not affect the ability of the Local Improvement
27 Guaranty Fund to meet its obligations as they accrue; and
28 WHEREAS it isthe desire of the Treasurer to invest $986.26
29 of the bond intenst and redemption fund for trunk sewers, $2,000.00
30 of the reserve fund for payment of sewer revenue bonds and interest,
31 and $5,100.00 of the local improvement guaranty fund in the bonds
3a of Local improvement District No. 230, upon their issue on or after
August 1, 1955;
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1 ' NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
2 CITY OF KENT in regular meeting assembled, that the City Treasurer
3 of the CitY of Kent be and he is hereby authorized to invest the
4 following funds in bonds of Local Improvement District No. 230
6 of the City of Kent for the bonds numbered set opposite each
6 amount:
7 (a) $986.26 or the bond interest and redemption fund for
trunk sewer in bonds numbered 1 through 10, inclusive,
8 of Local Improvement District No. 230
9 {b) $2,000.00 of the reserve fund for payment of sewer
revenue bonds and interest in bonds numbered 11 through
10 30 of Local Improvement District No. 230.
1.1 (c) $5,100.00 of the Local Improvement Guaranty Fund of
the City of Kent in bonds numbered 505 through 555,
12 inclusive, of Local Improvement District No. 230.
13 PASSED by the
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APPROVAL OF FINA CE COMMITTEE
18 The undersigned, Finance Committee of the City of Kent, do
hereby approve the investment of the funds, in the amounts in
19 the bonds set forth, of Local Improvement District No. 230,
as provided for in the foregoing Resolution.
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DATED this 18th day of July, 1955.
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26 City Einance Committee
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