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ORDINANCE NO.
AN ORDINANCE of the City of Kent, Wash-
ington, authorizing payment of bills and payrolls
by bank check rather than by warrant; designating
the Supervisor of Treasury Accounting as the of-
ficer authorized to sign such checks; designating
those persons authorized to sign checks in the e-
vent of the absence or disability of the Supervisor
of Treasury Accounting; and repealing Ordinance
1803.
Section 1. The payment of claims or other obligations of
the City, including bills and payrolls, which are payable out of
solvent funds, shall be paid by bank check rather than by warrant.
Section 2. In order for the City of Kent to obtain a bank-
ing relationship that provides maximum services to the City, the
City will solicit competitive proposals.
1. The banking services of the City will be re-
viewed every two years. The Council may de-
cide to expend for an additional year or may
direct the Finance Department to solicit a j
new agreement
2. The banks to be considered must be full-serv-
ice banks capable of handling repurchase
agreement for from one day only to any number
of days without syndicate delay. The banks
also must have complete investment departments
which will, without solicitation, keep the
City informed of interest rate changes, in-
vestment opportunities, or other market con-
ditions which would affect the return or in-
vestment of City funds.
3. The banks must provide copies of all documents
required by State law, i.e., Public Fund Pro-
tection Act of 1969, Chapter 193, to the Super-
visor of Treasury Accounting for her files.
The banks must meet or exceed the requirements
outlined therein.
4. Each bank considered must be willing to hold
the interest bearing warrants of the City at
competitive interest rates. Such rates will
be stated in advance for a period of no less
than 90 days. The bank must stand ready to
hold all such warrants for legally approved
purposes at the negotiated rate for each
such project.
5. Although a bank will be appointed to handle
the regular checking activity, the City will
reserve the right to rescind such appointment,
should the banking relationship become unsatis-
factory. This will require a majority vote of
the City Council.
6. The investment activities of the City will in
no way be affected by the appointment of a
bank to handle the City's Regular Checking Ac-
count. All investment activity will be han-
dled at the direction of the Finance Director
and Supervisor of Treasury Accounting, in ac-
cordance with State laws.
i
Section 3. The Supervisor of Treasury Accounting of the
City of Kent is hereby designated as the officer authorized to
sign such checks. In the event of the absence or incapacity of
the Supervisor of Treasury Accounting, the Finance Director will
be authorized to sign such checks during the absence or incapacity',
of the Supervisor of Treasury Accounting. In the event either of
the above are unavailable at the same time, then the City Admini-
strator will be authorized to sign.
Section 4. Ordinance 1803 of the City of Kent be and the
same is hereby repealed in its entirety.
Section 5. This Ordinance shall take effect and be in
force five (5) days from and after its passage, approval and pub-
lciation, as provided by law.
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PASSED the ! day of June, 1981.
APPROVED the day of June, 1981.
PUBLISHED the day of June, 1981.
I hereby certify that this is a true copy of Ordinance
No. passed by the City Council of the City of Kent,
Washington, and approved by the Mayor of the City of Kent as here -11,
on indicated.
-,
SEAL
MARIE JENSEN, CITY CLERK
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