HomeMy WebLinkAbout2326ORDINANCE NO.
AN ORDINANCE of the City of Kent,
Washington, designating the City's investment
officer, authorizing the investment officer to
make investments authorized by law without prior
council approval for each investment, and esta-
blishing a policy for the investment of excess
or inactive funds of the City and for the dispo-
sition of earnings therefrom.
WHEREAS, the Finance Director in conjunction with the
Supervisor of Treasury Accounting, is charged with the cash man-
agement and investment of excess or inactive funds of the City,
and
WHEREAS, in accordance with RCW 35.39.034, the City
Council may develop a policy for the investment of excess or inac-
tive funds of the City and for disposition of earnings therefrom,
NOW, THEREFORE
THE CITY COUNCIL OF THE CITY OF KENT, WASHINGTON, DO
HEREBY ORDAIN AS FOLLOWS:
Section 1. The Finance Director for the City of Kent or
his designee hereby is designated as the City's investment officer,
and hereby is authorized to make without prior council approval of
any specific investment, investments of the City's excess or in-
active funds the City is by law authorized to make.
Section 2. Investments herein authorized shall be made
in accordance with the following policy which is hereby adopted as
the policy of the City of Kent for investments of its excess or
inactive funds and for disposition of earnings therefrom:
a. Monies determined by the City's investment
officer to be available for investment may
be invested on an individual fund basis or
may, unless otherwise restricted by law be
commingled within one common investment port-
folio for investment.
b. All income derived from such investment shall
be used for the benefit of the General or Cur-
rent Expense Fund of the City. Provided,
however, that if in the event it shall be
determined that the City has the option of
apportioning said income to the benefit of
the General or Current Expense Fund, then
in that event the City's investment officer
shall have the discretion to determine wheth-
er such income shall be apportioned or wheth-
er it shall be credited to the General or
Current Expense Fund. Provided further,
however, that funds derived from the sale
of general obligation bonds or revenue bonds
or similar instruments of indebtedness shall
be invested, or used in such manner as the
initiating ordinances, resolutions, or bond
covenants may lawfully prescribe.
c. Any excess or inactive funds on hand in the
city treasury not otherwise invested or re-
quired to be invested by this Ordinance, as
now, or hereafter amended, may be invested
in United States Government bonds, notes,
bills, certificates of indebtedness, or
interim financing warrangs of a local im-
provement district which is within the pro-
tection of the local improvement guaranty
fund or law for the benefit of the General
or Current Expense Fund.
Section 3. All previous or outstanding investments of
city funds for the benefit of the city's General or Current Ex-
pense Fund which have been or could be made in accordance with
the provisions of this Ordinance, as now or hereafter amended,
are declared valid.
Section 4. This Ordinance shall take effect and be in
force five (5) days from and after its passage, approval and pub-
lication as provided by law.
ATTEST:
MARIE JENSE&-jr/ CITY CLARK
A OVED AS TO FORM:
V
DONALD E, MIRK,
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51
PASSED the day of December, 1981.
APPROVED the -:' day of December, 1981.
PUBLISHED the 2-7 _ day of December, 1981.
I certify that this is a true copy of Ordinance No.
L_?>, passed by the City Council of the City of Kent,
Washington, and approved by the Mayor of the City of Kent as
hereon indicated.
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E
(SEAL)