HomeMy WebLinkAbout2436ORDINANCE NO. 2gy _
AN ORDINANCE of the City of Kent,
Washington relating to the collection of prop-
erty taxes and abatement liens; declaring a
City policy; directing the temporary investment
of City taxes and abatement liens in the
custody of the King County Comptroller in an
interest bearing account and, when sufficient
funds have accrued therefore, in treasury bills
pending distribution to the City; and author-
izing the City Treasurer to provide appropriate
instructions to the County.
THE CITY OF KENT DOES HEREBY ORDAIN AS FOLLOWS:
Section 1. It shall be the policy of the City of Kent to
receive collections of property taxes and abatement liens as soon
as practical and to invest funds not required or available for
immediate expenditure for the benefit of the City as authorized by
law.
Section 2. The King County Comptroller is authorized and
requested to distribute to the City Treasurer for and on behalf of
the City of Kent all property taxes and abatement liens collected
as frequently as daily; and the City Treasurer is authorized to
deliver a receipt therefore whenever funds are delivered to the
City. Delivery may be in money or as a transfer of an investment
authorized by RCW 36.29.020, and made by the King County
Comptroller for the City of Kent.
Section 3. The King County Comptroller is hereby author-
ized and directed to promptly, upon receipt, invest all property
taxes and abatement liens collected for the City and retained in
his custody pending distribution to the City in an interest
bearing account at Peoples National Bank, or such other qualified
public depository eligible to receive public funds which may be
designated by the City Treasurer, until the soonest of (a) a
distribution to the City as contemplated by this ordinance; (b)
the monthly distribution to the City required by RCW 36.29.110; or
(c) the account attains a balance of ten thousand dollars
($10,000). The King County Comptroller is further authorized and
directed to inform the City Treasurer each business day as to the
balance in such account and, as soon as the balance of ten
thousand dollars ($10,000) is reached, to purchase treasury bills
of the United States for and on behalf of the City of Kent as the
City Treasurer may direct with the maturity, interest rate, and in
the manner the City Treasurer may direct, and at the time of
making distribution is contemplated herein or RCW 36.29.110, to
transfer all interest accrued and all treasury bills purchased, to
the City Treasurer.
Section 4. If the King County Comptroller invests funds
for the City while in his custody, he may deduct and retain the
investment fee contemplated by RCW 36.29.020 when the interest
earnings become available to the City.
Section 5. The City Treasurer is authorized to direct
the King County Comptroller as to which treasury bills to purchase
and the manner of making such purchases.
Section 6. Any action which is consistent with the
authority of this ordinance but taken prior to its effective date,
is hereby ratified and confirmed.
Section 7. Effective Date. This ordinance shall take
effect and be in force five (5) days from and after its passage,
approval and publication as provided by law.
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IS BEL HOGAN, MAY
ATTEST:
BETTY GRAY, DEPUTY CITY CLERK
APPROVED AS TO FORM:
C' � i'e"— V
'; " �- "G �/ , ,
P. STEPHEN D DUL10, CITY ATTORNEY
PASSED the day of , 1983.
APPROVED the �_day of �f� .,/, 1983.
PUBLISHED the //-6c"jd-ay of 1983.
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I hereby certify that this is a true copy of ordinance
No. 02 ��0 , passed by the City Council of the City of Kent,
Washington, and approved by the Mayor of the City of Kent as hereo
indicated.
9811-182A
J/A'O� (SEAL)
BETTY G Y, DEPUT CITY CLERK
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