HomeMy WebLinkAbout1803ORDINANCE NO. 03_
All ,., �<C ,
AN ORDINANCE of the City of Kent, Wash- Vic,
ington, authorizing payment of bills and pay-
rolls by bank check rather than by warrant;
designating the bank whereon such checks are
to be drawn; designating the City Treasurer
as the officer authorized to sign such checks;
designating those persons authorized to sign
checks in the event of the absence or disa-
bility of the City Treasurer; and repealing
Ordinance 1738.
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 that the banking business of the
City of Kent be distributed to the banks of the community, as far
as is practical, the following guidelines are hereby established:
1. The regular checking account of the City
will be transferred every two years, (on
the first day of January). The Finance
Committee will appoint a bank to receive
the City account at the First Regular
Council meeting in November, preceding
the change year.
2. The banks to be considered must be full-
service banks capable of handing repur-
chase agreement for only one day to any
number of days without syndicate delay.
The banks also must have complete in-
vestment departments which will, with-
out solicitation, keep the City informed
of interest rate changes, investment op-
portunities, or other market conditions
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which would affect the return on in-
vestment of City funds.
3. The banks must provide copies of all
documents required by state law, i.e.,
Public Fund Protection Act of 1969,
Chapter 193, to the City Treasurer for
her files. The banks must meet or ex-
ceed 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. The banks considered must be located within
walking distance of City Hall in order to
expedite daily banking activity.
6. Although a bank will be appointed to handle
the regular checking activity for a period
of two years, the City will reserve the right
to rescind such appointment, should the bank-
ing relationship become unsatisfactory. This
will require a majority vote of the City
Council.
7. 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
Account. All investment activity will be
handled at the direction of the Finance Di-
rector and City Treasurer, in accordance
with State laws.
8. Appointment is hereby made of Pacific National
Bank of Washington as the office: depository
for City of Kent Checking Account for the period
January 1, 1973, through December 31, 1974.
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Section 3. The City Treasurer 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 City Treasurer,
the City Administrator will be authorized to sign such checks
during the absence or incapacity of the City Treasurer. In the
levent either of the above are unavailable at the same time, then
d the Finance Director will be authorized to sign.
Section 4. Ordinance 1738 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-
lication, as provided by law.
ISABEL HOGAN, MA
ATTEST:
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A PROVED AS TO FORM:
DONALD E. MIRK, City Attorney
PASSED the ��6 day of November, 1972.
APPROVED the day of November, 1972.
PUBLISHED the day of November, 1972.
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-
on indicated.
(SEAL)
MARIE JEN �CityCl�erk
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