Loading...
HomeMy WebLinkAbout1778 ResolutionRESOLUTION NO. •778 A RESOLUTION of the City of Pasco directing investment of City funds held by Franklin County, as authorized by RCW 36.29.020. WHEREAS, funds of the City are collected and received by the county treasurer but not immediately accounted for and segregated from other funds; and WHEREAS, said funds are not required for immediate expenditure by the City, and WHEREAS, RCW 36.29.020 authorizes the City Council to direct the investment of such funds for the benefit of the City while they are in the County Treasurer's hands, NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PASCO, WASHINGTON, that the County Treasurer is hereby directed to invest all funds of the City of Pasco which are collected but not yet disbursed in savings or time accounts in designated qualified public depositaries or in certificates, notes, or bonds of the United States, or other obligations of the United States or its agencies, or of any corporation wholly owned by the government of the United States; in bankers' acceptances purchased on the secondary market, in federal national mortgage association notes, debentures and guaranteed certificates of participation, or the obligations of any other government sponsored corporation whose obligations are or may become eligible as collateral for advances to member banks as determined by the board of governors of the federal reserve system or deposit such funds or any portion thereof in investment deposits as defined in RCW 39.58.010 secured by collateral in accordance with the provisions of Chapter 39.58; and BE IT FURTHER RESOLVED that the County Treasurer shall tender the said funds plus interest to the City's designated depository in the time and manner provided by law and in accord with the directions of the City's Finance Director withholding from such tender the lesser of five percent (5%) of the interest earned to a maximum of Fifty Dollars ($50.00) annually, as authorized by RCW 36.29.020; and -1- ATTE6: APPROVED AS TO FO LLS, City Clerk REG . RUBSTELLO, City Attorney BE IT FURTHER RESOLVED that the City's Finance Director may from time to time direct the place of investment and so notify the County Treasurer orally or in writing. This resolution shall remain in effect until modified by the City Council and shall apply to all funds coming into the County Treasurer's hands which are funds of the City. PASSED BY THE CITY COUNCIL OF THE CITY OF PASCO, WASHINGTON this 18th day of May, 1987.