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
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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.