HomeMy WebLinkAbout1882ORDINANCE NO. jl d pot
AN ORDINANCE of the City Council of the City of
Port Angeles establishing policies to govern
the investment of City funds and providing
for a Finance Committee to oversee the finan-
cial operation of the City and further pro-
viding for the filing of an annual report
covering the depositing of public funds in
financial institutions.
WHEREAS, the legislative body of a municipal corporation is
required by law to establish the standards governing the invest-
ment of its funds and has the authority to delegate said function
after establishing these standards; and
WHEREAS, a municipal corporation is required by RCW 42.17
to report the name and address of all financial institutions
holding public funds each year along with the aggregate sum of
time and demand deposits held by each institution;
NOW, THEREFORE, BE IT ORDAINED by the City Council of the
City of Port Angeles, Washington, as follows:
Section 1. The following general standards shall govern
the investment of City funds:
A. All funds not required for immediate expenditure are
available for investment.
B. The Finance Director or City Treasurer, under the
guidance of the Finance Committee, shall determine the
amount of money available in each fund for investment
purposes and shall make investments in accordance with
State Statutes applicable thereto, including RCW 35A.
40.050 and the policies of the City.
C. All monies available for investment shall be commingled
when possible or practical, within one common investmen
portfolio for the mutual benefit of all participating
funds, and all income derived therefrom shall be
apportioned among the various participating funds in
direct proportion of the amount of money invested by
each.
Section 2. There is hereby established a Finance Committee
to be composed of two (2) City Councilmen, City Manager, Finance
Director and City Treasurer. The duties of the Committee are as
follows:
A. To monitor the financial operation of the City and to
recommend such policies from time to time to the City
Council as required to improve the financial operation
of the City.
B. To monitor the investment program of the City and to
act in an advisory capacity to the Finance Director
and City Treasurer.
C. To recommend, in accordance with RCW 35A.40.030, to the
City Council, the bank or banks which shall be the
depositary of City funds.
Section 3. The City Treasurer shall, on or after July 1st,
but before August 1st of each calendar year, file with the Public
Disclosure Commission the name and address of each financial
institution which holds or has held during the reporting period
public funds of the City of Port Angeles for which the Treasurer
is responsible and the aggregate sum of time and demand deposits
held in each financial institution on June 30, together with the
highest balance held at any time during such reporting period, all
in accordance with Chapter 42.17 RCW as amended by the Second
Extra - Session of the 1976 Legislature of the State of Washington.
•
PASSED by the City Council of the City of Port Angeles and
approved by its Mayor at a regular meeting of the Council held on
the / day of June, 1976.
'z. /'
Attesn'b
City p
1erk-
Approved as to,rm:
City Attorney 1
PUBLISHED:
//; /774
Mayor