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RESOLUTION NO. 6 --' s- '1
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A RESOLUTION of the City Council of the City of Port
Angeles authorizing the investment by the City Fi-
nance Committee of $300,000.00 of inactive funds
in United States Government obligations and sav-
ings and loan associations.
WHEREAS, the City of Port Angeles has $300,000.00 in
inactive funds which the City Finance Committee under the
authority of R.C.W. 35.39.020 and .030 desires to invest so
that the City of Port Angeles may receive increased interestl
and
WHEREAS, under the authority of RC.W. 33.52.010 the
City is authorized to invest funds in savings and loan associa-
tionsl now, therefore,
IT IS HEREBY RESOLVED BY THE CITY COUNCIL OF THE CITY
OF PORT ANGELES that the City Finance Committee is authorized
to make the following investments:
1. $200,000.00 from Light Department funds into short-
term U. S. Government bonds or certificates of in-
debtedness for a period not to exceed one (1) year.
2. $60,000.00 from the Local Improvement District
Guarantee Fund into long-term United States Govern-
ment bonds or certificates of indebtedness for a
It time period not to extend past October 1, 1965.
3. $10,000.00 from Light Department funds into the
Port Angeles Savings & Loan Association.
4. $10,000.00 from Local Improvement District Guarantee
Fund into the Port Angeles Savings & Loan Association.
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5. $10,000.00 from Light Department funds into the
First Federal Savings & Loan Association.
6.
$10,000.00 from Local Improvement District Guarantee
Fund into the First Federal Savings & Loan Associa-
tion.
PASSED by the Council this 21st day of May, 1959.
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Approved as to form:
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