1485RESOLUTION NO.1485
A RESOLUTION OF THE CITY OF MOSES LAKE RELATING TO THE COLLECTION OF
FUNDS;AMENDING INVESTMENT INSTRUCTIONS PREVIOUSLY PROVIDED BY CITY
OF MOSES LAKE ORDINANCE NO.1311;DECLARING A CITY POLICY; DIRECTING
THE TEMPORARY INVESTMENT OF CITY FUNDS IN THE CUSTODY OF THE GRANT
COUNTY TREASURER PENDING DISTRIBUTION TO THE CITY;AUTHORIZING THE
CITY FINANCE DIRECTOR TO PROVIDE APPROPRIATE INSTRUCTIONS TO THE
COUNTY TREASURER
RECITALS:
1.RCWChapter36.29and Section 36.29.020 provide thatthe city may authorizeany funds not
required for immediate expenditure whichareinthe custody of the Grant CountyTreasurer to be
invested by the Grant County Treasurer.
2. The Cityof Moses Lakehas previously instructed the Grant CountyTreasurer as to the invest
ment of all property taxes and abatement liensthroughthe adoptionof Cityof Moses Lake
Ordinance No.1311.
3.It is inthe best interestof the Cityof Moses Laketo amend its instructions relative to the invest
ment of city funds inthe custody of the GrantCounty Treasurer.
4. The Cityof Moses Lakeis fully awareof the provisions of RCW 36.29.020 which require the city
to pay to the GrantCounty Treasureras an investment service fee five percent of the interest
earned on any transaction up to a limitof $50 per year.
Resolved:
1.Poiicy. Itshall be the policy of the City of Moses Lake to receive collections of all funds as soon
as practical and to invest funds not required or available for immediate expenditure forthe
benefit of the city as authorized by law.
2. Authorization. The Grant County Treasurer is authorized and requested to distribute to the City
of Moses Lake Finance Director for and on behalf of the City of Moses Lake all funds collected
as frequently as daily; and the Moses Lake Finance Director is authorized to deliver a receipt
therefor whenever funds are delivered to the city. Delivery may be in money or as a transfer of
an investment authorized by RCW 36.29.020, and made by the Grant County Treasurer pursuant
to this resolution for the City of Moses Lake.
3. Investments. The GrantCounty Treasurer is authorized and directed to promptly, upon receipt,
invest all funds collected forthe city and retained in his custody pending distribution to the city
inthe Washington State Local Government Investment Pool as authorized by lawand as has
been previouslyauthorized by the City Council.Pursuant to RCW 36.29.022,monies of the City
of Moses Lake may be invested by the Grant County Treasurer together with the monies of other
units of local government and until (a)a distribution to the city as contemplated by this resolu
tion or (b)the monthly distribution to the city required by RCW 36.29.110,to transfer all interest
accrued,to the Moses Lake Finance Director.
4. Investment Fee.If the Grant CountyTreasurer invests funds for the citywhilein his custody, he
may deduct and retain from the interest earnings the investmentfee contemplatedby RCW
36.29.020 to the maximum limit authorized by said statute when the interest earnings become
available to the city.
5.Delivery Method.All funds and interest onthose funds due the City of Moses Lake pursuant to
this resolution orbyany other statute,ordinance or resolution shall be delivered to the City of
Moses Lake by wire transfer to the city's depository as that depository is identified bythe city
Finance Director to the Grant County Treasurer.The City of Moses Lake shall paythe actual
bank charge ofsuchwire transfer which currently is$10.00.Anywire transfer charge shall be
withheld from the city's funds being distributed via suchwire transfer.The City will pay any
increase in the actual bank wire transfer charge upon written proof tothe city that the county's
bank has increased its regular charge forsuch transfer.
6.Prior Action.The action ofthe Grant County Treasurer in computing interest duethe City of
Moses Lake pursuant to Ordinance No.1311 and the delivery tothe city ofthesumof $4195.87
is hereby accepted as compliance with the prior direction ofthe City of Moses Lake for the
period from October24,1988 through May 31,1989.
7.
ADOPTED by the City Council on July 25,1989.
Effective Date.This resolution shall be in full force and effect from the date of its signature by
the mayor of the City of Moses Lake.
l£>uA
Mayor Pro Tern
ATTEST: