229RESOLUTION NO.229
A RESOLUTION AUTHORIZING THE INVESTMENT OF EXCESS
INACTIVE FUNDS OF THE CITY OF MOSES LAKE AND
ESTABLISHING A CITY FINANCE COMMITTEE TO MAKE SAID
INVESTMENTS ON BEHALF OF THE CITY OF MOSES LAKE.
WHEREAS,it is for the best interests of the City of Moses Lake that
excess and inactive funds on hand from time to time be invested as pre
scribed by the Revised Code of Washington,Chapter 35.39,and
WHEREAS,it is for the best interests of the City of Moses Lake that a
City Finance Committee be appointed to make investments as authorized
by law of excess and inactive funds of the City of Moses Lake;
NOW,THEREFORE,BE IT RESOLVED as follows:
1 .There is hereby established a City Finance Committee for the City of
Moses Lake to be composed of the Mayor,City Manager,Finance Direc
tor,and City Treasurer.The Mayor shall act as chairman of said
committee and the City Treasurer shall act as secretary thereof,and the
office of the Committee shall be at the Moses Lake City Hall.The
Committee shall keep a complete record of its proceedings in appropriate
books of record.All records and all correspondence relating to the
Committee shall be kept in the Office of the Treasurer and shall be open
to public inspection.The Committee shall make appropriate rules and
regulations not inconsistent with law.
2 .The City Finance Committee shall have authority to invest any portion
of the inactive funds of the City of Moses Lake in excess of current needs
in the following:
(a)United States bonds;
(b)United States certificates of indebtedness;
(c)Bonds or warrants of this State;
(d)General Obligation or Utility Revenue Bonds or warrants of
its own or of any other city or town in the State;
(e)Its own bonds or warrants of a local improvement or condem
nation award district which is within the protection of the
local improvement guaranty fund law.
(f)Investments may be made in any other funds or institutions
presently authorized or which may hereafter be authorized by
law.
PASSED by the City Council and APPROVED by its Mayor this 9th day of
May,1961.
ATTEST:MAYOR
City Clerk
APPROVED AS TO FORM:
City Attorney