HomeMy WebLinkAboutord1993-033JrIATCOM COUNTY COUNCIL AGENDA BILL
NOAB93 -210
CLEARANCES
Initial
Date
Date Received in Council Office:
Agenda Date
Assigned To:
Originator- Executive
6/8/93
Introduction
Division Head -
6/22/93
Fi
Department Head -
Prosecutor Review -
Purchasing /Budget Dir:
Executive-
J ujoip- .1:
An ordinance amending ordinance 93 -021 authorizing investment of excess cash in certain funds to benefit
the same.
ATTACHMENTS:
Ordinance
Public Hearing Needed? Yes /_ fN %&-,/
SUMMARY STATEMENT-
Ordinance 88 -63 was recently amended by ordinance 93 -021 to reflect current fund numbers and names.
'toad Improvement District fund #190 was inadvertently omitted, however.
This ordinance amends ordinancc 93 -021 to add Road Iniprovcmcnt Dist1ict rind #190 to the list of
funds that cult have excess cash invested for their owtt benefit.
ORIGINATOR'S RECOMMENDED ACI ION:
Pass
COMMITTEE ACTION (including dates):
COUNCIL ACTION (including dates):
6/8/93: Council introduction
6/22/93: Adopted unanimously
Related File Numbers: Ordinance or Resolution Number: 093 -033
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SPONSORED BY: Consent
PROPOSED BY: Executive
INTRODUCTION DATE: 6/8 .193
ORDINANCE NO. 93-033
AN ORDINANCE AMENDING ORDINANCE 93 -021 AUTHORIZING
EXCESS CASH IN CERTAIN FUNDS TO BENEFIT THE SAME
WHEREAS, it has been determined that only certain County funds may have
their excess cash invested to benefit the respective fund; and,
WHEREAS, interest earnings on excess cash represent the third largest source of
revenue for the Current Expense Fund; and,
WHEREAS, it is necessary to clarify which funds may have excess cash invested
for their own benefit and which funds' excess cash will be invested for the benefit of the
Current Expense Fund,
NOW, THEREFORE, BE IT ORDAINED by the Whatcom.County Council that
ordinance. 88 -63 is amended as follows:
The County Treasurer is hereby authorized to invest excess cash from the following
funds for their own benefit:
Fund
112
136
144
180
202
190
325
401
Fund Description
N.W. WA. Fair Fund
Tort Claims Self Insurance Fund
Self Insurance /Fringe Benefits Fund
Manager
Fair Board
Pros Atty
Personnel Director
Lake Management District No. 1 Fund P.W. Director
RID Debt Service Fund
Road Improvement Districts Fund
Sewer Construction Fund
Solid Waste Management Fund
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Treasurer
Treasurer
P.W. Director
P.W. Director
BE IT FURTHER ORDAINED, any newly created funds that are classified
2 construction (300 series), enterprise (400 series) or bond funds when required by bond
3 indenture, may have their excess cash invested by the County Treasurer to accrue
4 interest earnings for their own benefit. The Treasurer will be considered the manager of
5 all bond funds. Currently established bond funds, when required by bond indenture,
6 shall have their excess cash invested for their own benefit. In each case, the Treasurer
7 will work with the respective fund manager to determine the proper levels of investment
8 throughout the fiscal year resulting from the development of a cash flow budget plan.
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ADOPTED this 22nd day of June , 1993.
WHATCOM COUNTY COUNCIL
ATTEST: WHATCOM COUNTY, WASHINGTON
Council Clerk Margaret . Laidlaw, Council Chair
APPROVED AS TO FORM: (Approved () Denied
l L gak
Civil Deputy PrIkutor Shirley Van Zanten, Ex tive
Date:
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