HomeMy WebLinkAboutord1988-0631
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INVESTEA.RET
Substitute Ordinance 7 -5 -88
INTRODUCED BY: Consent
PROPOSED BY: County Executive
DATE: June 16, 1988
ORDINANCE NO. 88 -63
AN ORDINANCE AUTHORIZING INVESTMENT OF
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 can 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 the County Treasurer is hereby
authorized to invest excess cash from the following funds for
their own benefit:
Fund # Fund Description Manager
11200
N.W.
Washington Fair Fund
Fair
Board
13600
Tort
Claims Self Insurance Fund
Pros.
Atty.
14400
Self
Insurance /Fringe Benefits Fund
Pers.
Dir.
32500
Sewer
Construction Fund
P.W.
Dir.
40100
Solid
Waste Management Fund
P.W.
Dir.
40110
Solid
Waste Reserve Fund
P.W.
Dir.
70150
RID Guarantee
Fund
Treasurer
BE IT FURTHER ORDAINED, any newly created funds that are classi-
fied construction (300 series), enterprise (400 series) or bond
funds when required by bond indenture, may have their excess cash
invested by the County Treasurer to accrue interest earnings for
their own benefit. The Treasurer will be considered the manager
of all bond funds. Currently established bond funds, when
required by bond indenture shall have their excess cash invested
for their own benefit. In each case, the Treasurer will work with
the respective fund manager to determine the proper levels of
investment throughout the fiscal year resulting from the
development of a cash flow budget plan. The Administrative
Finance Commitee, consisting of the County Executive, County
ORDINANCE - 1
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Treasurer and County Auditor shall give final approval for all
investment decisions.
APPROVED this 7th day of July , 1988.
WHATCOM COUNTY COUNCIL
ATTEST: WHATCOM COUNTY, WASHINGTON
CLERK OF THE COUNCILnald G. Ha ey, V'ce ,hair
APPROVED AS TO FORM:
C _,
RANDALL J. WAT -
Civil Deputy Pr cuting
Attorney
Published on June 22
( ,) APPROVED ( ) VETOED
/Yh - IH �— =4�
SHIRLEY VAN ZANTENU
County Executive
& July 13, 1988 July 8, 1988
Ordinance becomes effective
ORDINANCE - 2.
Date Signed by Executive
.R ilv 1R. 19RR