| Passed by the House March 8, 2007 Yeas 96 ________________________________________ Speaker of the House of Representatives Passed by the Senate April 3, 2007 Yeas 49 ________________________________________ President of the Senate | I, Richard Nafziger, Chief Clerk of the House of Representatives of the State of Washington, do hereby certify that the attached is HOUSE BILL 2161 as passed by the House of Representatives and the Senate on the dates hereon set forth. ________________________________________ Chief Clerk | |
| Approved ________________________________________ Governor of the State of Washington | Secretary of State State of Washington |
| State of Washington | 60th Legislature | 2007 Regular Session |
Read first time 02/12/2007. Referred to Committee on Local Government.
AN ACT Relating to providing for consistency between code cities and noncode cities in the apportionment of investment funds; and amending RCW 35A.40.050.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
Sec. 1 RCW 35A.40.050 and 1987 c 331 s 77 are each amended to
read as follows:
Excess and inactive funds on hand in the treasury of any code city
may be invested in the same manner and subject to the same limitations
as provided for city and town funds in all applicable statutes,
including, but not limited to the following: RCW 35.39.030, 35.58.510,
35.81.070, 35.82.070, 36.29.020, 39.58.020, 39.58.080, 39.58.130,
39.60.010, 39.60.020, 41.16.040, 68.52.060, 68.52.065, and 72.19.120.
The responsibility for determining the amount of money available in
each fund for investment purposes shall be placed upon the department,
division, or board responsible for the administration of such fund.
Moneys thus determined available for this purpose may be invested
on an individual fund basis or may, unless otherwise restricted by law
be commingled within one common investment portfolio for the mutual
benefit of all participating funds: PROVIDED, That if such moneys are
commingled in a common investment portfolio, all income derived
therefrom shall be apportioned among the various participating funds
((in direct proportion to the amount of money invested by each)) or the
general or current expense fund as the governing body of the code city
determines by ordinance or resolution.
Any excess or inactive funds on hand in the city treasury not
otherwise invested for the specific benefit of any particular fund, may
be invested by the city treasurer in United States government bonds,
notes, bills or certificates of indebtedness for the benefit of the
general or current expense fund.