| Passed by the Senate April 20, 2009 YEAS 46 BRAD OWEN ________________________________________ President of the Senate Passed by the House April 9, 2009 YEAS 96 FRANK CHOPP ________________________________________ Speaker of the House of Representatives | I, Thomas Hoemann, Secretary of the Senate of the State of Washington, do hereby certify that the attached is SUBSTITUTE SENATE BILL 5539 as passed by the Senate and the House of Representatives on the dates hereon set forth. THOMAS HOEMANN ________________________________________ Secretary | |
| Approved May 19, 2009, 10:50 a.m. CHRISTINE GREGOIRE ________________________________________ Governor of the State of Washington | May 20, 2009 Secretary of State State of Washington |
| State of Washington | 61st Legislature | 2009 Regular Session |
READ FIRST TIME 02/23/09.
AN ACT Relating to the investment expenses of counties; and amending RCW 36.29.024.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
Sec. 1 RCW 36.29.024 and 2004 c 79 s 3 are each amended to read
as follows:
The county treasurer may deduct the amounts necessary to reimburse
the treasurer's office for the actual expenses the office incurs and to
repay any county funds appropriated and expended for the initial
administrative costs of establishing a county investment pool provided
in RCW 36.29.022. These funds shall be used by the county treasurer as
a revolving fund to defray the cost of administering the pool without
regard to budget limitations. Any credits or payments to political
subdivisions shall be calculated and made in a manner which equitably
reflects the differing amounts of the political subdivision's
respective deposits in the county investment pool and the differing
periods of time for which the amounts were placed in the county
investment pool. A county investment pool must be available for
investment of funds of any local government that invests its money with
the county under the provisions of RCW 36.29.020, and a county
treasurer
shall follow the request from the local government to invest
its funds in the pool. As used in this section "actual expenses"
include only the county treasurer's direct and out-of-pocket costs and
do not include indirect or loss of opportunity costs. As used in this
section, "direct costs" means those costs that can be identified
specifically with the administration of the county investment pool.
Direct costs include: (1) Compensation of employees for the time
devoted and identified specifically to administering the pool; and (2)
the cost of materials, services, or equipment acquired, consumed, or
expended specifically for the purpose of administering the pool.