HomeMy WebLinkAbout4120 ORD]iNA~CE NO.
AN ORDINANCE revising the composition of the
City Investment Committee and amending B.M.C. 2.14.010
THE CITY OF BR~ERTON DOES HEREBY ORDAIN:
SECTION 1: B.M.C. 2.14.010 is hereby amended to read as
fol lows:
2.14.010 - INVESTMENT COMMITTEE AUTHORITY - As
contemplated by RCW 35.39.032 there is created an Investment
Committee composed of the Mayor, A~ministrative Services
Director, City Treasurer, B~e~ An~E~se7 and ~ha~ o~ ~he
F~sea~ an~ B~ge~ ~o~ee o~ o~he~ two City Council m~rs
as determined by the City Council ~sea~ an~ B~get
6e~ttee, which Committee is authorized on behalf of the City
to invest all monies in the City Treasury which, in the jud~ent
of the Co~ittee, are in excess of current City needs or which
are contained in inactive funds. The Co~ittee may, in its
discretion, ~nclude as a non-voting m~ber of the Committee an
individual chosen from the public sector with appropriate
technical expertise. The City Treasurer is directed to impl~ent
the investment Committee's decisions and to hold such investments
for the credit of the funds for which purchased.
The City Treasurer is authorized to convert the
securities, or any part thereof, into cash. (S)he shall report
to the City Investment Committee, monthly, all investment
transactions and shall be subject to the guidance and control of
the Co~ittee.
The City Attorney, or an Assistant City Attorney, shall
be the legal advisor to the Co~ittee.
APPRO~D by the City Council on the first reading this
~ day of ~~ , 1987.
PASSED by the City Council of the City of Bremerton this
day of ~~ , 1987.
APPROVED this . ]~ day O~
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