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ORDINANCE NO. 5024
AN ORDINANCE of the City Council of the City of
Bremerton, Washington, amending Chapter 2.14 of the Bremerton
Municipal Code relating to the Investment Committee.
WHEREAS, the City Council desires to revise and update certain provisions of
Chapter 2.14 ofthe Bremerton Municipal Code relating to the Investment Committee; NOW
THEREFORE,
THE CITY COUNCIL OF THE CITY OF BREMERTON, WASHINGTON,
DOES HEREBY ORDAIN AS FOLLOWS:
SECTION 1. Chapter 2.14 of the Bremerton Municipal Code entitled
"Investment Committee" is hereby amended to read as follows:
Chapter 2.14
INVESTMENT COMMITTEE
2.14.010 INVESTMENT COMMITTEE AUTHORITY.
As contemplated by RCW 35.39.032 there is created an Investment Committee composed
ofthe Mayor, Financial Services Director, Finance OfficerCity Treasurer, and ~the City
Council Finance Committee or its successor committecmembers as determined by the City
Council, which Committee is authorized on behalf of the City to develop and recommend
policies regarding the investment of City funds and monitor and oversee the investment of
Hwest all monies in the City Treasury which, in the judgment of the Committee, are in excess of
current City needs or which are contained in inactive funds. The Committee may, in its
discretion, include as a non-vQting member of the Committee an individual chosen from the
public sector with appropriate technical expertise. The Finance Officer City Treasurer is directed
to implement the Investment Committee's decisions and to hold such investments for the credit
of the funds for which purchased.
The Finance Officer City Treasurer is authorized to convert the securities, or any part
thereof, into cash. (S)he shall provide report~ to the City Investment Finance Committee,
monthly, of all investment transactions and shall be subject to the guidance and control of the
Committee.
The City Attorney, or an Assistant City Attorney, shall be the legal advisor to the
Committee.
2.14.020 MEETINGS.
The Im<estmeDtCommittee shall annually elect the chairperson of the committee. The
chairperson of the Finance Committee shall also serve as the Investment Committee chairperson.
The Investment Committee shall meet monthlyas a regular portion of the Finance Committee.
Any voting member may call a special meeting by giving notice to all members.
2.14.030 FUND INVESTMENTS - INTERFUND LOANS.
The Investment Committee may, in its discretion:
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Investment Committee
(a) Determine which funds shall be invested on an individual fund basis and which
funds shall participate within one (1) or more common investment portfolio(s);
(b) Apportion earnings and losses to those funds participating in a common
investment portfolio. Those funds shall receive a return in proportion to the amount of money
earned by each, and the remainder shall be allocated to the general fund, as authorized by state
law.
(c) The Investment Committee shall submit to the City Council a resolution
establishing general criteria and procedures for interfund loans which shall, at a minimum,
include the criteria set forth in Part 3, Chapter 4, ~A of the BARS Manual;
(d) The Finance Officer City Treasurer shall make all interfund loans in accordance
with the resolution establishing general interfund criteria and procedures and shall obtain council
approval prior to consummation of the loan by resolution.
2.14.040 INVESTMENT POLICIES.
(a) The City's common investment portfolio(s) shall be managed to further this
financial objective: To maximize the City's return on investment dollars consistent with sound
investment principles;
(b) The investment committee shall only authorize the types of investments set forth
by state law and which are in accord with the U.S. Internal Revenue Code and other appropriate
authorities. All investments shall be made in accord with Article V, ~25 of the Bremerton City
Charter;
( c) The investment committee shall develop such policies and procedures as are
necessary to facilitate the investment process.
2.14.050 REPORTS.
(a) Annual. An estimate of annual investment earnings plan regarding the City's
investment program for the ensuing fiscal year shall be prepared by the committee for adoption
by the City Council by resolution as a part of the City's annual budget. The report, due no later
than October 15th, shall present a complete investment plan including a discussion of the ClHTent
market{or investments;-ananalysis of portfolio liquidity-vis a vis anticipated-cash-needs, and a
forecast of anticipated yields for the ensuing year. This annual investment plan shall incorporate
aAny proposed revisions to City investment policies which the committee shall find advisable,
including, but not limited to, apportionment of interest by fund and for interfund loans will be
submitted for adoption by the City Council by resolution. An annual evaluation report, due-ne
later than f..prill st at conclusion of the first quarter of the following year, shall also assess the
City's performance in meeting its goals and compare its performance with the results of
investments by other governmental entities in Washington.
(b) Monthly. After the end of each month, the investment committeo Financial
Services department shall make a monthly report to the Mayor and City Council of all-the status
of the investment transactionsportfolio, which report shall describe any material change in the
City's investment portfolio and its investment practices.
SECTION 2. Severability. If anyone or more sections, subsections, or
sentences of this Qrdinance are held to be unconstitutional or invalid, such decision shall not
affect the validity of the remaining portion of this ordinance and the same shall remain in full
force and effect.
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Investment Committee
SECTION 3. Effective Date. This ordinance shall take effect and be in force ten
(10) days from and after its passage, approval and publication as provided by law.
PASSED by the City Council the ~
day of ~n ,2007
.//7~ l' . .
/'~ -h?
WILL MAUPIN, uncil Prt9fdent
Approved this f.;I-)t ) day of
ATTEST:
APPROVED AS TO FORM:
<~ar~)
CAROL E GEN, CI lerk
PUBLISHEDilieJ',I,(l dayof t~
EFFECTIVE the / l:tA.J day of
ORDINANCE NO. ~~
, 2007
,2007
R:\LegaI\LegaI\Ordinances\Finance\BMC 2. I 4 Investment Committee. doc
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Investment Committee
AFFIDAVIT OF PUBLICATION
Account # 42742 / Ad # 213909
ST ATE OF WASHINGTON
COUNTY OF KITSAP
I, Christy Moffitt, being first duly sworn on oath, deposes and says: That she is now, and at all times
embraced in the publication herein mentioned was the principal clerk of the printers and publishers of
KITSAP SUN; that said newspaper has been approved as a legal newspaper by order of the Superior Court
of the County of Kitsap, in which County it is published and is now and has been for more than six months
prior to the date of the publication hereinafter referred to, published in the English language continually as
a daily newspaper in Bremerton, Kitsap County, Washington, a weekly newspaper in Kitsap County,
Washington and is now and during all of said time, was printed in an office maintained in the aforesaid
place of publication of said newspaper; that the following is a true text of a legal advertisement as it was
published in regular issues (and not in supplement form) of said newspaper on the following date, to wit:
October 8, 2007 and that such newspaper was regularly distributed to its subscribers during all of said
period. That the full amount of the fee charged for the foregoing publication is the sum of $28.45 which
amount has not been paid in full.
C'X>~^^')\L~ ~jt
(Signature of Principal Clerk)
Subscribed and sworn to before me this day of October 12,2007
Notary Public in and for the State of Washington, Kitsap County.
ORDINANCE NO. 5024
AN ORDINANCE of the City Council ofthe City of Bremerton, Washington, amending Chapter 2.14 of
the Bremerton Municipal Code relating to the Investment Committee.
PASSED by the City Council the 3rd day of October, 2007
The full text of this ordinance is available from the City Clerk's Office, 345 Sixth Street, Suite 600,
Bremerton, W A 98337.
October 8, 2007..........................Ad#20052475