HomeMy WebLinkAboutORD 4255 �, � #
CITY OF RENTON, WASHINGTON
ORDINANCE N0. 4255
AN ORDINANCE OF THE CITY OF RENTON, WASHINGTON, DELEGATING
AUTHORITY TO THE FINANCE DIRECTOR TO APPORTION EARNINGS ON
POOLED INVESTMENTS AND OVERSEE INTERFUND LOANS.
WHEREAS, the City of Renton reviews earnings on pooled
investments and must apportion those earnings between various funds;
and
WHEREAS, it is necessary to have interfund loans of short
duration, and there occurs de facto loans from one fund to the other
which such loans require proper documentation in order to avoid
illegal interfund loans, NOW THEREFORE,
THE CITY COUNCIL OF THE CITY OF RENTON, WASHINGTON, DO ORDAIN
AS FOLLOWS :
SECTION I. The Finance Director may, at the Director's
discretion:
a. Determine which funds shall be invested on an
individual fund basis, and which funds shall participate within one
or more common investment portfolio(s ) ;
b. Apportion earnings and losses to those funds
participating in a common investment portfolio. Those funds listed
on Exhibit "A" attached hereto and incorporated herein as if fully
set forth and trust or bond 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 RCW
35 . 39 . 034;
c . Approve interfund loans for a duration of up to ninety
( 90) days, and establish a rate of interest thereon, when
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ORDINANCE N0. 4255
appropriate, provided that any extension or renewal of such a loan
shall require approval by ordinance;
d. Establish criteria for identifying when a substantial
de facto loan from one fund to another occurs (e.g. , an extended
delay in making reimbursement without valid cause; a continuous
overdrawn status) and, when appropriate, establish an interest
charge to be paid to the lending fund; and
e. Charge to any common investment portfolio an
investment service fee to defray the costs and expenses in making
investments .
SECTION II. This ordinance shall be effective upon its
passage, approval, and thirty days after publication.
PASSED BY THE CITY COUNCIL thisl8th day of nP�PmhPr , 1989 .
c.a�-'jp J
Maxine E. Motor, City Clerk
APPROVED BY THE MAYOR this 18th day of December , 1989 .
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1�, ,.� �� �..�.�f"\t�\ �,�'�
�r� C7�mer, Ma�r
Approved s to form:
, `
Lawrence J. War n, City Attorney
ORD: 127-12/07/89
Date of Publication: December27 , 1989
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-� ORDINANCE NO. 4255
1 EXHIBIT "A"
The following Funds are to receive apportionment of investment earnings and losses in
conformance with RCW 34.39.034.
If any of the funds listed in this section have average monthly cash balances that are
negative, interest shall be charged at the same rate used for earnings proration.
INTEREST
FUNDS ALLOCATION
000 General 000
101 Parks 101
102 Arterial Streets 102
l03 Street 103
105 Impact Mitigation 105
106 Library 106
107 Contingency 107
118 Parks & Trails 118
125 196 for Art 125
127 Cable Communications 127
207 1978 G.O. 207
211 1983 G.O. Ref. 211
212 1989 G.O. Ref. 212
213 1983 Unlimited G.O. 213
215 Miscellaneous G.O. 215
219 1989 Senior Housing Bond 219
220 LID Debt 220
221 LID Guarantee 221
301 Street Forward Thrust 301
316 Municipal Facilities Construction 316
317 CIP 317
319 Senior Housing Construction 319
320 LID Construction 320
401 Water/Sewer Utility 401
402 Airport 402
403 Solid Waste 403
404 Golf Course 404
412 Airport Bond 402
419 Utility 1989 Revenue Bonds 419
421 Utility Construction 421
501 Equipment Rental 501
502 Insurance 502
60l Firemen's Pension 601
604 Special Deposits 000