HomeMy WebLinkAboutRES 2687 CITY OF RENTON, WASHINGTON
RESOLUTION NO. 2687
A RESOLUTION OF THE CITY OF RENTON, WASHINGTON
DIRECTING THE TEMPORARY INVESTMENT OF CITY TAXES AND
ABATEMENT LIENS IN THE CUSTODY OF KING COUNTY
COMPTROLLER IN AN INTEREST-BEARING ACCOUNT
WHEREAS King County presently holds property taxes and
abatement liens collected for the City of Renton pending
distribution to the City of Renton; and
WHEREAS King County must be instructed as to how to
invest said funds before distribution to the City of Renton;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF RENTON,
WASHINGTON DO RESOLVE AS FOLLOWS:
SECTION I: The above recitals are true and correct.
SECTION II The King County Comptroller is hereby
authorized and directed to promptly, upon receipt, invest
all property taxes and abatement liens collected for the
City of Renton and retained in his custody pending
distribution to the City in the manner and in the
investments authorized by RCW 36. 29. 020. If the King County
Comptroller invests funds for the City while in his custody,
he may deduct and retain the investment service fee
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RESOLUTION NO. 2687
contemplated by RCW 46.29.020 when the interest earnings
become available to the City.
PASSED BY THE CITY COUNCIL this 3rd day of August,
1987.
Maxine E. Motor, City Clerk
APPROVED BY THE MAYOR this 3rd day of August, 1987
�. ccs w .S�
Barbara Y. Shinpoc , Mayor
ApprX4a4,Pe,,,P d as to form:
Lawrence J. Warrekij City Attorney
CITY3: 03/7/29/87/nd
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