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. <br /> ORDINANCE NO. 90/ -17//' <br /> AN ORDINANCE REPEALING ORDINANCE NO. 6-68 AND DELEGATING <br /> INVESTMENT AUTHORITY TO THE CITY TREASURER. <br /> WHEREAS , Ordinance No. 6-68 created an investment <br /> committee which is no longer active and, <br /> WHEREAS , R.C.W. 35 . 39 . 032 provides that a city may <br /> authorize either a city official or a committee to make <br /> investments , <br /> WHEREAS , R.C.W. 35 . 39 . 034 provides that income <br /> derived from certain investments may be used for the <br /> benefit of the participating funds or for the benefit <br /> of the general fund as the governing body shall determine, <br /> NOW, THEREFORE, THE CITY OF EVERETT DOES ORDAIN: <br /> Section 1 . Ordinance No. 6-68 is hereby repealed. <br /> Section 2 . The City Treasurer shall be authorized <br /> to make such investments of the City' s inactive funds or <br /> other funds in excess of current needs in such amounts <br /> as. he/she deems appropriate. The City Treasurer may at <br /> any time convert investments into cash. <br /> Section 3 . The City Treasurer shall only make <br /> investments authorized by law. <br /> Section 4 . The City Treasurer shall be authorized <br /> to determine what funds shall benefit from investment <br /> earnings in compliance with laws, ordinances, resolutions <br /> or bond covenants. <br /> WILLIAM E. MOORE, Mayor <br /> ATTEST: <br /> dor_ 54-19-7c1-A-e ' <br /> City Clerk <br /> Passed: // -/D - F y <br /> Valid: // _ /s-[ y <br /> Published: / i- , _ç' _ <br />