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r <br /> ORDINANCE NO. 6-63 <br /> AN ORDINANCE CREATING AN INVESTMENT COMMITTEE FOR THE <br /> CITY OF EVERETT. <br /> WHEREAS, the laws of the State of Washington, as set forth in <br /> R. C. W. 35. 39. 030, provide that a city may by ordinance authorize a <br /> committee of city officials to make investment of moneys in its inactive <br /> funds or in other funds in excess of its current needs, and <br /> I <br /> WHEREAS, the Council of the City of Everett has determined that <br /> the authorization of an investment committee will provide maximum <br /> utilization of city funds in excess of current needs, <br /> NOW, THEREFORE, THE CITY OF EVERETT DOES ORDAIN: <br /> Section 1. An investment committee for the City of Everett is <br /> hereby created. <br /> Section 2. Said committee shall consist of three members: <br /> the City Treasurer and two members of the City Council. The City Council <br /> shall select two members to serve on the committee by majority vote. <br /> Council may designate the term each member may serve. <br /> Section 3. The investment committee shall be authorized to make <br /> such investments of the city's inactive funds or other funds in excess of <br /> current needs in such amounts as it deems appropriate after consultation <br /> with appropriate City administrative officials. The investment committee <br /> shall only make investments in securities or other investments authorized <br /> by law. The investment committee may at any time convert the securities <br /> or other investments in which it has invested, or any part thereof, into <br /> cash. <br /> Section 4. The investment committee shall make a monthly report <br /> of all investment transactions to the City Council. <br /> ., CO (LL <br /> ROBERT C. ANDERSON, Mayor <br /> ATTEST: <br /> ) <br /> City Clerk <br /> Passed: / .2 - -2 (D - (PS% <br /> Valid: % )- - 7 -6 g <br /> Published: 7,,_, - 3 0 _6 g <br />