HomeMy WebLinkAbout1965-706 ORDINANCE NO. / 6 2
AN ORDINANCE relating to the investment of funds of the City of Yakima;
creating an Investment Committee, and defining its
authority; appointing Investment Committee officers;
prescribing duties of the Investment Committee; and
creating a new chapter of the City of Yakima Municipal
Code to be numbered and entitled "Chapter 1.73, Invest-
ment Committee ", and declaring an emergency.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF YAKIMA:
Section 1. There is hereby created a new chapter of the City of
Yakima Municipal Code, to be numbered and entitled "Chapter 1.73,
Investment Committee ", which new chapter shall read as follows:
"Chapter 1.73
INVESTMENT COMMITTEE
SECTIONS:
1.73.010 Investment Committee Created - Authority.
1.73.020 Officers of Investment Committee.
1.73.030 Meetings of Investment Committee.
1.73.040 Report to City Council.
1.73.010 INVESTMENT COMMITTEE CREATED - AUTHORITY.
There is hereby created an Investment Committee composed of
the Mayor, City Manager, Director of Finance and City
• Treasurer of the City of Yakima. Said Committee is hereby
authorized to make investments of City funds, as authorized
by law, and, at any time, to convert investments, or any
part thereof, into cash, and to engage in all such trans-
actions without the consent of the City Council being first
obtained for each such transaction.
1.73.020 OFFICERS OF INVESTMENT COMMITTEE. (a) The -
Mayor is hereby appointed as chairman of said Investment
Committee to preside at all meetings thereof, provided,
that the Mayor shall designate some other member of the
Investment Committee as chairman thereof to preside at any
meeting from which the Mayor may be absent.
(b) The City Treasurer is hereby appointed as secretary
of said Investment Committee, and shall maintain a record
of the minutes of each meeting of the Investment Committee,
together with a record of all transactions thereof.
1.73.030 MEETINGS OF INVESTMENT COMMITTEE. The Invest-
ment Committee shall meet at least once each month, at a
time designated by the Mayor. Additional meetings may be
called by the Mayor, from time to time, as he deems necessary
• or desirable for the best interests of the City.
1.73.040 REPORT TO CITY COUNCIL. The City Treasurer
shall submit to the City Council a monthly report of all
transactions of the Investment Committee. Said report
shall be in writing, and shall be submitted to the City
Council at a regular City Council meeting no later than
the second regular City Council meeting of each month."
Section 2. This Ordinance is one to provide for the immediate
preservation of the public peace, property, health, safety and welfare
•
of the people of the City of Yakima and an emergency is hereby de-
clared to exist and this Ordinance shall be in full force and effect
immediately upon its passage, approval and publication as provided by
law and by the City Charter.
!II PASSED BY THE CITY COUNCIL, signed and approved this 13th day of
September, 1965.
Mayor
ATTEST: ge
City Clerk
!II
411
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