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CITY INVESTMENTS

SEA-MC tit. 5, subtit. I, ch. 5.06
in effect

Seattle Mun. Code § 5.06.010 Investment authority.

5.06.010 - Investment authority. A. As contemplated by RCW 35.39.032, the Director of Finance and Administrative Services, under the supervision of the Mayor, is authorized on behalf of the City to invest all moneys in the City Treasury which in his or her judgment are in excess of current City needs in: 1. United States bonds; 2. United States certificates of indebtedness; 3. Bonds or warrants of this state: 4. General obligation or utility revenue bonds or warrants of the City or of any other city or town in the state; 5. Bonds or warrants of a local improvement or condemnation award district of the City which is within the protection of the local improvement guaranty fund; 6. Repurchase agreements, reverse repurchase agreements, or bankers' acceptances; 7. The public funds investment account known as the local government investment pool in the State Treasury; and 8. Other investments authorized by law. The Director of Finance and Administrative Services is authorized to hold such investments for the credit of the funds for which purchased. B. The Director of Finance and Administrative Services is further authorized to convert any investments within the City Treasury into cash. (Ord. 123361, § 115, 2010; Ord. 121028 § 3, 2002: Ord. 120794, § 80, 2002; Ord. 120467, § 1, 2001; Ord. 120181 § 26(part), 2000; Ord. 116368, § 123, 1992; Ord. 113830 § 1, 1988: Ord. 110749 § 1(part), 1982.)

Seattle Mun. Code § 5.06.030 Fund investments—Interfund loans.

5.06.030 - Fund investments—Interfund loans. The Director of Finance, after consulting with the Director of Finance and Administrative Services, the City Budget Director, and the Chair of the Finance and Budget Committee of the City Council, may in the Director of Finance'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. Trust and bond funds that are approved solely by the Director of Finance, and other funds approved by the Director of Finance after consulting with the Chair of the Finance and Budget Committee of the City Council, with the Director of Finance and Administrative Services, and with the City Budget Director, shall receive a return in proportion to the amount of money earned by each; and the remainder shall be allocated to the General Fund, except that investment earnings attributable to the Bluefield Habitat Maintenance Subaccount shall be credited to that subaccount; C. Approve interfund loans for a duration up to 90 days, and establish a rate of interest thereon when appropriate, provided, 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; E. Make loans to individual funds participating in a common investment portfolio by means of carrying funds in a negative cash position for a period of up to 90 days, or for longer period upon approval by ordinance, to the extent and for as long as (i) such loans can be prudently supported by the common investment portfolio and (ii) the borrowing fund is reasonably expected to be able to repay the loan. The Director of Finance, after consulting with the Director of Finance and Administrative Services may also charge interest at the common investment portfolio's rate of return to the borrowing fund. (Ord. 125492, § 3, 2017; Ord. 123772, § 6, 2011; Ord. 123361, § 116, 2010; Ord. 120794 § 81, 2002: Ord. 120411, § 5, 2001; Ord. 120181 § 26(part), 2000; Ord. 119761 § 3, 1999; Ord. 118138 § 2, 1996; Ord. 117641 § 1, 1995: Ord. 116368, § 124, 1992; Ord. 110749 § 1(part), 1982.)

Seattle Mun. Code § 5.06.040 Investment policies.

5.06.040 - Investment policies. A. The City's common investment portfolio(s) shall be managed to further this financial objective: to preserve principal while maintaining liquidity to meet the City's needs for cash and maximizing income. B. Investment decisions should further the City's social policies established by ordinance or policy resolutions of the City Council. A City social policy shall take precedence over furthering the City's financial objective when expressly authorized by the City Council resolution or ordinance, except where otherwise provided by law or trust principles. C. The Director of Finance and Administrative Services shall be guided by investment policies adopted from time to time by ordinance or resolution of the City Council. (Ord. 123361, § 117, 2010; Ord. 120794, § 82, 2002: Ord. 120467, § 3, 2001; Ord. 120181 § 26 (part), 2000; Ord. 116368, § 125, 1992; Ord. 110749 § 1(part), 1982.)

Seattle Mun. Code § 5.06.050 Reports.

5.06.050 - Reports. The Director of Finance and Administrative Services shall file a monthly report with the City Council on the performance of City investments for the preceding month and fiscal year-to-date. Each monthly report shall include a discussion of: A. The current investment market; B. Any material change in the City's investment portfolio and practices; C. The City's investment return as compared to the City's benchmark return, which shall be the rate of return used by the City Council when estimating investment earnings for the purpose of adopting the current year's budget; D. The average maturity of the City's investment portfolio; and E. On a quarterly basis, this report will also include, as an attachment, a list of the contents of the City's investment portfolio. (Ord. 123361, § 118, 2010; Ord. 120794, § 83, 2002; Ord. 120467, § 4, 2001; Ord. 120181 § 26, 2000; Ord. 116368, § 126, 1992; Ord. 110749 § 1(part), 1982.)
Source: City of Seattle, Seattle Municipal Code and City Charter (Municode Library, library.municode.com)URL: https://library.municode.com/wa/seattle/codes/municipal_code?nodeId=TIT5REFITA_SUBTITLE_IGERE_CH5.06CIINFetched: 11/1/2026

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