ORDINANCE NO. 409

AN ORDINANCE OF THE TOWN OF SOUTH PRAIRIE, PIERCE COUNTY, WASHINGTON ESTABLISHING CASH AND INVESTMENT POLICY FOR THE . PAYMENT OF MONTHLY BILLS.

Whereas, the Town desires to establish a cash and investment policy which results in prompt payment of amounts owed by the Town and provides that the Town receive interest from the funds that it holds in its possession prior to the payment of bills, and

Whereas, prudent cash management is in the best interests of the citizens and enhances public health, safety and welfare by providing additional funds.

Now, therefore, the Town Council of the Town of South Prairie, Pierce County, Washington do ordain as follows:

Section 1: The funds required to pay the monthly bills of the Town shall be deposited in the money market account, interest bearing, and the funds withdrawn out of the interest bearing account and transferred to the checking account immediately prior to the payment of bills to maximize the amount of interest received by the Town.

Section 2: The financial institution for the deposit of funds which will result in interest to the Town may be established from time to time by resolution.

Section 3 If any provision of this ordinance is determined to be invalid or unenforceable for any reason, the remaining provisions of this ordinance shall remain in force and affect.

Section 4: This Ordinance shall take effect and be in force five (5) days from and after its passage, approval and publication as required by law.

 

 

 

 

Mayor Layne Ross

INTRODUCED 3-6-01

PASSED 3-6-01

APPROVED 3-6-01

PUBLISHED 3-14-01

 

 

Attested:

 

Marla Nevill Town Clerk

Approved as to form:

 

 

 

Michael J. Reynolds Town Attorney