Chapter 1.67
INVESTMENT OF PROPERTY TAXES

Sections:

1.67.010    Property taxes available for investment.

1.67.020    County treasurer directed to invest property taxes.

1.67.030    County treasurer authorized to deduct investment service fee.

1.67.040    County treasurer directed to distribute property.

1.67.010 Property taxes available for investment.

The city council finds that property taxes collected by Grays Harbor County treasurer for and on behalf of the city of Hoquiam are moneys which are not required for immediate expenditure by the city while held by the county treasurer and are surplus moneys available for investment. (Ord. 89-22 § 1, 1989).

1.67.020 County treasurer directed to invest property taxes.

The Grays Harbor County treasurer is authorized and directed, pursuant to the provisions of RCW 36.29.020, to invest in the manner specified and in the investments authorized by state law any and all funds which are due to the city for property taxes while retained in his custody pending distribution to the city. (Ord. 89-22 § 2, 1989).

1.67.030 County treasurer authorized to deduct investment service fee.

Pursuant to the provisions of RCW 36.29.020, when the county treasurer invests property tax moneys for the city while in his custody, he may deduct and retain the investment service fee provided by state law when the interest earnings on the investment of the property tax moneys become available to the city. (Ord. 89-22 § 3, 1989).

1.67.040 County treasurer directed to distribute property.

The county treasurer is authorized and directed to distribute all property taxes collected and all interest accrued on the investment thereof at the time of the distribution of the property tax moneys to the city. (Ord. 89-22 § 4, 1989).