Res 91-089
RESOLUTION NO. ~
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF FEDERAL WAY,
WASHINGTON, REPEALING RESOLUTION NOS. 90-24 AND 91-51 AND
SPECIFYING THE OFFICERS AND PERSONS AUTHORIZED TO INVEST AND
WITHDRAW FUNDS OF THE CITY.
WHEREAS, pursuant to Resolution No. 90-24, the City Council
authorized designated City staff members to invest surplus funds of
the City, in accordance with law, with commercial banks, savings
and loan associations and broker dealers; and
WHEREAS, some of those staff members are no longer employed by
the city of Federal Way; and
WHEREAS, pursuant to Resolution No. 91-51, the City Council
authorized the Finance Director, or his or her designee, to order
the deposit or withdrawal of City funds in the Local Government
Investment Pool; and
WHEREAS, for audit purposes it is in the best interest of the
City
and
its
citizens
to
combine
the
investment
authority
resolutions; NOW THEREFORE,
THE CITY COUNCIL OF THE CITY OF FEDERAL WAY,
WASHINGTON,
HEREBY RESOLVES AS FOLLOWS:
section 1.
Resolution Nos.
90-24 and 91-51 are hereby
repealed.
section 2.
The City of Federal Way hereby authorizes the
deposit and withdrawal of city of Federal Way monies, in and from
the Local Government Investment Pool, in the State Treasury, in
accordance with Chapter 294, Laws of 1986, and further authorizes
the deposit and withdrawal of city of Federal Way monies, in and
&~
from commercial banks, savings and loan associations and broker
dealers, in compliance with the City's investment policy and cash
management plan, as stated therein.
section 3.
The City council hereby authorizes the Finance
Director,
or
his
or
her
designee,
to
order
the
deposit
or
withdrawal of monies in the Local Government Investment Pool or
from commercial banks,
savings and loan associations or broker
dealers.
Section 4.
This
resolution
shall
become
effective
immediately.
RESOLVED by the City Council of the City of Federal Way, this
..3 eL day of .J)/C€..-rrlkU , 19 c¡ I .
9¡;j/~I~ ~ /"
MAYOR DEBRA ERTEL
C
FILED WITH THE CITY CLERK: 11/26/91
PASSED BY THE CITY COUNCIL: 12/03/91
RESOLUTION NO. 91-89