ORD 66-01 INVESTMENT OF INACTIVE FUNDS.~~
ORDINANCE NO. 66-1
AN ~TNANCE AUTHORIZING THE INVESTMENT OF INPiCTIVE
FUNDS, DND THE CONVERSION OF SAME TO CAS~I 4~N NEEDED, BY THE TOV~N
OF WTiVSI~iT FINANCE COMMITTEE
1t~iS, Chapter 1~6, Extraordinary Session 196,x; Lsws of Washington
prescribes the acceptable. securities. for investment by Cities and Towns.,
and
~YI~'1aFAS, it includes authority for the Town Council to delegate. the
power to make investments as set forth, without the consent of the
legislative authority for each investment, to a Finance Committee composed
of several Town officials, and
WS~REAS, a Town Finance Committee has previously been established
by the Council composed of members. as prescribed by law.
NCAiIi, THERE-r ~E BE IT C~tDAINED by the Town Council of the Town of
Winslow, Washington, as follows:
SECTION l: The Town of Winslow Finance Committee is hereby
authorized to place all funds not immediately required in investment
securities as limited by law.
SECTION 2: Said Finance Committee is hereby authorized to buy and
sell such specified securities without first obtaining Council approval
but shall report all transactions to the Council at the close of each
month.
PASSED by the Town Council of the Town of Winslow, Washington at
a regular meeting this 3rd day of January, 1966.
ATTEST:
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