Resolution No. 2021-19 Authorizing Investment of Excess Funds in the Kitsap County Investment Pool andPage 1 of 2
RESOLUTION NO. 2021-19
A RESOLUTION of the City Council of Bainbridge Island,
Washington, authorizing investment of excess funds in the Kitsap
County Investment Pool and designating specific City staff with
authority to initiate wire transfers of City funds to or from Kitsap
County.
WHEREAS, the City of Bainbridge Island periodically invests excess funds in the
Kitsap County Investment Pool; and
WHEREAS, the Kitsap County Treasurer requires a resolution authorizing the
investment of funds in the Kitsap County Investment Pool and designating specific City staff
with authority to initiate wire transfers of funds; and
WHEREAS, Chapter 3.12 BIMC includes the contents of the City’s investment policy;
and
WHEREAS, Chapter 3.12 BIMC includes the adoption of the City’s investment
program; and
WHEREAS, Chapter 3.12 BIMC directs that any modifications to the City’s investment
program policies must be approved by the City Council; and
WHEREAS, the Council last updated the investment policies through adoption of
Resolution No. 93-52, which includes Section 5, “Delegation of Authority,” that defines the City
employees that are authorized to conduct transactions related to the City’s investment program;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF BAINBRIDGE
ISLAND DOES RESOLVE AS FOLLOWS:
Section 1. The City Council hereby authorizes the investment of excess funds in the
Kitsap County Investment Pool and further designates the following staff with authority to
initiate wire transfers: Deputy City Manager, Finance Director, Accounting Manager, Budget
Manager, and Senior Financial Analyst.
Section 2: Resolution No. 93-52 Section 5 of the Investment Policy is hereby amended
as follows:
Delegation of Authority - Authority to manage the City’s investment program is derived
from: the Bainbridge Island Municipal Code, policies adopted by the City ManagerMayor, and
this policy as adopted and amended by the City Council. Management responsibility for the
investment program is hereby delegated to the Director of Finance and Administrative Services
(“the Director”), who shall establish written procedures for the operation of the investment
program consistent with this investment policy. Procedures should include reference to:
safekeeping, master repurchase agreements, wire transfer agreements, custody agreements and
Page 2 of 2
investment related banking service contracts. Such procedures shall include explicit delegation of
authority to persons responsible for investment transactions, which include: the Deputy City
Manager, Accounting Manager, Budget Manager, and Senior Financial Analyst. No person may
engage in an investment transaction except as provided under the terms of this policy and
procedures established by the Director. The Director shall be responsible for all transactions
undertaken and shall establish a system of controls to regulate the activities of subordinate
officials.
Section 3. This resolution shall take effect and be in force immediately upon its passage.
PASSED by the City Council this 14th day of December, 2021.
APPROVED by the Mayor this 14th day of December, 2021.
Rasham Nassar, Mayor
ATTEST/AUTHENTICATE:
By:
Christine Brown, MMC, City Clerk
FILED WITH THE CITY CLERK: December 10, 2021
PASSED BY THE CITY COUNCIL: December 14, 2021
RESOLUTION NO. 2021-19