HomeMy WebLinkAboutRes 1107 - Investment of City Property Tax Receipts ManagementCITY OF TUKWILA
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
TUKWILA, WASHINGTON, RELATING TO THE INVEST-
MENT OF CITY PROPERTY TAX RECEIPTS IN CUSTODY
OF THE COUNTY FINANCE MANAGER, AND REPEAL-
ING RESOLUTION NO. 1050 DATED AUGUST 17,1987.
WHEREAS, as required by state law, the King County Finance Manager collects
property taxes for and on behalf of the City of Tukwila, and
WHEREAS, RCW 36.29.020 provides that the City Council may authorize and direct
the King County Finance Manager to invest property tax receipts which are collected prior to
the disbursement of such receipts to the City, and
WHEREAS, the King County Finance Manager has proposed the automatic
investment of City tax receipts in a manner set forth in a letter dated April 21, 1989, a copy of
which is attached as Exhibit A, and to make a lump sum payment retroactive to October 24,
1988, and
WHEREAS, it is in the best interest of the citizens of the City of Tukwila that City tax
receipts in the custody of the King County Finance Manager be invested in the manner he
has proposed,
NOW, THEREFORE, the City Council of the City of Tukwila, Washington hereby
resolves as follows:
SECTION I. The King County Finance Manager is authorized and directed to invest tax
receipts in the manner proposed in the letter dated April 21, 1989, a copy of which is attached
as Exhibit A.
SECTION II. The City shall accept a lump sum payment calculated according to the
system proposed by the King County Finance Manager, retroactive to October 24, 1988, in
complete satisfaction for all past claims for earnings on City tax receipts.
SECTION III. The City agrees to hold King County, its Finance Manager, and other
officers and employees harmless from any claims for damages or loss of funds resulting
from investments made in accordance with the system proposed by the King County
Finance Manager.
SECTION IV. Resolution No. 1050 dated August 17, 1987, is hereby repealed.
RESOLVED BY THE CITY COUNCIL OF THE CITY OF TUKWILA, WASHINGTON, at
a regular meeting thereof this 5th day of June 1989.
APP OVED AS TO FORM;
WASHINGTON
RESOLUTION NO. 1107
FILED WITH THE CITY CLERK: G P?
PASSED BY THE CITY COUNCIL: G
RESOLUTION NO: /1 0 7
CITY OF TUKWILA
Marilyn Sto s, Council President
ATTEST/AUTHENTICATED:
Maxine Anderson, City Clerk