ORDINANCE _________________

AN ORDINANCE expanding the investment authority of the Director of Executive Administration to include investment in the public funds investment account known as the local government investment pool in the State Treasury, and amending Section 5.06.010 of the Seattle Municipal Code.

WHEREAS, pursuant to Chapter 43.250 RCW, a public funds investment account known as the "local government investment pool" in the State Treasury was created for the deposit of money of political subdivisions for purposes of investment by the State Treasurer; and

WHEREAS, the City wishes to have the option of investing City moneys in the state's local government investment pool; and

WHEREAS, the state requires, as set forth in WAC 210-01-030, that all government entities participating in the local government investment pool file with the State Treasurer a certified copy of an ordinance or resolution containing (a) the name and address of the entity; (b) a statement that the governmental entity agrees to deposit or withdraw funds in the local government investment pool in accordance with the provisions of the Washington Administrative Code for the purpose of investment as stated therein; and (c) the names and titles of the officials authorized by this ordinance or resolution to order the deposit or withdrawal of funds in the local government investment pool; NOW, THEREFORE,

BE IT ORDAINED BY THE CITY OF SEATTLE AS FOLLOWS:

Section 1. The Council hereby authorizes the Director of the Department of Executive Administration, under the supervision of the Mayor and consistent with policy direction given by the Director of Finance, to invest moneys in the City Treasury which in his or her judgment are in excess of current City needs, in the state's local government investment pool, which is the public funds investment account established in accordance with Chapter 43.250 RCW. The City of Seattle, whose Treasury has a mailing address of: Department of Executive Administration, Treasury Services, 700 Fifth Avenue, Suite 4250, Seattle, WA 98104, agrees to deposit or withdraw funds in the local government investment pool in accordance with the provisions of the Washington Administrative Code for the purpose of investment as stated therein.

Section 2. To carry out Section 1 above, the Treasury Services Director, the Investment Officer and the Assistant Investment Officer in the Department of Executive Administration, or their functional successors, are authorized to order the deposit or withdrawal of City moneys in the local government investment pool. The names of the current incumbents in these positions, as of July 2002, and their signatures, are provided in Exhibit 1 to this ordinance. The Director of Executive Administration, whose signature on any such communication shall be attested to by the City Clerk, is authorized from time to time to provide the State Treasurer with updated information as to the names and signatures of individuals authorized to act for the City by virtue of their serving as Treasury Services Director (Executive 2, pocket no. 00024269), Investment Officer (Strategic Advisor 3, pocket no. 00019512) or Assistant Investment Officer (pocket no. 00010679) in the Department of Executive Administration, or their functional successors.

Section 3. Section 5.06.010 of the Seattle Municipal Code is amended as follows:

5.06.010 Investment authority.

A. As contemplated by RCW 35.39.032, the Director of Executive Administration, under the supervision of the Mayor and consistent with policy direction given by the Director of Finance, is authorized on behalf of the City to invest all moneys in the City Treasury which in his or her judgment are in excess of current City needs in:

1. United States bonds;

2. United States certificates of indebtedness;

3. Bonds or warrants of this state;

4. General obligation or utility revenue bonds or warrants of the City or of any other city or town in the state;

5. Bonds or warrants of a local improvement or condemnation award district of the City which is within the protection for the local improvement guaranty fund;

6. Repurchase agreements, reverse repurchase agreements, or bankers' acceptances; and

7. The public funds investment account known as the local government investment pool in the State Treasury; and

78. Other investments authorized by law.

The Director of Executive Administration is authorized to hold such investments for the credit of the funds for which purchased.

B. The Director of Executive Administration is further authorized to convert any investments within the City Treasury into cash.

Section 4. This ordinance shall take effect and be in force thirty (30) days from and after its approval by the Mayor, but if not approved and returned by the Mayor within ten (10) days after presentation, it shall take effect as provided by Municipal Code Section 1.04.020.

Passed by the City Council the ____ day of _________, 2002, and signed by me in open session in authentication of its passage this _____ day of __________, 2002.

_________________________________

President __________of the City Council

Approved by me this ____ day of _________, 2002.

_________________________________

Gregory Nickels, Mayor

Filed by me this ____ day of _________, 2002.

____________________________________

City Clerk

(Seal)

Exhibit 1: Authorized Persons

Gregg Johanson/gaj Investment ord August 15, 2002 version 3a

Exhibit 1 Authorized Persons

Name Title Signature Telephone No.

Susan A Busbice Treasury Services Director _______________________ 206/684-5223

Rodney G. Rich Investment Officer _______________________ 206/6845216

Curtis A. Collier Assistant Investment Officer _______________________ 206/684-8345