HomeMy WebLinkAboutResolution No. 195CITY OF MEDINA, WASHINGTON
RESOLUTION NO. 195
A RESOLUTION of the City Council of the City of Medina,
Washington relating to the investment of city property tax
receipts in custody of the county finance manager.
WHEREAS, as required by state law, the King County Finance
Manager collects property taxes for and on behalf of the City of
Medina, and
WHEREAS, ROW 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 Medina 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 Medina, Washington, hereby
resolves as follows:
Section 1. 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 2. 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 3. 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.
RESOLVED this 12th day of June , 1989.
Pete all- pinos Mayor
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