The Investment Committee for the City of Fircrest is composed of four members; namely, the Mayor, the Finance Director, and two Councilmembers appointed by the City Council. The Investment Committee shall have the duties and authority set forth in RCW 35.39.030 (see below), including the authority to consider and to make investments authorized by law, and also to convert investments into cash. The Committee makes a monthly report of all investment transactions made to the City Council and meets on an as-needed basis.
RCW 35.39.030
Excess or inactive funds – Investment.
Every city and town may invest any portion of the moneys in its inactive funds or in other funds in excess of current 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 its own or of any other city or town in the state;
(5) Its own bonds or warrants of a local improvement district which are within the protection of the local improvement guaranty fund law; and
(6) In any other investments authorized by law for any other taxing districts.