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AGO Opinions with Topic: EFFECT OF CHAPTER 123, LAWS OF 1961, AND CHAPTER 254, LAWS OF 1961
AGO 1961 No. 69 >  October 3, 1961
OFFICES AND OFFICERS - COUNTY TREASURER - INVESTMENT OF MUNICIPAL FUNDS - EFFECT OF CHAPTER 123, LAWS OF 1961, AND CHAPTER 254, LAWS OF 1961
OFFICES AND OFFICERS ‑- COUNTY TREASURER ‑- INVESTMENT OF MUNICIPAL FUNDS ‑- EFFECT OF CHAPTER 123, LAWS OF 1961, AND CHAPTER 254, LAWS OF 1961 (1) The investment service fee payable to the county treasurer under chapters 123 and 254, Laws of 1961, can be imposed only upon investments authorized by governing bodies of municipal corporations subsequent to the effective dates of the acts. (2) Chapter 123, Laws of 1961, does not amend § 1, chapter 29, Laws of 1945 (cf. RCW 28.51.120) to allow investment income from school building fund investments to be credited to any other fund than the building fund of the district, nor to permit the county treasurer, rather than the board of directors of a school district, to select the type of investment in which building funds may be invested. (3) The provisions of chapters 123 and 254, Laws of 1961, require payment of the specified investment service fee on school district building fund investments, after termination of the investment when the interest or earnings becomes available to the district. (4) Chapter 123, Laws of 1961, is by its terms applicable to school districts only.  The only effect of chapter 254, Laws of 1961, upon the investment powers and duties of water districts is the requirement that the investment service fee be charged against water district fund investments made by the county treasurer in savings and loan associations and in short term United States government securities.
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