Washington State

Office of the Attorney General

Attorney General

Bob Ferguson

AGO 1974 NO. 20 > Sep 20 1974

(1) The governing body of a municipal corporation whose funds are in the custody of a county treasurer may not authorize such treasurer, by a single blanket resolution, to invest all of its present and future surplus funds in a certain specified way or ways, and thus avoid having those funds invested as county residual funds under the second paragraph of RCW 36.29.020. (2) The governing body of a municipal corporation may enact a blanket ordinance or resolution permitting either a single member of that body or some other officer or employee thereof to authorize the county treasurer having custody of its funds to invest those funds as and when indicated, provided that the ordinance or resolution contains sufficient standards to guide that officer or employee in the exercise of the power thus delegated.

AGO 1972 NO. 21 > Sep 14 1972

In authorizing its county treasurer to invest surplus port district funds in qualified investments under RCW 36.29.020, the board of commissioners of a port district has the authority to designate the specific qualified financial institution or institutions in which such funds are to be invested.

AGO 1967 NO. 25 > Jul 6 1967

A board of commissioners of a water district may, in its resolution authorizing the investment of surplus funds in a bank or savings and loan association, direct the county treasurer, as agent for the water district, to invest the funds in a specific bank or association designated in the resolution.