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HomeMy WebLinkAboutResolution 08-115-CCBOARD OF COUNTY COMMISSIONERS Grant County, Washington RESOLUTION No. 08- �� � CC A RESOLUTION relating to the establishment of a new investment fund to be named: Veterans Relief Investment Fund #104; and WHEREAS, it has been called to the attention of the Board of County Commissioners that a new investment fund should be established as set forth hereinabove; and WHEREAS, the establishment of said investment fund may be accomplished without a public hearing pursuant to state and county budget laws, NOW, THEREFORE, BE IT HEREBY RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF GRANT COUNTY, STATE OF WAS�IINGTON, that the following investment fund is hereby created and established: Veterans Relief Investment Account Fund #104 and the Grant County Auditor and the Grant County Treasurer are hereby directed to establish said investment fund in their respective offices. This resolution is in the best interests of good government and shall take effective immediately. �' � DATEI): this � day of �%� , 2008. Yea Nay �� ❑ BOARD OF COUNTY COMMISSIONERS Abstain G�NT COUNTY, WASHINGTON ❑ Richard Stevens, Chair �� � � � � LeRoy1Allison, er . � � � Cind C er, Member Y F:�BVasquez\Resolution-Ordinance\Veterans Relief Investment Fund.doc Page 1 of 1 December 10, 2008 TO: GRANT COiTNTY COMMISSIONERS FROM: DARRYL PHEASANT GRANT COUNTY TREASURER RE: VETERANS RELIEF INVESTMENT ACCOUNT RCW 73.08.080 includes language in Section 1(see attached) states that `Bxpenditures from the veterans' assistance fund, and interest earned on balances from the fund, may be used only for:..." This specific language sounds like that the uninvested balances of monies in the fund should be invested directly to the beneiit of the fund instead of being treated lilce Surplus funds. If you agree with this interpretation, please create a resolution the instructs me to create an investment fund for the veterans relief fund and invest all unencumbered cash. � �� � ,�� � �,�,��- � � R� � r� � c � o �aa� ���,n�r caut�-rv rcann�nassicar���� RCW 73.08.080: Tax levy aut�orize�l:� RCW 73.08.080 Tax levy authorized. Page 1 �of 1 (1) The legislative authority in each county shall levy, in addition to the taxes now levied by law, a tax in a sum equal to the amount which would be raised by not less than one and one-eighth cents per thousand dollars of assessed value, and not greater than twenty-seven cents per thousand dollars of assessed value against the taxable property of their respective counties, to be levied and collected as now prescribed by law for the assessment and collection of taxes, for the purpose of creating a veterans' assistance fund. Expenditures from the veterans' assistance fund, and interest earned on balances from the fund, may be used only for: (a) The veterans' assistance programs authorized by RCW 73,08.010; (b) The burial or cremation of a deceased indigent veteran or deceased family member of an indigent veteran as authorized by RCW 73.08.070; and (c) The direct and indirect costs incurred in the administration of the fund as authorized by subsection (2) of this section. (2) If the funds on deposit in the veterans' assistance fund, less outstanding warrants, on the first Tuesday in September exceed the expected yield of one and one-eighth cents per thousand dollars of assessed value against the taxable property of the county, the county legislative authority may levy a lesser amount. The direct and indirect costs incurred in the administration of the veterans' assistance fund shall be computed by the county auditor, or the chief financial officer in a county operating under a charter, not less than annually. Following the computation of these direct and indirect costs, an amount equal to these costs may then be transferred from the veterans' assistance fund to the county current expense fund. (3) The amount of a levy allocated to the purposes specified in this section may be reduced in the same proportion as the regular property tax levy of the county is reduced by chapter 84.55 RCW. [2005 c 250 § 6; 1985 c 181 § 2; 1983 c 295 § 6; 1980 c 155 § 6; 1973 2nd ex.s. c 4§ 5; 1973 1 st ex.s. c 195 § 86; 1970 ex.s. c 47 § 9; 1969 c 57 § 1; 1945 c 144 § 7; 1921 c 41 § 7; 1919 c 83 § 7; 1907 c 64 § 7; 1893 c 37 § 2; 1888 p 210 § 7; Rem, Supp. 1945 § 10742. Formerly RCW 73.08.020.] Notes: Intent -- 2005 c 250: See note following RCW 73.08.005. Effeetive date -- Applicability -- 1980 c 155: See note following RCW 84.40.030. Emergency -- Effective dates --1973 2nd ex.s. c 4: See notes following RCW 84.52.043. Severability -- Effective dates and termination dates -- Construction -- 1973 1st ex.s. c 195: See notes following RCW 84.52.043. http://apps.leg.wa.gov/RCW/default.aspx?cite=73.08.080 12/10/2008