HB 1352 — Authorizing tribal investment in county investment pools.

H-0928.1H-0451.1 SUBSTITUTE HOUSE BILL 1352 State of Washington 68th Legislature 2023 Regular Session By House Local Government (originally sponsored by Representatives Stearns, Low, Cortes, Entenman, Couture, Ramel, Lekanoff, Pollet, and Fosse)Fosse READRead FIRSTfirst TIMEtime 01/31/23.01/16/23.

Referred to Committee on Local Government.

(b) SubjectAn to the approval of the county treasurer, an authorized tribal official may, when expressly designated by a tribal constitution, ordinance, or resolution as having the authority to invest funds of a qualifying federally recognized tribe p.

1 SHBHB 1352 invest funds of a qualifying federally recognized tribe or federally recognized political subdivisions thereof, enter into an intergovernmental agreement to invest tribal funds with the county treasurer.

(d) If in the judgment of the governing body of the municipal corporation, the authorized tribal official, or the county treasurer it is necessary to redeem or to sell any of the purchased securities before their ultimate maturity date, the governing body or authorized tribal official may, by resolution or by official request, direct the county treasurer pursuant to RCW 36.29.010(8) to cause such redemption to be had at the redemption value of the securities or to p.sell the securities at not less than market value and accrued interest.

2p. SHB 1352 sell the securities at not less than market value and accrued interest.

2 HB 1352 (2) Whenever the funds of any municipal corporation which are not required for immediate expenditure are in the custody or control of the county treasurer, and the governing body of such municipal corporation has not taken any action pertaining to the investment of any such funds, the county finance committee shall direct the county treasurer, under the investment policy of the county finance committee, to invest, to the maximum prudent extent, such funds or any portion thereof in savings or time accounts in designated qualified public depositaries or in certificates, notes, or bonds of the United States, or other obligations of the United States or its agencies, or of any corporation wholly owned by the government of the United States, in bankers' acceptances purchased on the secondary market, in federal home loan bank notes and bonds, federal land bank bonds and federal national mortgage association notes, debentures and guaranteed certificates of participation, or the obligations of any other government sponsored corporation whose obligations are or may become eligible as collateral for advances to member banks as determined by the board of governors of the federal reserve system or deposit such funds or any portion thereof in investment deposits as defined in RCW 39.58.010 secured by collateral in accordance with the provisions of chapters 39.58 and 39.59 RCW:

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3 SHB 1352 Sec.

(1)p. The county treasurer may deduct the amounts necessary to reimburse the treasurer's office for the actual expenses the office incurs and to repay any county funds appropriated and expended for the initial administrative costs of establishing a county investment pool provided in RCW 36.29.022.

3 HB 1352 (1) The county treasurer may deduct the amounts necessary to reimburse the treasurer's office for the actual expenses the office incurs and to repay any county funds appropriated and expended for the initial administrative costs of establishing a county investment pool provided in RCW 36.29.022.

4 SHBHB 1352