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• ORDINANCE NO:, 3 7 0-5 .
AP! ORDINANCE OF THE CITY COUNCIL OF 7HE•CITY OF AUBUP.N, WASHINGTON, REPEALING
AUBURN CODIFIED' CITY ORDINANCE 3.04:•900 }(CEP1E'TERY'.ENDOWMENT'CARE' FUPJD
INVESTMENT) AND ENACTING A NEW AUBURN'CODIFIED'CITY ORDINAPlCE 3.04.100
' TO REPLACE THE SAME. •
THE CITY COUNCIL OF THE CITY,OF AUBURN, WASH3NGTON, DO ORDAIN
AS fOLLOWS; ' Section 1'. Auburn Codified City Ordinance 3.04.100 pertaining to
" Cemetery eridowment care~fund - Investment is:.upon the effective date of
• this Ordinance repealed. . . - "
Section 2.There is:.fierewith enacted a new Auburn Codified City
Ordinance 3.04.100 pertaining'to Cemetery endowment care fund - Investment,
which shall read as folTows, to-wit: I "City of Auburn,cemetery endowment'care funds shall be invested"in
accordance witli the provisions of R.C.W. 68.44.030 and 30.24.020 of the laws.
' of tfie State of Washington subject to the following restrictions:., .
(1) 9No off.icer or director of the City of Auburn cemetery.authority, trustee.of the endowment
care or special care funds, or spouse, sibling,
parent, grandparent, or issue.ef such officer, ,
director, or t`rustee, shall borrow any such funds for fiimself, directly or indirectly.
(2). No funds shall be loaned to the cemetery authority,
' its agents, or employees; or to any corporation,
• . partnersfiip, or other business entity in which the
cemetery authority has any ownership interest. • (3) No funds sfia11 6e invested with persons or business
entities operating in a 6usiness field directly
. related to cemeteries, including, but not limited to`,'
mortuaries, monument production and;sales, florists;
and rental of funeral facilities.
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Ordinance No. 3705 -
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(4) Notwithstanding any other provisions contained in
this section, funds may be invested in any commerical
bank, mutual savings 6ank, or savings"and loan.association
duly chartered and operating under the laws o,f, the United
States or statutes of the`State of Washington:
. (5) The Au6urn Finance Director is authorized to acquire and
and retain every kind of property, real, personal or mixed,
and every kind of investment specifically including but not
6y way of limitation, de6entures and other corporate obligations,
and stocks, preferred or common, which men of prudence, dis-
cretion and intelligence acquire for their own account."
Section 3. This Ordinance shall take effect and be in force five (5)
days from and after its.passage, approval and publication, as provided by
law.
INTRODUCED: DECEMBER 7. 1981
PASSED: DECEMBER 7. 1981
APPROVED: DECEMBER 7. 1981
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ATTEST: -
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Ci Clerk
APPROV,ED AS TO FQRM: ,
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~ , . City Attorney
PUBLISHED: nFCFMaFk i7 1q81
Ordinance No. 3705
Page Two of Two 12=1-81
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STATE OF WASHZNGTON) ) ss.
COUNTY OF KZNG ) I, Coralee A. McConnehey, the duly appointed, qualified City Clerk
of the City of Auburn, a Municipal Corporation and Code City, sitvate in
the County of King, State of Washington, do hereby certify that the fore-
going is a full, true and crorrect copy of Ordinance No. 3705 of the
oidinances of the City of Auburn, entitled "AN ORDINANCE OF THE CITY COUNCIL
OF THE CITY OF AUBURN, WASHINGi'ON, REPEALING AUBURN CODIFIID CITY ORDINANCE
3.04C100 (CRIEPERY INDOTa1QVT CARE FUND-INVES'R~7Qdr) ANp ENp,GTING A NEW AUBURN
CODIFIID CITY ORDINANCE 3.04.100 TO REPIACE THE SAME.
I certify that said Ordinance No. 37()5 was duly passed by the Council
and approved by the Mayor of the said City of Auburn, on the 7rh day of
December A.D., 19 $1 •
Z further certify that said Ordinance No. 3705 was published as provided
by law in the Dai1y Globe News, a daily newspaper pvblished in the City of
Aubnrn, and of general circulation therein, on the 17th day of Dpramhar
A.D., 19 81 .
WITNESS my hand and the offical seal of the City of Auburn, this 17th
day of December , A.D., 19 81 .
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CZTY CLERK OF THE CITY OF AUBURN