Washington Administrative Code › Title 210 - State Treasurer's Office (Finance Committee) › Chapter 210-10 - Local government investment pool › Section 210-10-070 - Withdrawal procedures

Current through Register Vol. 24-14, July 15, 2024
(1)
			 Withdrawal procedures for the money market fund:
Each pool participant shall file with the state treasurer a
				letter designating the financial institution at which funds withdrawn from the
				money market fund shall be deposited. This letter shall contain the name of the
				financial institution, the location of the financial institution, the account
				name, and the account number to which funds will be deposited. This letter
				shall be signed by local officials authorized to receive and disburse funds, as
				described in WAC
				210-10-020. Disbursements from
				the subpool will be effected by electronic funds transfer. Failure by the state
				treasurer to transmit funds to a pool participant after proper notification to
				the state treasurer to disburse funds to a pool participant may result in a
				bank overdraft in the pool participant's bank account. The state treasurer will
				reimburse a pool participant for such bank overdraft penalties charged to the
				pool participant's bank account.
In order to withdraw funds from the money market fund, a pool
				participant must notify the state treasurer of any withdrawal over one million
				dollars no later than 9 a.m. on the same day the withdrawal is made except for
				funds transmitted by ACH. Withdrawals for one million dollars or less, other
				than those funds transmitted by ACH, can be requested at any time prior to 10
				a.m. on the day of withdrawal.
For all other withdrawals from the money market fund over one
				million dollars that are requested prior to 10 a.m., a pool participant may
				receive such withdrawal on the same day it is requested at the sole discretion
				of the state treasurer.
Participants requesting withdrawals via ACH must notify the
				state treasurer no later than 2 p.m. the business day prior to the requested
				withdrawal date. Funds contributed by ACH will not be available for withdrawal
				for a period of time as designated by the state treasurer in the
				prospectus.
Withdrawal requests with respect to the money market fund
				received in good order will receive the net asset value per unit of the money
				market fund next determined after the order is accepted by the state
				treasurer.
(2) Withdrawal
			 procedures for the extended asset fund.
Withdrawal orders will be accepted on a quarterly basis and
				must be received two business days prior to the intended withdrawal date.
				Withdrawals will occur on the 10th calendar day of the months so designated in
				the prospectus. If the 10th is not a business day, the withdrawal will occur on
				the following business day. Other withdrawals may be permitted due to
				necessity, if the governing body of a pool participant sets forth, by
				resolution or other appropriate official action, that a withdrawal is necessary
				to meet the cash flow needs of the pool participant.
Withdrawals from the extended asset fund will be effected by
				way of a corresponding contribution into the pool participant's specified money
				market fund account. On the withdrawal date, shares will be sold from the
				specified extended asset fund account at the net asset value determined as of
				the next business day after the order acceptance date. Shares of the money
				market fund will be purchased using the money market fund's net asset value
				determined as of the next business day after the order acceptance date.
Pool participants must notify the state treasurer of any
				withdrawal two business days prior to a permitted withdrawal date no later than
				the time on that day specified in the prospectus. The state treasurer may allow
				withdrawals with less than the required notice in its sole
				discretion.
Statutory Authority:
				  RCW
				     43.250.060. 13-03-043, §
										210-10-070, filed 1/9/13,
				  effective 2/9/13.