AGO 1949-51 No. 190.

• Case Date: January 09, 1950
• Court: Washington

Washington Attorney General Opinions 1950. AGO 1949-51 No. 190. January 9, 1950[Orig. Op. Page 1]PRIVATEINVESTMENT OF SEATTLE EMPLOYEES' PENSION FUNDS IN VETERANS' BONUS BONDS.Funds of the Employees' Pension of the City of Seattle may be invested in the bonds issued under chapter 180, Laws of 1949.Honorable Cliff Yelle State Auditor Legislative Building Olympia, WashingtonCite as: AGO 1949-51 No. 190Dear Sir: Receipt is acknowledged of your letter requesting our opinion as to whether the funds of the City of Seattle employees' pension fund may be invested in bonds issued under chapter 180, Laws of 1949 (World War II Veterans' Bonus Law). It is our conclusion that the funds of the Seattle Employees' Pension System may be invested in the bonds authorized by chapter 180, Laws of 1949. ANALYSIS The Seattle Employees' Pension System is operated pursuant to chapter 207, Laws of 1939 [Rem. Rev. Stat. Supp. 9592-101, et seq.]. § 9 (c) of that act provides: "The investment of all or any part of the retirement fund shall be subject to the terms, conditions, limitations and restrictions imposed by the laws of the State of Washington upon the making of investments by savings banks: * * *" Chapter 74, Laws of 1929 [Rem. Rev. Stat. 3381-1 et seq.] governs the investments to be made by the mutual savings bank. This is the only type of savings bank concerning which there is a specific statute regulating investments. The savings and loan...