RCW 35.39.030: Excess or inactive funds—Investment.

Every city and town may invest any portion of the moneys in its inactive funds or in other funds in excess of current needs in:

(1) United States bonds;

(2) United States certificates of indebtedness;

(3) Bonds or warrants of this state;

(4) General obligation or utility revenue bonds or warrants of its own or of any other city or town in the state;

(5) Its own bonds or warrants of a local improvement district which are within the protection of the local improvement guaranty fund law; and

(6) In any other investments authorized by law for any other taxing districts.