State Ex Rel. Graham v. City of Olympia

This is a declaratory judgment action brought by the plaintiff (appellant), Robert V. Graham, State Auditor, to test the constitutionality of certain statutes which authorize the deposit of public funds, in this case by a municipal corporation, in interest-bearing time deposits with banks, mutual savings banks, and savings and loan associations, and seeking injunctive relief.1

There is no controversy as to the facts. On or about January 9, 1970, the State Auditor, through the division of municipal corporations, commenced a regular examination of the defendant (respondent), City of Olympia, as…