H-0870.1                  _______________________________________________

                                                      HOUSE BILL 1555

                              _______________________________________________

State of Washington                              53rd Legislature                             1993 Regular Session

By Representatives Springer, Riley, Edmondson, Zellinsky, Horn, Sheldon, Kremen, Bray, Ludwig and Quall

Read first time 02/01/93.  Referred to Committee on Local Government.

Concerning the use of funds by a public corporation formed by a municipality.

          AN ACT Relating to the use of administrative funds of a public corporation formed by a municipality; and amending RCW 39.84.130.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:

        Sec. 1.  RCW 39.84.130 and 1981 c 300 s 13 are each amended to read as follows:

          No part of the proceeds received from the sale of any revenue bonds under this chapter, of any revenues derived from any industrial development facility acquired or held under this chapter, or of any interest realized on moneys received under this chapter may be commingled by the public corporation with funds of the municipality creating the public corporation.  However, those funds of the public corporation that are not otherwise encumbered for the payment of revenue bonds and are not reasonably anticipated by the board of directors to be necessary for administrative expenses of the public corporation may be transferred to the creating municipality and used for growth management, planning, or other economic development purposes.

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