1799-S

AN ACT Relating to the economic development finance authority; amending RCW 43.163.070, 43.163.090, and 43.163.901; and repealing RCW 43.163.005, 43.163.010, 43.163.020, 43.163.030, 43.163.040, 43.163.050, 43.163.060, 43.163.070, 43.163.080, 43.163.090, 43.163.100, 43.163.110, 43.163.120, 43.163.130, 43.163.140, 43.163.150, 43.163.160, 43.163.170, 43.163.180, 43.163.190, 43.163.200, 43.163.900, and 43.163.901.

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

Sec. 1. RCW 43.163.070 and 1990 c 53 s 4 are each amended to read as follows:

The authority may use any funds legally available to it for any purpose specifically authorized by this chapter, or for otherwise improving economic development in this state by assisting businesses and farm enterprises that do not have access to capital at terms and rates comparable to large corporations due to the location of the business, the size of the business, the lack of financial expertise, or other appropriate reasons: PROVIDED, That no funds of the state shall be used for such purposes and that loans made to persons, firms, or entities shall not exceed five million dollars per borrower or per project. The programs authorized by this chapter shall emphasize assistance to small businesses and women and minority-owned businesses.

Sec. 2. RCW 43.163.090 and 1989 c 279 s 10 are each amended to read as follows:

The authority shall adopt a general plan of economic development finance objectives to be implemented by the authority during the period of the plan. The authority may exercise the powers authorized under this chapter prior to the adoption of the initial plan. In developing the plan, the authority shall consider and set objectives for:

(1) Employment generation associated with the authority's programs;

(2) The application of funds to sectors and regions of the state economy evidencing need for improved access to capital markets and funding resources;

(3) Geographic distribution of funds and programs available through the authority;

(4) Eligibility criteria for participants in authority programs;

(5) The use of funds and resources available from or through federal, state, local, and private sources and programs;

(6) Standards for economic viability and growth opportunities of participants in authority programs;

(7) New programs which serve a targeted need for financing assistance within the purposes of this chapter; and

(8) Opportunities to improve capital access as evidenced by programs existent in other states or as they are made possible by results of private capital market circumstances.

At least one public hearing shall be conducted by the authority on the plan, and updates to the plan, prior to its adoption. The plan shall be adopted by resolution of the authority no later than November 15, 1990. The plan shall be submitted to the chief clerk of the house of representatives and secretary of the senate for transmittal to and review by the appropriate standing committees no later than December 15, 1990, and each December 15 thereafter. The authority shall ((~~periodically~~)) update the plan ((~~as determined necessary by the authority, but not less than once every two years~~)) annually. The plan or updated plan shall include a report on authority activities conducted since the commencement of authority operation or since the last plan was reported, whichever is more recent, including a statement of results achieved under the purposes of this chapter and the plan. Upon adoption, the authority shall conduct its programs in observance of the objectives established in the plan.

Sec. 3. RCW 43.163.901 and 1989 c 279 s 26 are each amended to read as follows:

If any provision of this ((~~act~~)) chapter or its application to any person or circumstance is held invalid, the remainder of the ((~~act~~)) chapter or the application of the provision to other persons or circumstances is not affected.

NEW SECTION. Sec. 4. The following acts or parts of acts are each repealed, effective June 30, 1995:

(1) RCW 43.163.005 and 1990 c 53 s 1 & 1989 c 279 s 1;

(2) RCW 43.163.010 and 1989 c 279 s 2;

(3) RCW 43.163.020 and 1990 c 53 s 2 & 1989 c 279 s 3;

(4) RCW 43.163.030 and 1989 c 279 s 4;

(5) RCW 43.163.040 and 1989 c 279 s 5;

(6) RCW 43.163.050 and 1990 c 53 s 3 & 1989 c 279 s 6;

(7) RCW 43.163.060 and 1989 c 279 s 7;

(8) RCW 43.163.070 and 1993 c ... s 1 (section 1 of this act), 1990 c 53 s 4, & 1989 c 279 s 8;

(9) RCW 43.163.080 and 1990 c 53 s 5 & 1989 c 279 s 9;

(10) RCW 43.163.090 and 1993 c ... s 2 (section 2 of this act) & 1989 c 279 s 10;

(11) RCW 43.163.100 and 1990 c 53 s 6 & 1989 c 279 s 11;

(12) RCW 43.163.110 and 1989 c 279 s 12;

(13) RCW 43.163.120 and 1989 c 279 s 13;

(14) RCW 43.163.130 and 1989 c 279 s 14;

(15) RCW 43.163.140 and 1989 c 279 s 15;

(16) RCW 43.163.150 and 1989 c 279 s 16;

(17) RCW 43.163.160 and 1989 c 279 s 17;

(18) RCW 43.163.170 and 1989 c 279 s 18;

(19) RCW 43.163.180 and 1989 c 279 s 19;

(20) RCW 43.163.190 and 1989 c 279 s 20;

(21) RCW 43.163.200 and 1989 c 279 s 21;

(22) RCW 43.163.900 and 1989 c 279 s 24; and

(23) RCW 43.163.901 and 1993 c ... s 3 (section 3 of this act) & 1989 c 279 s 26.