H-3632.1  _______________________________________________

                          HOUSE BILL 2694

          _______________________________________________

State of Washington      53rd Legislature     1994 Regular Session

By Representatives G. Fisher and Dunshee

Read first time 01/21/94.  Referred to Committee on Revenue.

Expanding uses for investment earnings.

    AN ACT Relating to expenditures of earnings on investments; amending RCW 43.84.160; and providing a retroactive effective date.

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

    Sec. 1.  RCW 43.84.160 and 1973 1st ex.s. c 103 s 13 are each amended to read as follows:

    Investment counseling and management fees, custody service fees, and legal services fees and related costs, established by contract shall be payable from the investment earnings derived from those assets being managed by investment counsel for which the services are used.

NEW SECTION. Sec. 2.  The amendatory language to RCW 43.84.160 and 1973 1st ex.s. c 103 s 13 contained in section 1 of this act is remedial in nature and applies retroactively from July 1, 1993.

                            --- END ---