AN ACT Relating to state highway bonds; adding
new sections to chapter 47.10 RCW; and declaring an emergency.
BE
IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
NEW SECTION. Sec. 1. In
order to provide funds necessary for the location, design, right of way, and
construction of state highway improvements that are identified as interstate
improvements, there shall be issued and sold upon the request of the Washington
state transportation commission a total of two hundred million dollars of
general obligation bonds of the state of Washington. These funds shall be used
to temporarily pay the regular federal share of construction of federal-aid
interstate highway improvements to complete state routes 5, 82, 90, 182, 405,
and 705 in advance of federal-aid apportionments under the provisions of 23
U.S.C. Sec. 115 or 122: PROVIDED, That if by December 31, 1996, none of these
bonds have been sold this section and sections 2 through 6 of this act are null
and void.
NEW SECTION. Sec. 2.
Upon the request of the transportation commission, the state finance committee
shall supervise and provide for the issuance, sale, and retirement of the bonds
authorized by sections 1 through 6 of this act in accordance with chapter 39.42
RCW. Bonds authorized by sections 1 through 6 of this act shall be sold in
such manner, at such time or times, in such amounts, and at such price as the
state finance committee shall determine. No such bonds may be offered for sale
without prior legislative appropriation of the net proceeds of the sale of the
bonds.
The state finance committee shall consider the
issuance of short-term obligations in lieu of long-term obligations for the
purposes of more favorable interest rates, lower total interest costs, and
increased marketability and for the purpose of retiring the bonds during the
life of the project for which they were issued.
NEW SECTION. Sec. 3.
The proceeds from the sale of bonds authorized by sections 1 through 6 of this
act shall be deposited in the motor vehicle fund. The proceeds shall be
available only for the purposes enumerated in section 1 of this act, for the
payment of bond anticipation notes, if any, and for the payment of bond
issuance costs, including the costs of underwriting.
NEW SECTION. Sec. 4.
Bonds issued under the authority of sections 1 through 6 of this act shall
distinctly state that they are a general obligation of the state of Washington,
shall pledge the full faith and credit of the state to the payment of the
principal thereof and the interest thereon, and shall contain an unconditional
promise to pay such principal and interest as the same shall become due. The
principal and interest on the bonds shall be first payable in the manner
provided in sections 1 through 6 of this act from the proceeds of the state
excise taxes on motor vehicle and special fuels imposed by chapters 82.36,
82.37, and 82.38 RCW. Proceeds of such excise taxes are hereby pledged to the
payment of any bonds and the interest thereon issued under the authority of
sections 1 through 6 of this act, and the legislature agrees to continue to
impose these excise taxes on motor vehicle and special fuels in amounts sufficient
to pay, when due, the principal and interest on all bonds issued under the
authority of sections 1 through 6 of this act.
NEW SECTION. Sec. 5.
Both principal and interest on the bonds issued for the purposes of sections 1
through 6 of this act shall be payable from the highway bond retirement fund.
The state finance committee may provide that a special account be created in
the fund to facilitate payment of the principal and interest. The state
finance committee shall, on or before June 30th of each year, certify to the
state treasurer the amount required for principal and interest on the bonds in
accordance with the bond proceedings. The state treasurer shall withdraw
revenues from the motor vehicle fund and deposit in the highway bond retirement
fund, or a special account in the fund, such amounts, and at such times, as are
required by the bond proceedings.
Any funds required for bond retirement or
interest on the bonds authorized by sections 1 through 6 of this act shall be
taken from that portion of the motor vehicle fund that results from the
imposition of excise taxes on motor vehicle and special fuels and which is, or
may be appropriated to the department of transportation for state highway
purposes. Funds required shall never constitute a charge against any other
allocations of motor vehicle fuel and special fuel tax revenues to the state,
counties, cities and towns unless the amount arising from excise taxes on motor
vehicle and special fuels distributed to the state in the motor vehicle fund
proves insufficient to meet the requirements for bond retirement or interest on
any such bonds.
Any payments for bond retirement or interest on
the bonds taken from other revenues from the motor vehicle fuel or special fuel
taxes that are distributable to the state, counties, cities and towns, shall be
repaid from the first revenues from the motor vehicle fuel or special fuel
taxes distributed to the motor vehicle fund not required for bond retirement or
interest on the bonds.
NEW SECTION. Sec. 6.
Bonds issued under the authority of sections 1 through 5 of this act and this
section and any other general obligation bonds of the state of Washington that
have been or that may be authorized and that pledge motor vehicle and special
fuels excise taxes for the payment of principal and interest thereon shall be
an equal charge against the revenues from such motor vehicle and special fuels
excise taxes.
NEW SECTION. Sec. 7.
Sections 1 through 6 of this act are each added to chapter 47.10 RCW.
NEW SECTION. Sec. 8. If
any provision of this act or its application to any person or circumstance is
held invalid, the remainder of the act or the application of the provision to
other persons or circumstances is not affected.
NEW SECTION. Sec. 9.
This act is necessary for the immediate preservation of the public peace,
health, or safety, or support of the state government and its existing public
institutions, and shall take effect immediately.
