CERTIFICATION OF ENROLLMENT

                   SUBSTITUTE HOUSE BILL 1555

                        53rd Legislature

                      1993 Regular Session

Passed by the House March 9, 1993   Yeas 96   Nays 1 Speaker of the        House of Representatives Passed by the Senate April 7, 1993   Yeas 46   Nays 1

CERTIFICATE I, Alan Thompson, Chief Clerk of the House of Representatives of the State of Washington, do hereby certify that the attached is SUBSTITUTE HOUSE BILL 1555 as passed by the House of Representatives and the Senate on the dates hereon set forth.

President of the Senate

Chief Clerk

Approved Place Style On Codes above, and Style Off Codes below.

FILED

Governor of the State of Washington

Secretary of State                        State of Washington

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                                             SUBSTITUTE HOUSE BILL 1555

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                                                       Passed Legislature - 1993 Regular Session

State of Washington                              53rd Legislature                             1993 Regular Session

By House Committee on Local Government (originally sponsored by Representatives Springer, Riley, Edmondson, Zellinsky, Horn, Sheldon, Kremen, Bray, Ludwig and Quall)

Read first time 02/24/93.

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, other than proceeds received from the sale of revenue bonds, 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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