| Passed by the House March 15, 2005 Yeas 96 ________________________________________ Speaker of the House of Representatives Passed by the Senate April 13, 2005 Yeas 46 ________________________________________ President of the Senate | I, Richard Nafziger, Chief Clerk of the House of Representatives of the State of Washington, do hereby certify that the attached is SUBSTITUTE HOUSE BILL 2225 as passed by the House of Representatives and the Senate on the dates hereon set forth. ________________________________________ Chief Clerk | |
| Approved ________________________________________ Governor of the State of Washington | Secretary of State State of Washington |
| State of Washington | 59th Legislature | 2005 Regular Session |
READ FIRST TIME 03/04/05.
AN ACT Relating to allowing certain higher education endowment grant funds to be deposited outside the state; and amending RCW 39.58.080 and 39.58.085.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
Sec. 1 RCW 39.58.080 and 1996 c 256 s 8 are each amended to read
as follows:
(1) Except for funds deposited pursuant to a fiscal agency contract
with the state fiscal agent or its correspondent bank, funds deposited
pursuant to a custodial bank contract with the state's custodial bank,
and funds deposited pursuant to a local government multistate joint
self-insurance program as provided in RCW 48.62.081, no public funds
shall be deposited in demand or investment deposits except in a public
depositary located in this state or as otherwise expressly permitted by
statute: PROVIDED, That the commission, or the chair upon delegation
by the commission, upon good cause shown, may authorize, for such time
and upon such terms and conditions as the commission or chair deem
appropriate, a treasurer to maintain a demand deposit account with a
banking institution located outside the state of Washington solely for
the purpose of transmitting money received to public depositaries in
the state of Washington for deposit.
(2) Notwithstanding subsection (1) of this section, the commission,
or the chair upon delegation by the commission, upon good cause shown,
may authorize, for that time and upon the terms and conditions as the
commission or chair deems appropriate, a treasurer to maintain a demand
deposit account with a banking institution located outside the state of
Washington for deposit of certain higher education endowment funds, for
a specified instructional program or research project being performed
outside the state of Washington.
Sec. 2 RCW 39.58.085 and 1996 c 256 s 9 are each amended to read
as follows:
(1)(a) The commission, or the chair upon delegation by the
commission, may authorize state and local governmental entities to
establish demand accounts in out-of-state and alien banks in an
aggregate amount not to exceed one million dollars. No single
governmental entity shall be authorized to hold more than fifty
thousand dollars in one demand account.
(b) The governmental entities establishing such demand accounts
shall be solely responsible for their proper and prudent management and
shall bear total responsibility for any losses incurred by such
accounts. Accounts established under the provisions of this section
shall not be considered insured by the commission.
(c) The state auditor shall annually monitor compliance with this
section and the financial status of such demand accounts.
(2) Subsection (1)(a) of this section does not apply to RCW
39.58.080(2).