H-1428 _______________________________________________
HOUSE BILL NO. 720
_______________________________________________
C 140 L 85
State of Washington 49th Legislature 1985 Regular Session
By Representatives Walk and Schmidt
Read first time 2/8/85 and referred to Committee on Transportation.
AN ACT Relating to the highway construction stabilization account; adding new sections to chapter 46.68 RCW; providing an effective date; and declaring an emergency.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
NEW SECTION. Sec. 1. The highway construction stabilization account is established in the motor vehicle fund. Moneys in the account may be spent to supplement available motor vehicle fund revenues only for the purposes set forth in section 3 of this act.
NEW SECTION. Sec. 2. (1) There shall be deposited in the highway construction stabilization account the amounts specified by subsection (2) of this section and such other amounts as the legislature may from time to time direct to be deposited in the account.
(2) At the conclusion of each biennium, the state treasurer shall transfer the unexpended cash balance in the motor vehicle fund in excess of the minimum required working capital balance established by the transportation commission to the highway construction stabilization account.
NEW SECTION. Sec. 3. Moneys in the highway construction stabilization account may be spent by the department of transportation only for the following purposes:
(1) To fund state highway improvement program expenditures if available motor vehicle fund revenues are not sufficient to fund legislative appropriations;
(2) To fund state highway improvement program appropriations that otherwise would require the use of bond proceeds; and
(3) To meet temporary seasonal cash requirements in the motor vehicle fund.
NEW SECTION. Sec. 4. Sections 1 through 3 of this act are each added to chapter 46.68 RCW.
NEW SECTION. Sec. 5. This act is necessary for the immediate preservation of the public peace, health, and safety, the support of the state government and its existing public institutions, and shall take effect July 1, 1985.