Z-565                 _______________________________________________

 

                                                    HOUSE BILL NO. 772

                        _______________________________________________

 

State of Washington                              49th Legislature                              1985 Regular Session

 

By Representatives O'Brien, Betrozoff, Sommers, Grimm, Ballard, Barrett and Addison

 

 

Read first time 2/8/85 and referred to Committee on Ways & Means.

 

 


AN ACT Relating to the state convention and trade center; amending RCW 67.40.030, 43.84.080, and 43.84.090; adding a new section to chapter 43.03 RCW; adding new sections to chapter 67.40 RCW; and declaring an emergency.

 

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

 

        Sec. 1.  Section 3, chapter 34, Laws of 1982 as amended by section 3, chapter 1, Laws of 1983 2nd ex. sess. and RCW 67.40.030 are each amended to read as follows:

          For the purpose of providing funds for the state convention and trade center, the state finance committee is authorized to issue, upon request of the corporation formed under RCW 67.40.020 and in ((a single)) one or more offerings, general obligation bonds of the state of Washington in the sum of ninety-nine million dollars, or so much thereof as may be required, to finance this project and all costs incidental thereto, to capitalize all or a portion of interest during construction, to provide for expansion, renovation, and contingency costs of the center, and to reimburse the general fund for expenditures in support of the project.  The state finance committee may make such bond covenants as it deems necessary to carry out the purposes of this section and this chapter.  No bonds authorized in this section may be offered for sale without prior legislative appropriation.

 

          NEW SECTION.  Sec. 2.  A new section is added to chapter 67.40 RCW to read as follows:

          To more accurately determine the total costs and revenues of the corporation formed under RCW 67.40.020 and to ensure accountability, promote flexibility, and increase profitability, the funds of the corporation shall be administered as an enterprise fund by the corporation, the state treasurer, and other state agencies.  Administration and accounting of an enterprise fund, as applied by and to the corporation formed under RCW 67.40.020, includes the following additional powers and practices:

          (1) The corporation may expend moneys for operational purposes in excess of the amount appropriated for such purposes to the extent the corporation receives or will receive additional operating revenues, notwithstanding RCW 43.84.090.

          (2) Five percent of all income received from investment of the corporation's funds shall be deposited in the general fund, notwithstanding RCW 43.84.090.

          (3) Interest from the investment of the corporation's funds deposited in the general fund pursuant to RCW 43.83.080 and 43.84.090 before and after the effective date of this act, until such funds are needed, shall be credited against any future borrowings by the corporation from the general fund for debt service or otherwise.

          (4) The corporation may enter into an agreement with the state treasurer, with the consent of the state finance committee, to borrow amounts from any fund in the state treasury having moneys in excess  of the amount required to meet the current expenditures therefrom.  The corporation shall begin repayment of any such loan with appropriate interest no later than ten years from the date of the loan disbursement.

 

          NEW SECTION.  Sec. 3.  A new section is added to chapter 67.40 RCW to read as follows:

          Members of the board shall be compensated in accordance with RCW 43.03.250 and shall be reimbursed for travel expenses under RCW 43.03.050 and 43.03.060.

 

          NEW SECTION.  Sec. 4.  A new section is added to chapter 43.03 RCW to read as follows:

          Notwithstanding any provision of this chapter, employees of the corporation formed under RCW 67.40.020 shall be reimbursed for actual and reasonable travel and subsistence expenses incurred in the discharge of convention center duties as may be requested or performed by the chief executive officer of the corporation.

 

        Sec. 5.  Section 43.84.080, chapter 8, Laws of 1965 as last amended by section 1, chapter 148, Laws of 1982 and RCW 43.84.080 are each amended to read as follows:

          Except as otherwise provided by statute, wherever there is in any fund or in cash balances in the state treasury more than sufficient to meet the current expenditures properly payable therefrom, the state treasurer may invest or reinvest such portion of such funds or balances as the state treasurer deems expedient in the following defined securities or classes of investments:

          (1) Certificates, notes, or bonds of the United States, or other obligations of the United States or its agencies, or of any corporation wholly owned by the government of the United States;

          (2) In state, county, municipal, or school district bonds, or in warrants of taxing districts of the state.  Such bonds and warrants shall be only those found to be within the limit of indebtedness prescribed by law for the taxing district issuing them and to be general obligations.  The state treasurer may purchase such bonds or warrants directly from the taxing district or in the open market at such prices and upon such terms as it may determine, and may sell them at such times as it deems advisable;

          (3) In motor vehicle fund warrants when authorized by agreement between the state treasurer and the department of transportation requiring repayment of invested funds from any moneys in the motor vehicle fund available for state highway construction;

          (4) In federal home loan bank notes and bonds, federal land bank bonds and federal national mortgage association notes, debentures and guaranteed certificates of participation, or the obligations of any other government sponsored corporation whose obligations are or may become eligible as collateral for advances to member banks as determined by the board of governors of the federal reserve system;

          (5) Bankers' acceptances purchased on the secondary market;

          (6) Negotiable certificates of deposit of any national or state commercial or mutual savings bank or savings and loan association doing business in the United States:  PROVIDED, That the treasurer shall adhere to the investment policies and procedures adopted by the state investment board;

          (7) Commercial paper:  PROVIDED, That the treasurer shall adhere to the investment policies and procedures adopted by the state investment board.

 

        Sec. 6.  Section 43.84.090, chapter 8, Laws of 1965 as last amended by section 2, chapter 242, Laws of 1981 and RCW 43.84.090 are each amended to read as follows:

          Except as otherwise provided by statute, twenty percent of all income received from such investments shall be deposited in the state general fund.

 

          NEW SECTION.  Sec. 7.     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 immediately.