AN ACT Relating to higher education; adding new sections to chapter 28B.10 RCW; and creating a new section.

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

NEW SECTION. Sec. 1. A new section is added to chapter 28B.10 RCW to read as follows:

The legislature recognizes that the state four-year institutions of higher education would be strengthened by the establishment of a Washington distinguished professorship program. It is therefore the intent of the legislature to establish the Washington distinguished professorship trust fund to provide the opportunity to the state four-year institutions of higher education to receive and match challenge grants to create endowments for selected distinguished scholars to occupy chairs within those institutions. Those institutions shall solicit and receive gifts from private sources to be matched by funds from the Washington distinguished professorship trust fund. When fifty percent of the funds necessary to establish a professorship have been contributed from private sources, the institution may apply for a transfer of the balance from the Washington distinguished professorship trust fund to establish a professorship. The institutions shall have the responsibility for maintaining and investing the endowment and expending the income to support the professorship.

NEW SECTION. Sec. 2. A new section is added to chapter 28B.10 RCW to read as follows:

There is established the Washington distinguished professorship trust fund for professorship challenge grants to be administered by the state treasurer. The legislature shall transfer to the trust fund a sum appropriated by the legislature from the general fund. All funds deposited into the trust fund shall be invested by the state treasurer. Interest income accruing to that portion of the trust fund not matched shall increase the total funds available for challenge grants.

NEW SECTION. Sec. 3. A new section is added to chapter 28B.10 RCW to read as follows:

All state four-year institutions of higher education shall be eligible for matching trust funds. A state four-year institution of higher education shall not receive more than five professorships under section 2 of this act in any biennium. The amount transferred to the trust shall be allocated by the state treasurer to each institution on the basis of one two hundred fifty thousand dollar grant for each two hundred fifty thousand dollars raised from private sources. Matching funds shall come from contributions made after July 1, 1985, and pledged for the purpose of sections 1 through 5 of this act. To be eligible, the contributions shall be made specifically to the institution's endowment which shall be a local fund account dedicated to the distinguished professorship program. Each institution shall establish an endowment for each professorship created. When private funds have been contributed or pledged in the amount of two hundred fifty thousand dollars, the institution may apply for matching funds from the Washington distinguished professorship trust fund. Pledged donations must be in writing with the full balance of two hundred fifty thousand dollars to be deposited in the endowment within five years. Upon an application by an institution, the state treasurer shall designate two hundred fifty thousand dollars from the trust fund under section 2 of this act for that institution's pledged professorship. The treasurer shall not disburse those earmarked funds until the full two hundred fifty thousand dollars has been deposited. If the pledged two hundred fifty thousand dollars is not deposited in the endowment within five years, the treasurer shall make the earmarked matching funds available for another pledged professorship.

NEW SECTION. Sec. 4. A new section is added to chapter 28B.10 RCW to read as follows:

The governing board or its designees shall be responsible for soliciting and receiving gifts to be used as matching funds. Each state four-year institution of higher education shall have the responsibility for the maintenance and investment of the endowed funds and for the administration of the program. Each institution shall include in a biennial report to the legislature information concerning collection and investment of matching gifts and the establishment of professorships.

NEW SECTION. Sec. 5. A new section is added to chapter 28B.10 RCW to read as follows:

When the sum of the challenge grant and matching funds reaches five hundred thousand dollars, a state four-year institution of higher education may establish a professorship to supplement the salary of existing faculty positions. The professorship, which is then the property of the institution, may be named in honor of a donor, benefactor, or honoree of the institution, at the option of the institution. The proceeds of the endowment may be used to supplement the salary and benefits of the person holding the professorship and of those individuals directly associated with the holder's scholarly work. The proceeds of the endowment may also be used for other expenses directly related to the holder's scholarly work.

NEW SECTION. Sec. 6. A new section is added to chapter 28B.10 RCW to read as follows:

Any private or public moneys deposited in the Washington distinguished professorship trust fund or any local endowment for professorship programs shall not be subject to collective bargaining.

NEW SECTION. Sec. 7. This act shall take effect only if funds are appropriated for the purposes of this act in the 1985-87 omnibus operating appropriations act. If funds are not so appropriated this act shall be null and void in its entirety.