S-4483               _______________________________________________

                                         SUBSTITUTE SENATE BILL NO. 4696

                        _______________________________________________

State of Washington                              49th Legislature                              1986 Regular Session

By Senate Committee on Transportation (originally sponsored by Senators Granlund, Peterson, Conner, Kreidler and Vognild)

Read first time 2/6/86.

AN ACT Relating to state ferry system revenues; amending RCW 47.60.150; and providing an effective date.

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

        Sec. 1.  Section 47.60.150, chapter 13, Laws of 1961 as last amended by section 135, chapter 3, Laws of 1983 and RCW 47.60.150 are each amended to read as follows:

          Subject to the provisions of RCW 47.60.326, the schedule of charges for the services and facilities of the system shall be fixed and revised from time to time by the commission so that the tolls and revenues collected together with any moneys in the Puget Sound ferry operations account appropriated for maintenance and operation, and all moneys in the Puget Sound reserve account available for debt service will yield annual revenue and income sufficient, after allowance for all operating, maintenance, and repair expenses to pay the interest and principal and sinking fund charges for all outstanding revenue bonds, and to create and maintain a fund for ordinary renewals and replacements:  PROVIDED, That if provision is made by any resolution for the issuance of revenue bonds for the creation and maintenance of a special fund for rehabilitating, rebuilding, enlarging, or improving all or any part of the ferry system then such schedule of tolls and rates of charges shall be fixed and revised so that the revenue and income will also be sufficient to comply with such provision.

          All income and revenues as collected shall be paid to the state treasurer for the account of the department as a separate trust fund and to be segregated and disbursed upon order of the department:  PROVIDED, That the fund so segregated and set apart for the payment of the revenue bonds may be remitted to and held by a designated trustee in such manner and with such collateral as may be provided in the resolution authorizing the issuance of said bonds.  No expenditure may be made from the revenue fund established under this section and the bond resolution without an appropriation by law.

NEW SECTION. Sec. 2.     This act shall take effect on July 1, 1987.  The secretary of transportation may immediately take such steps as may be necessary to insure that this act is implemented on its effective date.