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SENATE BILL NO. 5780
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C 268 L 87
State of Washington 50th Legislature 1987 Regular Session
By Senators Bottiger and Hayner
Read first time 2/11/87 and referred to Committee on Governmental Operations.
AN ACT Relating to investment of campaign funds; and amending RCW 42.17.060.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
Sec. 1. Section 6, chapter 1, Laws of 1973 as last amended by section 4, chapter 367, Laws of 1985 and RCW 42.17.060 are each amended to read as follows:
(1) All monetary contributions received by a candidate or political committee shall be deposited by the campaign treasurer or deputy treasurer in a campaign depository in an account established and designated for that purpose. Such deposits shall be made within five business days of receipt of the contribution.
(2) Political committees which support or oppose more than one candidate or ballot proposition, or exist for more than one purpose, may maintain multiple separate bank accounts within the same designated depository for such purpose: PROVIDED, That each such account shall bear the same name followed by an appropriate designation which accurately identifies its separate purpose: AND PROVIDED FURTHER, That transfers of funds which must be reported under RCW 42.17.090(1)(d), as now or hereafter amended, may not be made from more than one such account.
(3)
Nothing in this section prohibits a candidate or political committee from
investing funds on hand in a campaign depository in bonds, certificates, tax-exempt
securities, or savings accounts or other similar ((savings))
instruments in financial institutions or mutual funds other than the
campaign depository: PROVIDED, That the commission and the appropriate county
elections officer is notified in writing of the initiation and the termination
of the investment: PROVIDED FURTHER, That the principal of such investment
when terminated together with all interest, dividends, and income derived from
the investment are deposited in the campaign depository in the account from
which the investment was made and properly reported to the commission and the
appropriate county elections officer prior to any further disposition or
expenditure thereof.
(4) Accumulated unidentified contributions, other than those made by persons whose names must be maintained on a separate and private list by a political committee's campaign treasurer pursuant to RCW 42.17.090(1)(b), which total in excess of one percent of the total accumulated contributions received in the current calendar year or three hundred dollars (whichever is more), may not be deposited, used, or expended, but shall be returned to the donor, if his identity can be ascertained. If the donor cannot be ascertained, the contribution shall escheat to the state, and shall be paid to the state treasurer for deposit in the state general fund.
(5) A contribution of more than fifty dollars in currency may not be accepted unless a receipt, signed by the contributor and by the candidate, campaign treasurer, or deputy campaign treasurer, is prepared and made a part of the campaign's or political committee's financial records.