BILL REQ. #:  S-3697.1 

Read first time 01/13/10.   Referred to Committee on Higher Education & Workforce Development.

     AN ACT Relating to creating the Washington investment in excellence account; reenacting and amending RCW 67.70.240; adding a new section to chapter 28B.76 RCW; and creating a new section.

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

NEW SECTION.  Sec. 1   The legislature finds that institutions of higher education are key to the future employment opportunities of Washington citizens and to the economic well-being of the state. The legislature finds that the recruitment of entrepreneurial researchers at institutions of higher education and the formation of research innovation teams will further enhance faculty recruitment and economic development. The legislature further finds that current financial aid programs are underfunded and subject to the unpredictability of the state budget. It is the intent of the legislature to direct lottery account moneys toward the Washington investment in excellence account and that those funds be directed towards fully funding and stabilizing existing resources used to fund: The recruitment of entrepreneurial researchers, innovation partnership zones and research teams, opportunity grants, educational opportunity grants, get ready for math and science scholarships, passport to college promise scholarships, college bound scholarships, and Washington promise scholarships. It is also the intent of the legislature to continue funding the education construction fund by redirecting a portion of general state revenues to that fund.

NEW SECTION.  Sec. 2   A new section is added to chapter 28B.76 RCW to read as follows:
     The Washington investment in excellence account is created in the custody of the state treasurer. All receipts received from the state lottery account for Washington investment in excellence must be deposited in the account. Expenditures from the account may be used only for programs in RCW 43.330.280 (recruitment of entrepreneurial researchers, innovation partnership zones and research teams), chapter 28B.50 RCW (opportunity grant), chapter 28B.101 RCW (educational opportunity grant), chapter 28B.105 RCW (GET ready for math and science scholarship), chapter 28B.117 RCW (passport to college promise), chapter 28B.118 RCW (college bound scholarship), and chapter 28B.119 RCW (Washington promise scholarship). A minimum of two percent of the expenditures shall be used for the recruitment of entrepreneurial researchers, innovation partnership zones, and research teams. Only the director of the board or the director's designee may authorize expenditures from the account. The account is subject to the allotment procedures under chapter 43.88 RCW, but an appropriation is not required for expenditures.

Sec. 3   RCW 67.70.240 and 2009 c 500 s 11 and 2009 c 479 s 44 are each reenacted and amended to read as follows:
     The moneys in the state lottery account shall be used only:
     (1) For the payment of prizes to the holders of winning lottery tickets or shares;
     (2) For purposes of making deposits into the reserve account created by RCW 67.70.250 and into the lottery administrative account created by RCW 67.70.260;
     (3) For purposes of making deposits into the education construction fund created in RCW 43.135.045 and the Washington investment in excellence account created in section 2 of this act. On and after July 1, ((2004)) 2010, ((all deposits not otherwise obligated under this section)) the moneys shall be placed in the ((education construction fund)) Washington investment in excellence account. Moneys in the state lottery account deposited in the ((education construction fund)) Washington investment in excellence account are included in "general state revenues" under RCW 39.42.070;
     (4) For distribution to a county for the purpose of paying the principal and interest payments on bonds issued by the county to construct a baseball stadium, as defined in RCW 82.14.0485, including reasonably necessary preconstruction costs. Three million dollars shall be distributed under this subsection during calendar year 1996. During subsequent years, such distributions shall equal the prior year's distributions increased by four percent. Distributions under this subsection shall cease when the bonds issued for the construction of the baseball stadium are retired, but not more than twenty years after the tax under RCW 82.14.0485 is first imposed;
     (5) For distribution to the stadium and exhibition center account, created in RCW 43.99N.060. Subject to the conditions of RCW 43.99N.070, six million dollars shall be distributed under this subsection during the calendar year 1998. During subsequent years, such distribution shall equal the prior year's distributions increased by four percent. No distribution may be made under this subsection after December 31, 1999, unless the conditions for issuance of the bonds under RCW 43.99N.020(2) are met. Distributions under this subsection shall cease when the bonds are retired, but not later than December 31, 2020;
     (6) For the purchase and promotion of lottery games and game-related services; and
     (7) For the payment of agent compensation.
     The office of financial management shall require the allotment of all expenses paid from the account and shall report to the ways and means committees of the senate and house of representatives any changes in the allotments.