1299-S AMH SHEA MUNN 545

SHB 1299 - H AMD 381

By Representative Shea

NOT ADOPTED 04/09/2015

     On page 76, after line 7, insert the following:

    "Sec. 712. RCW 39.42.020 and 1971 ex.s. c 184 s 2 are each amended to read as follows:

Bonds, notes or other evidences of indebtedness shall be issued by the state finance committee. They may be issued at one time or in a series from time to time. The maturity date of each series shall be determined by the state finance committee, but in no case shall any bonds mature later than thirty years from the date of issue, except in the case of bonds issued for transportation purposes during the 2015-2017 fiscal biennium, which in no case shall mature later than fifteen years from the date of issuance. All evidences of indebtedness shall be signed in the name of the state by the governor and the treasurer. The facsimile signature of said officials is authorized and said evidences of indebtedness may be issued notwithstanding that any of the officials signing them or whose facsimile signatures appear on such evidences of indebtedness has ceased to hold office at the time of issue or at the time of delivery to the purchaser."

EFFECT: Prevents the issuance of bonds for transportation purposes with a term greater than 15 years during the 2015-2017 fiscal biennium.

FISCAL IMPACT: No net change to appropriated levels.

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