Z-462 _______________________________________________
HOUSE BILL NO. 743
_______________________________________________
State of Washington 50th Legislature 1987 Regular Session
By Representatives Cantwell, Vekich, Schoon, R. King, Scott, Holm and Sutherland; by request of Department of Trade and Economic Development
Read first time 2/6/87 and referred to Committee on Trade & Economic Development.
AN ACT Relating to state government; amending RCW 47.01.280, 39.86.020, and 39.86.030; reenacting and amending RCW 47.10.801; adding new sections to chapter 43.160 RCW; creating new sections; repealing RCW 43.160.010, 43.160.020, 43.160.030, 43.160.035, 43.160.040, 43.160.050, 43.160.060, 43.160.070, 43.160.073, 43.160.074, 43.160.076, 43.160.078, 43.160.080, 43.160.090, 43.160.100, 43.160.110, 43.160.115, 43.160.120, 43.160.130, 43.160.140, 43.160.150, 43.160.160, 43.160.170, 43.160.180, 43.160.900, 43.160.901, and 43.160.902; and declaring an emergency.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
NEW SECTION. Sec. 1. LEGISLATIVE DECLARATION. The legislature finds that the directing of financial resources toward the stimulation of investment and employment for Washington citizens is in the public interest of the state. Adequate infrastructure is a major contributor to a community's ability to accommodate investment activity. The legislature recognizes that economic development can be stimulated through the development of infrastructure and the construction of public facilities. Such development can be aided by loans to local governments and by the issuance of industrial development bonds. Expenditures made for these purposes as authorized in this chapter are declared to be in the public interest, and constitute a proper use of public funds. A community economic revitalization board is needed to aid the development of economic opportunities. The general objectives of the board should include: (1) Strengthening the economies of areas of the state which have experienced or are expected to experience chronically high unemployment rates or below average growth in their economies; (2) encouraging the stabilization and growth of existing Washington businesses; (3) encouraging the diversification of the economies of the state and regions within the state in order to provide greater seasonal and cyclical stability of income and employment; (4) encouraging wider access to financial resources for both large and small industrial development projects; (5) encouraging new economic development or expansions to maximize employment, whether initiated by new or existing businesses; and (6) providing incentives for expansion of employment opportunities for groups of state residents that have been less successful relative to other groups in efforts to gain permanent employment.
NEW SECTION. Sec. 2. DEFINITIONS. Unless the context clearly requires otherwise, the definitions in this section apply throughout this chapter.
(1) "Board" means the community economic revitalization board.
(2) "Bond" means any bond, note, debenture, interim certificate, or other evidence of financial indebtedness issued by the board pursuant to this chapter.
(3) "Department" means the department of trade and economic development.
(4) "Financial institution" means any bank, savings and loan association, credit union, development credit corporation, insurance company, investment company, trust company, savings institution, or other financial institution approved by the board and maintaining an office in the state.
(5) "Industrial development facilities" means "industrial development facilities" as defined in RCW 39.84.020.
(6) "Industrial development revenue bonds" means tax-exempt revenue bonds used to fund industrial development facilities.
(7) "Political subdivision" means any port district, county, city, or town.
(8) "Sponsor" means any of the following entities which customarily provide service or otherwise aid in industrial or other financing and are approved as a sponsor by the board: A bank, trust company, savings bank, investment bank, national banking association, savings and loan association, building and loan association, credit union, insurance company, or any other financial institution, governmental agency, or holding company of any entity specified in this subsection.
(11) "Umbrella bonds" means industrial development revenue bonds from which the proceeds are loaned, transferred, or otherwise made available to two or more users under this chapter.
(12) "User" means one or more persons acting as lessee, purchaser, mortgagor, or borrower under a financing document and receiving or applying to receive revenues from bonds issued under this chapter.
NEW SECTION. Sec. 3. COMMUNITY ECONOMIC REVITALIZATION BOARD‑-MEMBERS‑-TERMS‑-STAFF SUPPORT‑-COMPENSATION AND TRAVEL EXPENSES‑-VACANCIES‑-REMOVAL. (1) The community economic revitalization board is hereby created to exercise the powers granted under this chapter.
(2) The board shall consist of nine members appointed by the governor. The governor shall appoint one member from the private sector who shall be the chairman of the board. In addition, the governor shall appoint one member from each of the eight congressional districts. Of the members appointed from congressional districts, one member shall be an elected county official, one member shall be an elected city official, and one member shall be an elected port district official. The remaining five members appointed from congressional districts shall represent the private sector. The members shall initially be appointed to terms as follows: Three members for one-year terms, three members for two-year terms, and three members for three-year terms which shall include the chairman. Thereafter each succeeding term shall be for three years.
(3) Staff support shall be provided by the department of trade and economic development to assist the board in implementing this chapter and the allocation of private activity bonds. The costs associated with program administration shall be borne by the board.
(4) All appointive members of the board shall be compensated in accordance with RCW 43.03.240 and shall be reimbursed for travel expenses as provided in RCW 43.03.050 and 43.03.060.
(5) If a vacancy occurs by death, resignation, or otherwise of members of the board, the governor shall fill the same for the unexpired term. Any member of the board may be removed for malfeasance or misfeasance in office, upon specific written charges by the governor, under chapter 34.04 RCW.
NEW SECTION. Sec. 4. GOVERNMENTAL ASSISTANCE. The board may request information and assistance from all other agencies, departments, and officials of the state and may reimburse these agencies, departments, or officials when a request imposes any additional expenses upon the agency, department, or official.
NEW SECTION. Sec. 5. CONFLICTS OF INTEREST‑-CODE OF ETHICS. In addition to other applicable provisions of law pertaining to conflicts of interest of public officials, no board member, appointive or otherwise, may participate in any decision on any board contract in which the board member has any interests, direct or indirect, with any firm, partnership, corporation, or association which would be the recipient of any aid under this chapter. In any instance where the participation occurs, the board shall void the transaction, and the involved member shall be subject to whatever further sanctions may be provided by law. The board shall frame and adopt a code of ethics for its members, which shall be designed to protect the state and its citizens from any unethical conduct by the board.
NEW SECTION. Sec. 6. ADDITIONAL POWERS OF BOARD. In addition to powers and duties granted elsewhere in this chapter, the board may:
(1) Adopt bylaws for the regulation of its affairs and the conduct of its business;
(2) Adopt an official seal and alter the seal at its pleasure;
(3) Contract with any consultants as may be necessary or desirable for its purposes and fix the compensation of the consultants;
(4) Use the services of other governmental agencies;
(5) Accept from any federal agency loans or grants for the planning or financing of any project and enter into an agreement with the agency respecting the loans or grants;
(6) Conduct examinations and investigations and take testimony at public or private hearings of any matter material for its information that will assist in determinations related to the exercise of the board's lawful powers;
(7) Accept any gifts, grants, or loans of funds, property, or financial or other aid in any form from any other source on any terms and conditions which are not in conflict with this chapter;
(8) Adopt rules under chapter 34.04 RCW as necessary to carry out the purposes of this chapter, including rules establishing operating procedures;
(9) Do all acts and things necessary or convenient to carry out the powers expressly granted or implied under this chapter.
NEW SECTION. Sec. 7. LOANS TO POLITICAL SUBDIVISIONS FOR PUBLIC FACILITIES AUTHORIZED‑-APPLICATION‑-REQUIREMENTS FOR LOANS. The board is authorized to make direct loans to political subdivisions of the state for the purposes of assisting the political subdivisions in financing the cost of public facilities, including development of land and improvements for public facilities, as well as the construction, rehabilitation, alteration, expansion, or improvement of the facilities.
Application for funds shall be made in the form and manner as the board may prescribe. In making loans the board shall conform to the following requirements:
(1) The board shall not make a loan unless the application includes convincing evidence that a specific private development or expansion is ready to occur and will only occur if the loan is made.
(2) The board shall only make loans for those projects which would result in specific private developments or expansions (a) in manufacturing, production, food processing, assembly, warehousing, industrial distribution, and destination tourism facilities or (b) which substantially support the trading of goods or services outside of the state's borders.
(3) The board shall prioritize each proposed project according to the number of jobs it would create after the project is completed and according to the unemployment rate in the area in which the jobs would be located. As long as there is more demand for loans than there are funds available for loans, the board is instructed to fund projects in order of their priority.
(4) The board may not make a loan for any project that probably would result in a development or expansion that would displace existing jobs in any other community in the state, unless the absence of a loan would result in the loss of the existing jobs to the state.
(5) The board may not make any loan for the purchase of existing buildings.
(6) The board shall only make loans for projects which it finds will improve the opportunities for the successful maintenance, establishment, or expansion of industrial or commercial plants or will otherwise assist in the creation or retention of long-term economic opportunities.
(7) Before any loan application is approved, the political subdivision seeking the loan shall demonstrate to the board that no other timely source of funding is available to it at costs reasonably similar to financing available from the board.
NEW SECTION. Sec. 8. CONDITIONS. Public facilities loans, when authorized by the board, are subject to the following conditions:
(1) The moneys in the public facilities construction loan revolving fund shall be used solely for the purposes of this chapter. The total outstanding amount which the board dispenses at any time pursuant to this section shall not exceed the moneys available from the fund.
(2) Financial assistance through the loans may be used directly or indirectly for any facility for public purposes, including, but not limited to, sewer or other waste disposal facilities, arterials, bridges, access roads, port facilities, or water distribution and purification facilities.
(3) On contracts made for public facilities loans the board shall determine the interest rate which the loans shall bear. The interest rate shall not exceed ten percent per annum. The board may provide reasonable terms and conditions for repayment for loans as the board determines. The loans shall not exceed twenty years in duration.
(4) Repayments of loans made under the contracts for public facilities construction loans shall be paid into the public facilities construction loan revolving fund.
NEW SECTION. Sec. 9. APPLICATION‑-REQUEST FOR GRANTS FOR IMPROVEMENTS TO EXISTING HIGHWAYS‑-PROCEDURES. (1) An application to the board from a political subdivision may also include a request for a grant for improvements to an existing state highway or highways. The application is subject to all of the applicable criteria relative to qualifying types of development set forth in this chapter, as well as procedures and criteria established by the board.
(2) Before board consideration of an application from a political subdivision that includes a request for improvements to an existing state highway or highways, the application shall be forwarded by the board to the transportation commission.
(3) The board may not make its final determination on any application made under subsection (1) of this section before receiving approval, as submitted or amended or disapproval from the transportation commission as specified in RCW 47.01.280. Notwithstanding its disposition of the remainder of any such application, the board may not approve a request for a grant for improvements to an existing state highway or highways without the approval as submitted or amended of the transportation commission as specified in RCW 47.01.280.
(4) The board shall notify the transportation commission of its decision regarding any application made under this section.
Sec. 10. Section 6, chapter 433, Laws of 1985 and RCW 47.01.280 are each amended to read as follows:
(1) Upon
receiving an application for improvements to an existing state highway or
highways pursuant to ((RCW 43.160.074)) section 9 of this 1987 act
from the community economic revitalization board, the transportation commission
shall, in a timely manner, determine whether or not the proposed state highway
improvements:
(a) Meet the safety and design criteria of the department of transportation;
(b) Will impair the operational integrity of the existing highway system;
(c) Will affect any other improvements planned by the department; and
(d) Will be consistent with its policies developed pursuant to RCW 47.01.071.
(2) Upon completion of its determination of the factors contained in subsection (1) of this section and any other factors it deems pertinent, the transportation commission shall forward its approval, as submitted or amended or disapproval of the proposed improvements to the board, along with any recommendation it may wish to make concerning the desirability and feasibility of the proposed development. If the transportation commission disapproves any proposed improvements, it shall specify its reasons for disapproval.
(3) Upon
notification from the board of an application's approval pursuant to ((RCW
43.160.074)) section 9 of this 1987 act, the transportation
commission shall direct the department of transportation to carry out the
improvements in coordination with the applicant.
(4) The
transportation commission shall notify the legislative transportation committee
of all state highway improvements to be carried out pursuant to ((RCW
43.160.074)) section 9 of this 1987 act and this section.
(5) All
state highway improvements that are approved pursuant to ((RCW 43.160.074))
section 9 of this 1987 act and this section shall be charged to the
economic development account of the motor vehicle fund created by RCW
47.10.803.
Sec. 11. Section 1, chapter 316, Laws of 1981 as last amended by section 2, chapter 406, Laws of 1985 and by section 7, chapter 433, Laws of 1985 and RCW 47.10.801 are each reenacted and amended to read as follows:
(1) In order to provide funds necessary for the location, design, right of way, and construction of selected interstate and other state highway improvements, there shall be issued and sold, subject to subsections (2) and (3) of this section, upon the request of the Washington state transportation commission a total of four hundred sixty million dollars of general obligation bonds of the state of Washington for the following purposes and specified sums:
(a) Not to exceed two hundred twenty-five million dollars to pay the state's share of costs for federal-aid interstate highway improvements and until December 31, 1989, to temporarily pay the regular federal share of construction of federal-aid interstate highway improvements to complete state routes 82, 90, 182, and 705 in advance of federal-aid apportionments under the provisions of 23 U.S.C. Secs. 115 or 122: PROVIDED, That the total amount of bonds issued to temporarily pay the regular federal share of construction of federal-aid interstate highways in advance of federal-aid apportionments as authorized by this section and RCW 47.10.790 shall not exceed one hundred twenty million dollars: PROVIDED FURTHER, That the transportation commission shall consult with the legislative transportation committee prior to the adoption of plans for the obligation of federal-aid apportionments received in federal fiscal year 1985 and subsequent years to pay the regular federal share of federal-aid interstate highway construction projects or to convert such apportionments under the provisions of 23 U.S.C. Secs. 115 or 122;
(b) Two hundred twenty-five million dollars for major transportation improvements throughout the state that are identified as category C improvements and for selected major non-interstate construction and reconstruction projects that are included as Category A Improvements in RCW 47.05.030;
(c) Ten
million dollars for state highway improvements necessitated by planned economic
development, as determined through the procedures set forth in RCW ((43.160.074
and)) 47.01.280 and section 9 of this 1987 act.
(2) The amount of bonds authorized in subsection (1)(a) of this section shall be reduced if the transportation commission, in consultation with the legislative transportation committee, determines that any of the bonds that have not been sold are no longer required.
(3) The amount of bonds authorized in subsection (1)(b) of this section shall be increased by an amount not to exceed, and concurrent with, any reduction of bonds authorized under subsection (1)(a) of this section in the manner prescribed in subsection (2) of this section.
NEW SECTION. Sec. 12. LOANS IN DISTRESSED COUNTIES. (1) Except as authorized to the contrary under subsection (2) of this section, from all funds available to the board for loans, the board shall award at least twenty-five percent for loans for projects in distressed counties. For purposes of this section, the term "distressed counties" includes any county in which the average level of unemployment for the three years before the year in which an application for a loan is filed exceeds the average state-wide unemployment for those years by twenty percent.
(2) If at any time during the last six months of a biennium the board finds that the actual and anticipated applications for qualified projects in distressed counties are clearly insufficient to use up the twenty-five percent allocation, then the board shall estimate the amount of the insufficiency and during the remainder of the biennium may use that amount of the allocation for loans for projects not located in distressed counties.
NEW SECTION. Sec. 13. BOARD TO FAMILIARIZE GOVERNMENT OFFICIALS AND PUBLIC WITH CHAPTER PROVISIONS. In order to enhance competition for loans and the quality of projects for which loans are sought, the board shall take such reasonable measures as are necessary to familiarize government officials and members of the public with the provisions of this chapter, particularly the board's authority to make loans.
NEW SECTION. Sec. 14. PUBLIC FACILITIES CONSTRUCTION LOAN REVOLVING FUND. There shall be a fund known as the public facilities construction loan revolving fund, which shall consist of all moneys collected under this chapter, except moneys of the board collected in connection with the issuance of industrial development revenue bonds under sections 17 through 23 of this act, and any moneys appropriated to it by law: PROVIDED, That seventy-five percent of all principal and interest payments on loans made with the proceeds deposited in the fund under section 901, chapter 57, Laws of 1983 1st ex. sess. shall be deposited in the general fund as reimbursement for debt service payments on the bonds authorized in RCW 43.83.184. The state treasurer shall be custodian of the revolving fund. Disbursements from the revolving fund shall be on authorization of the board. In order to maintain an effective expenditure and revenue control, the public facilities construction loan revolving fund shall be subject in all respects to chapter 43.88 RCW, but no appropriation is required to permit expenditures and payment of obligations from the fund.
Moneys in this fund not needed to meet the current expenses and obligations of the board shall be invested in the manner authorized for moneys in revolving funds. Any interest earned shall be deposited in this fund and shall be used for the purposes specified in this chapter. The state treasurer shall render reports to the board advising of the status of any funds invested, the market value of the assets as of the date the statement is rendered, and the income received from the investments during the period covered by the report.
NEW SECTION. Sec. 15. RECORDS‑-AUDITS‑-REPORTS. The board shall keep proper records of accounts and shall be subject to audit by the state auditor. Biennial reports on the activities of the board shall be made by the chairman to the governor and the legislature.
NEW SECTION. Sec. 16. STATUS OF BOARD. The board is an authority and an instrumentality of the state within the meaning of those terms in the regulations of the Internal Revenue Service prescribed pursuant to Section 103 of the federal Internal Revenue Code of 1954, as amended.
NEW SECTION. Sec. 17. POWERS. In addition to those powers and duties granted elsewhere in this chapter, the board may:
(1) Exercise all the powers of a public corporation under chapter 39.84 RCW.
(2) Invest any funds received in connection with industrial development revenue bond financing not required for immediate use, as the board considers appropriate, subject to any agreements with owners of bonds.
(3) Arrange for lines of credit for industrial development revenue bonds from and enter into participation agreements with any financial institution.
(4) Issue industrial development revenue bonds in one or more series for the purpose of defraying the cost of acquiring or improving any industrial development facility or facilities and securing the payment of the bonds as provided in this chapter.
(5) Enter into agreements or other transactions with and accept grants and the cooperation of any governmental agency in furtherance of this chapter.
(6) Sell, purchase, or insure loans to finance the costs of industrial development facilities.
(7) Service, contract, and pay for the servicing of loans for industrial development facilities.
(8) Provide financial analysis and technical assistance for industrial development facilities when the board reasonably considers it appropriate.
(9) Collect, with respect to industrial development revenue bonds, reasonable interest, fees, and charges for making and servicing its lease agreements, loan agreements, mortgage loans, notes, bonds, commitments, and other evidences of indebtedness. Interest, fees, and charges are limited to the amounts required to pay the costs of the board, including operating and administrative expenses and reasonable allowances for losses that may be incurred.
(10) Procure insurance or guarantees from any party as allowable under law, including a governmental agency, against any loss in connection with its lease agreements, loan agreements, mortgage loans, and other assets or property.
NEW SECTION. Sec. 18. COMMINGLING OF FUNDS PROHIBITED. No part of the proceeds received from the sale of any industrial development revenue bonds under this chapter, of any revenues derived from an industrial development facility acquired or held under this chapter, or of any interest realized on moneys received under this chapter, may be commingled by the board with funds of the state.
NEW SECTION. Sec. 19. PERSONAL LIABILITY. The members and employees of the board and the department shall not be personally liable or accountable by reason of the issuance of or on any bond issued by the board.
NEW SECTION. Sec. 20. ACCOUNTS. The board may create and administer funds and accounts and establish such funds and accounts with financial institutions as are necessary to implement its duties under sections 16 through 23 of this act.
NEW SECTION. Sec. 21. FAITH AND CREDIT NOT PLEDGED. Bonds issued under this chapter do not constitute a debt, liability, obligation, or pledge of the faith and credit of the state but are payable solely from the revenues or assets of the board. A bond issued under this chapter must disclose on its face (1) the state of Washington is not obligated to pay the principal or the interest thereon; (2) no tax funds or governmental revenue may be used to pay the principal or interest thereon; and (3) neither the faith and credit nor the taxing power of the state or any subdivision or agency thereof is pledged to the payment of the principal or interest on the bond.
NEW SECTION. Sec. 22. SECURITY. In order to assure payment of the bonds, the board shall consider and may require users to provide appropriate security. Such security may include but is not limited to letters of credit, deeds of trust, guarantees, mortgage insurance, or cash reserves. If federal funds are used to provide additional security for the protection of bond purchasers, the board shall require a credit analysis by a financial institution of each user of an umbrella bond in order to ensure the marketability of the bonds.
NEW SECTION. Sec. 23. SPECIAL RESERVE ACCOUNT. (1) The board may establish a special reserve account and pay into it any:
(a) Proceeds of the sale of bonds to the extent provided in the resolutions or indentures of the board authorizing their issuance; and
(b) Other funds which may be available to the board from any other source for the purpose of the account.
(2) All funds held in the special reserve account must be used solely for the payment of the principal of, premium, if any, and interest on the bonds secured in whole or in part by the account, the sinking fund payments with respect to the bonds, the purchase or redemption of the bonds, the payment of interest on the bonds, or the payment of any redemption premium required to be paid when the bonds are redeemed prior to maturity. Funds in the account may not be withdrawn at any time in an amount that reduces the account to an amount less than the sum of minimum reserve requirements established in the resolutions or indentures of the board for the account except, with respect to bonds secured in whole or in part by the account, for the purpose of making payment, when due, of principal, premium, if any, interest, and sinking fund payments for the payment of which other money pledged is not available. Any income or interest earned by or incremental to the special reserve account due to its investment may be transferred to other accounts of the board to an extent that does not reduce the amount of the special reserve account below the sum of minimum reserve requirements for the account.
Sec. 24. Section 17, chapter 446, Laws of 1985 and RCW 39.86.020 are each amended to read as follows:
The definitions in this section apply throughout this chapter unless the context clearly requires otherwise.
(1) "Board" means the community economic revitalization board as created by chapter 43.160 RCW.
(2) (("Private
activity bond subcommittee" means the subcommittee created by RCW
43.160.180.
(3))) "Bonds" means bonds, notes, or other
obligations of an issuer.
(((4)))
(3) "Bond purchase agreement" means an executed agreement for
the purchase of bonds which may or may not be contingent on the allocation of a
portion of the state ceiling for the bonds.
(((5)))
(4) "Bond use category" means any of the following categories
of bonds: Government activity bonds, industrial development bonds, or student
loan bonds.
(((6)))
(5) "Code" means the federal internal revenue code as it
exists, with amendments, on ((the effective date of this act)) July
1, 1985. It also means the code as amended after ((the effective date
of this act)) July 1, 1985, but only if the amendments are approved
by the board as provided in RCW 39.86.060.
(((7)))
(6) "Department" means the department of trade and economic
development or its successor with respect to the powers and duties granted by
this chapter.
(((8)))
(7) "Director" means the director of the department or the
director's designee.
(((9)))
(8) "Government activity bonds" means bonds that are
classified as private activity bonds under the code and that are neither
student loan bonds nor revenue bonds issued under Article XXXII of the state
Constitution.
(((10)))
(9) "Industrial development bonds" means nonrecourse revenue
bonds issued under Article XXXII of the state Constitution.
(((11)))
(10) "Issuer" means the state, any agency or instrumentality
of the state, any political subdivision, or any other entity authorized to
issue private activity bonds in the state.
(((12)))
(11) "Private activity bonds" means bonds that are private
activity bonds as defined in the code.
(((13)))
(12) "State" means the state of Washington.
(((14)))
(13) "State ceiling" means for any calendar year the aggregate
amount of private activity bonds that may be issued in the state under the
code.
(((15)))
(14) "Student loan bonds" means bonds issued by an issuer that
are student loan bonds as defined in the code.
Sec. 25. Section 18, chapter 446, Laws of 1985 and RCW 39.86.030 are each amended to read as follows:
(1) The state ceiling shall be allocated each year initially as follows: Forty-five percent to government activity bonds; forty-five percent to industrial development bonds; and ten percent to student loan bonds. The allocation is subject to revision by the board as provided in RCW 39.86.050.
(2)(a) No issuer is eligible to file a notification form or receive an allocation for the financing of an individual project of more than seven and one-half million dollars of any government activity bond or industrial development bond allocation of the state ceiling without a certificate of approval from the board.
(b) In determining whether to issue a certificate of approval, the board may consider but is not limited to the following criteria:
(i) The number of employment opportunities the project is likely to create in relation to the amount of the bond issuance;
(ii) The level of unemployment in the geographic area likely to be affected by the project;
(iii) Public health and safety benefits;
(iv) The amount of state ceiling which remains unallocated;
(v) The number of persons who will benefit from the project; and
(vi) Other such criteria the board deems appropriate.
(c) The board may condition its certificate of approval on any terms it deems appropriate.
(3) The board shall issue or deny a certificate of approval within sixty days of the filing for an application for the certificate.
(4) ((The
board may delegate to the private activity bond subcommittee of the board, by
rule, any of its powers under this chapter.
(5))) Subject to the provisions of this chapter, the portion
of the state ceiling allocated to a bond use category shall be allocated
automatically to an issuer of bonds in that category in the order of the date
and time the issuer files a properly completed and signed notification form
with the department.
NEW SECTION. Sec. 26. If any provision of this act or its application to any person or circumstance is held invalid, the remainder of the act or the application of the provision to other persons or circumstances is not affected.
NEW SECTION. Sec. 27. As used in this act, captions constitute no part of the law.
NEW SECTION. Sec. 28. This act is substantially a continuation of prior law.
NEW SECTION. Sec. 29. Sections 1 through 9 and 12 through 23 of this act are each added to chapter 43.160 RCW.
NEW SECTION. Sec. 30. The following acts or parts of acts are each repealed:
(1) Section 1, chapter 40, Laws of 1982 1st ex. sess., section 1, chapter 257, Laws of 1984 and RCW 43.160.010;
(2) Section 2, chapter 40, Laws of 1982 1st ex. sess., section 1, chapter 60, Laws of 1983 1st ex. sess., section 2, chapter 257, Laws of 1984, section 12, chapter 6, Laws of 1985, section 58, chapter 466, Laws of 1985 and RCW 43.160.020;
(3) Section 13, chapter 6, Laws of 1985, section 2, chapter 446, Laws of 1985 and RCW 43.160.030;
(4) Section 4, chapter 446, Laws of 1985 and RCW 43.160.035;
(5) Section 4, chapter 40, Laws of 1982 1st ex. sess. and RCW 43.160.040;
(6) Section 5, chapter 40, Laws of 1982 1st ex. sess. and RCW 43.160.050;
(7) Section 6, chapter 40, Laws of 1982 1st ex. sess., section 3, chapter 60, Laws of 1983 1st ex. sess., section 3, chapter 466, Laws of 1985 and RCW 43.160.060;
(8) Section 7, chapter 40, Laws of 1982 1st ex. sess., section 4, chapter 60, Laws of 1983 1st ex. sess. and RCW 43.160.070;
(9) Section 1, chapter 433, Laws of 1985 and RCW 43.160.073;
(10) Section 5, chapter 433, Laws of 1985 and RCW 43.160.074;
(11) Section 6, chapter 446, Laws of 1985 and RCW 43.160.076;
(12) Section 5, chapter 446, Laws of 1985 and RCW 43.160.078;
(13) Section 8, chapter 40, Laws of 1982 1st ex. sess., section 6, chapter 60, Laws of 1983 1st ex. sess., section 12, chapter 257, Laws of 1984 and RCW 43.160.080;
(14) Section 9, chapter 40, Laws of 1982 1st ex. sess. and RCW 43.160.090;
(15) Section 3, chapter 257, Laws of 1984 and RCW 43.160.100;
(16) Section 4, chapter 257, Laws of 1984 and RCW 43.160.110;
(17) Section 14, chapter 164, Laws of 1985 and RCW 43.160.115;
(18) Section 5, chapter 257, Laws of 1984 and RCW 43.160.120;
(19) Section 6, chapter 257, Laws of 1984 and RCW 43.160.130;
(20) Section 7, chapter 257, Laws of 1984 and RCW 43.160.140;
(21) Section 8, chapter 257, Laws of 1984 and RCW 43.160.150;
(22) Section 9, chapter 257, Laws of 1984 and RCW 43.160.160;
(23) Section 10, chapter 257, Laws of 1984 and RCW 43.160.170;
(24) Section 15, chapter 446, Laws of 1985 and RCW 43.160.180;
(25) Section 10, chapter 40, Laws of 1982 1st ex. sess., section 25, chapter 446, Laws of 1985 and RCW 43.160.900;
(26) Section 11, chapter 40, Laws of 1982 1st ex. sess. and RCW 43.160.901; and
(27) Section 14, chapter 257, Laws of 1984 and RCW 43.160.902.
NEW SECTION. Sec. 31. This act is necessary for the immediate preservation of the public peace, health, and safety, the support of the state government and its existing public institutions, and shall take effect immediately.