Z-0601

AN ACT Relating to state general obligation bonds to finance the state patrol headquarters construction project; adding a new chapter to Title 43 RCW; and declaring an emergency.

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

NEW SECTION. Sec. 1. The state finance committee is authorized to issue general obligation bonds of the state of Washington in the sum of forty-nine million one hundred thirty thousand dollars, or as much thereof as may be required, to finance the state patrol headquarters construction project parking facility and nonparking components described and authorized by the legislature in the capital and operating appropriations acts for the 1991-93 fiscal biennium and subsequent fiscal biennia, and all costs incidental thereto.

Bonds authorized in this section shall be sold in such manner, at such time or times, in such amounts, and at such price as the state finance committee shall determine. No such bonds may be offered for sale without prior legislative appropriation of the net proceeds of the sale of the bonds. The state finance committee may obtain insurance or letters of credit and may authorize the execution and delivery of agreements, promissory notes, and other obligations for the purpose of insuring the payment or enhancing the marketability of bonds authorized in this section. Promissory notes or other obligations issued pursuant to this section shall not constitute a debt or the contracting of indebtedness under any constitutional or statutory indebtedness limitation if their payment is conditioned upon the failure of the state to pay the principal of or interest on the bonds with respect to which the same relate.

NEW SECTION. Sec. 2. Bonds issued under section 1 of this act are subject to the following conditions and limitations:

General obligation bonds of the state of Washington in the sum of forty-nine million one hundred thirty thousand dollars, or as much thereof as may be required, shall be issued for the state patrol headquarters construction project described and authorized by the legislature in the capital and operating appropriations acts for the 1991-93 fiscal biennium and subsequent fiscal biennia, and to provide for the administrative cost of such project, including costs of bond issuance and retirement, salaries and related costs of officials and employees of the state, costs of insurance or credit enhancement agreements, and other expenses incidental to the administration of capital projects. Thirty-seven million eighty thousand dollars of the bonds, or as much thereof as may be required, shall be solely for the nonparking component of the project, otherwise designated in this chapter as the building, and twelve million fifty thousand dollars of the bonds, or as much thereof as may be required, shall be solely for the parking facility component of the project. Subject to such changes as may be required in the appropriations acts, the proceeds from the sale of the bonds issued for the state patrol headquarters construction project shall be deposited in the state patrol construction account hereby created in the state treasury.

These proceeds shall be used exclusively for the purposes specified in this section, and for the payment of expenses incurred in the issuance and sale of the bonds issued for the purposes of this section, and shall be administered by the Washington state patrol, subject to legislative appropriation. Notwithstanding the authority granted the department of general administration in RCW 79.24.560, the director of general administration shall give absolute priority to the state patrol for use of the building. Thereafter, priority consideration shall be given to other transportation agencies for use of additional space in the building.

NEW SECTION. Sec. 3. Both principal of and interest on the bonds issued for the state patrol headquarters construction project parking facility and nonparking components shall be payable from the state general obligation bond retirement fund. The state finance committee may provide that a special account be created in such fund to facilitate payment of such principal and interest.

On or before June 30th of each year, the state finance committee shall certify to the state treasurer the amount required for principal and interest on such bonds in accordance with the provisions of the bond proceedings. The state treasurer shall withdraw from any general state revenues received in the state treasury and deposit in the state general obligation bond retirement fund, or a special account in such fund, such amounts and at such times as are required by the bond proceedings.

NEW SECTION. Sec. 4. Bonds issued under section 1 of this act shall state that they are a general obligation of the state of Washington, shall pledge the full faith and credit of the state to the payment of the principal thereof and the interest thereon, and shall contain an unconditional promise to pay the principal and interest as the same shall become due.

The owner and holder of each of the bonds or the trustee for the owner and holder of any of the bonds may by mandamus or other appropriate proceeding require the transfer and payment of funds as directed in this section.

NEW SECTION. Sec. 5. (1) On each date on which any interest or principal and interest payment is due, the state treasurer shall cause the amount so computed in sections 3 and 6 of this act for the state patrol headquarters construction project nonparking component to be paid out of the state patrol reserve account, hereby created in the state treasury, and the state patrol highway account, for deposit into the general fund of the state treasury. At the time of sale of the bonds issued under this chapter, and on or before June 30th of each succeeding year while such bonds remain outstanding, the state finance committee shall determine, based on current balances and estimated receipts and expenditures from the state patrol reserve account and the state patrol highway account, that portion of principal and interest on the bonds issued under section 1 of this act, subject to section 2 of this act, which will, by virtue of payments from the state patrol reserve account and state patrol highway account, be reimbursed from sources other than "general state revenues" as that term is defined in Article VIII, section 1 of the state Constitution. The amount so determined by the state finance committee, as from time to time adjusted in accordance with this section, shall not constitute indebtedness for purposes of the limitations set forth in RCW 39.42.060.

(2) On each date on which any interest or principal and interest payment is due, the state treasurer shall cause the amount so computed in sections 3 and 6 of this act for the state patrol headquarters construction project parking component to be paid out of the capitol building construction account for deposit into the general fund of the state treasury. At the time of sale of the bonds issued under this chapter, and on or before June 30th of each succeeding year while such bonds remain outstanding, the state finance committee shall determine, based on current balances and estimated receipts and expenditures from the capitol building construction account, that portion of principal and interest on the bonds issued under section 1 of this act, subject to section 2 of this act, which will, by virtue of payments from the capitol building construction account, be reimbursed from sources other than "general state revenues" as that term is defined in Article VIII, section 1 of the state Constitution. The amount so determined by the state finance committee, as from time to time adjusted in accordance with this section, shall not constitute indebtedness for purposes of the limitations set forth in RCW 39.42.060.

NEW SECTION. Sec. 6. In addition to any other charges authorized by law and to assist in the reimbursement of principal and interest payments on bonds issued for the purposes of the state patrol headquarters construction project, the following revenues may be collected and transferred:

(1) The director of general administration shall assess a charge against each state board, commission, agency, office, department, activity, or other occupant of the facility or building constructed with bonds issued for the state patrol headquarters construction project nonparking component. The amount charged per square foot for occupancy costs shall be no less than the amount charged for other new facilities located on the capitol campus. Payment of the amount billed to the entity for such occupancy shall be made quarterly during each fiscal year. The director of general administration shall deposit the payment in the state patrol reserve account.

(2) The director of the office of financial management, in consultation with the state finance committee, shall determine, on or before June 30th of each year, the relative shares of the principal and interest requirements determined pursuant to section 3 of this act, attributable to the state patrol headquarters construction project parking facility and nonparking components in proportion to the principal amount of bonds issued under this chapter for purposes of funding each component. The director shall determine then the necessary net amount the state treasurer shall transfer from the state patrol highway account and the state patrol reserve account, after taking into account the state general fund portion attributable to the nonparking component, to the general fund to meet the principal and interest requirements of the bonds issued for the state patrol headquarters construction project nonparking component. The director of the office of financial management, in determining the amount necessary for transfer, shall consider the amount of space in the project occupied by state patrol programs funded by the state general fund, as determined by the director of general administration.

(3) The director of general administration, after such time as the current restrictions on capitol campus parking revenues have expired, shall deposit all parking rental income collected by the department of general administration from parking space developed as a part of the facility constructed with bonds issued for the state patrol headquarters construction project parking facility component, into the capitol building construction account.

(4) The director of the office of financial management, in consultation with the state finance committee, shall determine, on or before June 30th of each year, the relative shares of the principal and interest requirements pursuant to subsection (2) of this section. The director shall determine then the necessary amount the state treasurer shall transfer from the capitol building construction account to the general fund to meet the principal and interest requirements of the costs of the bonds issued for the state patrol headquarters construction project parking facility component. The director of the office of financial management, in determining the amount necessary for transfer, shall consider the full cost of the parking facility component as certified by the director of general administration.

NEW SECTION. Sec. 7. The legislature may provide additional means for raising moneys for the payment of the principal of and interest on the bonds authorized in section 1 of this act, and section 3 of this act shall not be deemed to provide an exclusive method for the payment.

NEW SECTION. Sec. 8. The bonds authorized in section 1 of this act shall be a legal investment for all state funds or funds under state control and for all funds of any other public body.

NEW SECTION. Sec. 9. Sections 1 through 8 of this act shall constitute a new chapter in Title 43 RCW.

NEW SECTION. Sec. 10. 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. 11. This act is necessary for the immediate preservation of the public peace, health, or safety, or support of the state government and its existing public institutions, and shall take effect immediately.