H-4345

AN ACT Relating to the Washington state dairy products commission; authorizing the issuance of bonds to provide partial financing for the costs of acquiring, designing, constructing, furnishing, and equipping of a building for the commission; providing ways and means of payment of the bonds; adding new sections to chapter 15.44 RCW; making an appropriation; and declaring an emergency.

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

NEW SECTION. Sec. 1. The legislature hereby finds that, in order to permit the Washington state dairy products commission to accomplish more efficiently its important public purposes, as enumerated in this chapter, it is necessary for the state to assist in financing a new building for the commission, and housing commission offices, warehouse space, and a display room. The state's assistance shall augment approximately two hundred thousand dollars in commission funds that be applied directly to the payment of the costs of this project. The state's assistance shall be in the amount of one million five hundred thousand dollars, or so much thereof as may be required, to be provided from the proceeds from the sale and issuance of general obligation bonds of the state, the principal of and interest on which shall be reimbursed to the state treasury by the commission from revenues derived from the assessments levied pursuant to this chapter and other sources.

NEW SECTION. Sec. 2. For the purpose of providing part of the funds necessary for the Washington state dairy products commission to undertake a capital project consisting of the land acquisition for, and the design, construction, furnishing, and equipping of, the building described in section 1 of this act, and to pay the administrative costs of such project, including costs of bond issuance and retirement, salaries and related costs of officials and employees of the state, and other expenses incidental to the administration of such project, the state finance committee is authorized to issue general obligation bonds of the state of Washington in the sum of one million five hundred thousand dollars, or so much thereof as may be required.

NEW SECTION. Sec. 3. The bonds authorized in section 2 of this act shall be issued and sold in accordance with the provisions of chapter 39.42 RCW.

NEW SECTION. Sec. 4. The proceeds from the sale of the bonds authorized in section 2 of this act, together with all grants, donations, transferred funds, and all other moneys which the state finance committee or the Washington state dairy products commission may direct the state treasurer to deposit therein, shall be deposited in the state building construction account in the state treasury.

NEW SECTION. Sec. 5. Subject to legislative appropriation, all proceeds from the sale of the bonds authorized in section 2 of this act shall be administered and expended by the Washington state dairy products commission exclusively for the purposes specified in section 2 of this act.

NEW SECTION. Sec. 6. The state general obligation bond retirement fund shall be used for the payment of the principal of and interest on the bonds authorized to be issued under section 2 of this act. The state finance committee may provide for the creation of one or more separate accounts in such fund to facilitate payment of such principal and interest.

On or before June 30 of each year, the state finance committee shall certify to the state treasurer the amounts required in the next succeeding twelve months for the payment of the principal of and the interest on such bonds coming due in accordance with the provisions of the bond proceedings. Not less than thirty days prior to the date on which any interest or principal and interest payment is due, 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, the amount certified by the state finance committee to be due on the payment date.

NEW SECTION. Sec. 7. On or before June 30 of each year, the state finance committee shall certify to the Washington state dairy products commission the principal and interest payments determined under section 6 of this act, exclusive of deposit interest credit, attributable to the bonds issued under section 2 of this act. On each date on which any interest or principal and interest payment is due, the commission shall cause the amount certified by the state finance committee to be due on such date to be paid out of the commission's general operating fund to the state treasurer for deposit into the general fund of the state treasury.

NEW SECTION. Sec. 8. The legislature may provide additional means for raising moneys for the payment of the principal of and interest on the bonds authorized in section 2 of this act, and sections 6 and 7 of this act shall not be deemed to provide an exclusive method for the payment of such principal and interest.

NEW SECTION. Sec. 9. The bonds authorized by section 2 of this act shall constitute legal investments for all state funds or for funds under state control and all funds of any other public body.

NEW SECTION. Sec. 10. The bonds authorized by section 2 of this act shall be issued only after the treasurer of the Washington state dairy products commission has certified that the net proceeds of the bonds, together with all money to be made available by the commission for the purposes described in section 2 of this act, shall be sufficient for such purposes; and also that, based upon the treasurer's estimates of future income from assessments levied pursuant to this chapter and other sources, an adequate balance will be maintained in the commission's general fund to enable the commission to meet the requirements of section 7 of this act during the life of the bonds to be issued.

NEW SECTION. Sec. 11. Sections 1 through 10 of this act are each added to chapter 15.44 RCW.

NEW SECTION. Sec. 12. (1) There is appropriated from the state building construction account of the general fund to the Washington state dairy products commission for the biennium ending June 30, 1993, the sum of one million five hundred thousand dollars, or as much thereof as may be necessary, for the purposes described in section 2 of this act.

(2) There is reappropriated from the state building construction account of the general fund to the Washington state dairy products commission for the biennium ending June 30, 1995, any sum remaining from the foregoing appropriation that was not spent in the biennium ending June 30, 1993.

NEW SECTION. Sec. 13. 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. 14. 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.