_______________________________________________
HOUSE
BILL 2896
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Passed
Legislature - 1992 Regular Session
State of Washington 52nd
Legislature 1992 Regular Session
Read first time 01/31/92.
Referred to Committee on Transportation.Authorizing
state ferry bonds.
AN ACT
Relating to state ferry bonds; and adding new sections to chapter 47.60 RCW.
BE IT ENACTED BY THE LEGISLATURE
OF THE STATE OF WASHINGTON:
NEW
SECTION. Sec. 1. In
order to provide funds necessary for vessel and terminal acquisition,
construction, and major and minor improvements, including long lead time
materials acquisition for the Washington state ferries, there shall be issued and
sold upon the request of the Washington state transportation commission and
legislative appropriation a total of two hundred ten million dollars of general
obligation bonds of the state of Washington.
NEW
SECTION. Sec. 2. (1)
Upon request being made by the transportation commission, the state finance
committee shall supervise and provide for the issuance, sale, and retirement of
the bonds authorized by sections 1 through 5 of this act in accordance with
chapter 39.42 RCW. The bonds may be sold from time to time in such amounts as
may be necessary for the purposes under section 1 of this act. The bonds shall
be sold in such manner, at such time or times, in such amounts, and at such
price or prices 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.
(2)
The state finance committee shall consider the issuance of short-term
obligations in lieu of long-term obligations for the purposes of more favorable
interest rates, lower total interest costs, and increased marketability and for
the purposes of retiring the bonds during the life of the project for which
they were issued.
NEW
SECTION. Sec. 3. The
proceeds from the sale of bonds authorized by sections 1 through 5 of this act
shall be deposited in the Puget Sound capital construction account of the motor
vehicle fund and such proceeds shall be available only for the purposes under
section 1 of this act, for the payment of bond anticipation notes, if any, and
for the payment of bond issuance costs, including the costs of underwriting.
NEW
SECTION. Sec. 4. Bonds
issued under the authority of sections 1 through 5 of this act shall distinctly
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 such principal and interest as the same shall become due. The principal
and interest shall be first payable in the manner provided in sections 1
through 5 of this act from the proceeds of the state excise taxes on motor
vehicle and special fuels imposed by chapters 82.36, 82.37, and 82.38 RCW and
distributed to the state pursuant to RCW 46.68.130 and shall never constitute a
charge against any allocations of such funds to counties, cities, and towns
unless and until the amount of the motor vehicle fund arising from the excise
taxes on motor vehicle and special fuels and available for state highway
purposes proves insufficient to meet the requirements for bond retirement or
interest on any such bonds. Proceeds of such excise taxes are hereby pledged
to the payment of any bonds and the interest thereon issued under the authority
of sections 1 through 5 of this act, and the legislature agrees to continue to
impose these excise taxes on motor vehicle and special fuels in amounts sufficient
to pay, when due, the principal and interest on all bonds issued under the
authority of sections 1 through 5 of this act.
NEW
SECTION. Sec. 5. Both
principal and interest on the bonds issued for the purposes of sections 1
through 5 of this act shall be payable from the ferry bond retirement fund
authorized in RCW 47.60.600. Whenever, pursuant to sections 1 and 4 of this
act, the state treasurer transfers funds from the motor vehicle fund to the
ferry bond retirement fund, the state treasurer may at the same time reimburse
the motor vehicle fund in an identical amount from the Puget Sound capital
construction account.
NEW
SECTION. Sec. 6. Sections
1 through 5 of this act are each added to chapter 47.60 RCW.
Passed the House February 19, 1992.
Passed the Senate March 7, 1992.
Approved by the Governor April 1,
1992.
Filed
in Office of Secretary of State April 1, 1992.
