AN ACT
Relating to state general obligation bonds and related accounts; amending RCW
43.99I.010, 43.99I.020, 43.99I.040, 43.84.092, 43.105.080, 90.50A.020,
43.160.080, and 43.168.110; adding new sections to chapter 43.99I RCW; and
declaring an emergency.
BE IT ENACTED BY THE LEGISLATURE
OF THE STATE OF WASHINGTON:
Sec.
1. RCW
43.99I.010 and 1991 sp.s. c 31 s 1 are each amended to read as follows:
The
state finance committee is authorized to issue general obligation bonds of the
state of Washington in the sum of one billion ((ninety-five)) two
hundred eighty-four million dollars, or so much thereof as may be required,
to finance the projects described and authorized by the legislature in the
capital and operating appropriations acts for the 1991‑1993 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, letters of credit, or other credit enhancements
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.
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
purpose of retiring the bonds during the life of the project for which they
were issued.
Sec.
2. RCW
43.99I.020 and 1991 sp.s. c 31 s 2 are each amended to read as follows:
Bonds
issued under RCW 43.99I.010 are subject to the following conditions and
limitations:
General
obligation bonds of the state of Washington in the sum of one billion ((ninety-five))
two hundred eighty-four million dollars, or so much thereof as may be
required, shall be issued for the purposes 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 projects, 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. Subject to such changes
as may be required in the appropriations acts, the proceeds from the sale of
the bonds issued for the purposes of this subsection shall be deposited in the
state building construction account created by RCW 43.83.020 and transferred as
follows:
(1)
Eight hundred thirty-five thousand dollars to the state higher education
construction account created by RCW 28B.10.851;
(2)
Eight hundred ((twenty-three)) seventy-one million dollars to the
state building construction account created by RCW 43.83.020;
(3)
Fifteen million dollars to the energy efficiency construction account created
by RCW 39.35C.100;
(4)
Three million fifty thousand dollars to the energy efficiency services account
created by RCW 39.35C.110;
(5) ((One
hundred twenty)) Two hundred fifty-five million five hundred
thousand dollars to the common school reimbursable construction account
hereby created in the state treasury;
(6)
Ninety-eight million six hundred forty-eight thousand dollars to the higher
education reimbursable construction account hereby created in the state
treasury; ((and))
(7) ((Two
million four hundred five thousand dollars to the wildlife reimbursable
construction account hereby created in the state treasury)) Three
million two hundred eighty-four thousand dollars to the data processing
building construction account created in section 7 of this act; and
(8)
Nine hundred thousand dollars to the Washington state dairy products commission
facility account created in section 8 of this act.
These
proceeds shall be used exclusively for the purposes specified in this
subsection, 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 office of financial management, subject to legislative appropriation.
Sec.
3. RCW
43.99I.040 and 1991 sp.s. c 31 s 4 are each amended to read as follows:
(1) On
each date on which any interest or principal and interest payment is due on
bonds issued for the purposes of RCW 43.99I.020 (3) and (4), the state
treasurer shall transfer from the energy efficiency construction account
created in RCW 39.35C.100 to the general fund of the state treasury the amount
computed in RCW 43.99I.030 for the bonds issued for the purposes of RCW
43.99I.020 (3) and (4).
(2) On
each date on which any interest or principal and interest payment is due on
bonds issued for the purposes of RCW 43.99I.020(5), the state treasurer shall
transfer from property taxes in the state general fund levied for this support
of the common schools under RCW 84.52.065 to the general fund of the state
treasury for unrestricted use the amount computed in RCW 43.99I.030 for the
bonds issued for the purposes of RCW 43.99I.020(5).
(3) On
each date on which any interest or principal and interest payment is due on
bonds issued for the purposes of RCW 43.99I.020(6), the state treasurer shall
transfer from higher education operating fees deposited in the general fund to
the general fund of the state treasury for unrestricted use, or if chapter
..., Laws of 1992 (Senate Bill No. 6285) becomes law and changes the
disposition of higher education operating fees from the general fund to another
account, the state treasurer shall transfer the proportional share from the
University of Washington operating fees account, the Washington State
University operating fees account, and the Central Washington University operating
fees account the amount computed in RCW 43.99I.030 for the bonds issued for
the purposes of RCW 43.99I.020(((6))) (7).
(4) ((On
each date on which any interest or principal and interest payment is due on
bonds issued for the purposes of RCW 43.99I.020(7), the state treasurer shall
transfer from the state wildlife fund to the general fund of the state treasury
the amount computed in RCW 43.99I.030 for the bonds issued for the purpose of
RCW 43.99I.020(7).)) On each date on which any interest or principal and
interest payment is due on bonds issued for the purposes of RCW 43.99I.020(7),
the state treasurer shall transfer from the data processing revolving account
created in RCW 43.105.080 to the general fund of the state treasury the amount
computed in RCW 43.99I.030 for the bonds issued for the purposes of RCW
43.99I.020(7).
(5)
On each date on which any interest or principal and interest payment is due on
bonds issued for the purpose of RCW 43.99I.020(8), the Washington state dairy
products commission shall cause the amount computed in RCW 43.99I.030 for the
bonds issued for the purposes of RCW 43.99I.020(8) 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.
Sec.
4. RCW
43.84.092 and 1991 sp.s. c 13 s 57 are each amended to read as follows:
(1)
All earnings of investments of surplus balances in the state treasury shall be
deposited to the treasury income account, which account is hereby established
in the state treasury.
(2)
Monthly, the state treasurer shall distribute the earnings credited to the
treasury income account. The state treasurer shall credit the general fund
with all the earnings credited to the treasury income account except:
(a)
The following accounts and funds shall receive their proportionate share of
earnings based upon each account's and fund's average daily balance for the
period: The capitol building construction account, the Cedar River channel
construction and operation account, the Central Washington University capital
projects account, the charitable, educational, penal and reformatory
institutions account, the common school construction fund, the county criminal
justice assistance account, the county sales and use tax equalization account, the
data processing building construction account, the deferred compensation
administrative account, the deferred compensation principal account, the
department of retirement systems expense account, the Eastern Washington
University capital projects account, the federal forest revolving account, the
industrial insurance premium refund account, the judges' retirement account,
the judicial retirement administrative account, the judicial retirement
principal account, the local leasehold excise tax account, the local sales and
use tax account, the medical aid account, the municipal criminal justice
assistance account, the municipal sales and use tax equalization account, the
natural resources deposit account, the perpetual surveillance and maintenance
account, the public employees' retirement system plan I account, the public
employees' retirement system plan II account, the Puyallup tribal settlement
account, the resource management cost account, the site closure account, the
special wildlife account, the state employees' insurance account, the state
employees' insurance reserve account, the state investment board expense
account, the state investment board commingled trust fund accounts, the
supplemental pension account, the teachers' retirement system plan I account,
the teachers' retirement system plan II account, the University of Washington
bond retirement fund, the University of Washington building account, the
volunteer fire fighters' relief and pension principal account, the volunteer
fire fighters' relief and pension administrative account, the Washington
judicial retirement system account, the Washington law enforcement officers'
and fire fighters' system plan I retirement account, the Washington law
enforcement officers' and fire fighters' system plan II retirement account, the
Washington state patrol retirement account, the Washington State University
building account, the Washington State University bond retirement fund, and the
Western Washington University capital projects account. Earnings derived from
investing balances of the agricultural permanent fund, the normal school
permanent fund, the permanent common school fund, the scientific permanent
fund, and the state university permanent fund shall be allocated to their
respective beneficiary accounts. All earnings to be distributed under this
subsection (2)(a) shall first be reduced by the allocation to the state
treasurer's service ((account [fund])) fund pursuant to RCW
43.08.190.
(b)
The following accounts and funds shall receive eighty percent of their
proportionate share of earnings based upon each account's or fund's average
daily balance for the period: The central Puget Sound public transportation
account, the city hardship assistance account, the county arterial preservation
account, the economic development account, the essential rail assistance
account, the essential rail banking account, the ferry bond retirement fund,
the grade crossing protective fund, the high capacity transportation account,
the highway bond retirement fund, the highway construction stabilization
account, the highway safety account, the motor vehicle fund, the motorcycle
safety education account, the pilotage account, the public transportation
systems account, the Puget Sound capital construction account, the Puget Sound
ferry operations account, the recreational vehicle account, the rural arterial
trust account, the special category C account, the state patrol highway
account, the transfer relief account, the transportation capital facilities
account, the transportation equipment fund, the transportation fund, the
transportation improvement account, and the urban arterial trust account.
(3) In
conformance with Article II, section 37 of the state Constitution, no treasury
accounts or funds shall be allocated earnings without the specific affirmative
directive of this section.
NEW
SECTION. Sec. 5. A new
section is added to chapter 43.99I RCW to read as follows:
The
bonds authorized by RCW 43.99I.020(8) shall be issued only after the director
of financial management has (a) certified that, based on the future income from
assessments levied pursuant to chapter 15.44 RCW and other revenues collected
by the Washington state dairy products commission, an adequate balance will be
maintained in the commission's general operating fund to pay the interest or
principal and interest payments due under RCW 43.99I.040(4) for the life of the
bonds; and (b) approved the facility to be acquired using the bond proceeds.
Sec.
6. RCW
43.105.080 and 1987 c 504 s 11 are each amended to read as follows:
There
is created a revolving fund to be known as the data processing revolving fund
in the custody of the state treasurer. The revolving fund shall be used for
the acquisition of equipment, software, supplies, and services and the payment
of salaries, wages, and other costs incidental to the acquisition, development,
operation, and administration of information services, telecommunications,
systems, software, supplies and equipment, including the payment of
principal and interest on bonds issued for capital projects, by the
department, Washington State University's computer services center, the
department of personnel's personnel information systems division, the office of
financial management's financial systems management group, and other users as
jointly determined by the department and the office of financial management.
The revolving fund is subject to the allotment procedure provided under chapter
43.88 RCW. Disbursements from the revolving fund for the services component of
the department are not subject to appropriation. Disbursements for the
planning component of the department are subject to appropriation. All
disbursements from the fund are subject to the allotment procedures provided
under chapter 43.88 RCW. The department shall establish and implement a
billing structure to assure all agencies pay an equitable share of the costs.
As
used in this section, the word "supplies" shall not be interpreted to
delegate or abrogate the division of purchasing's responsibilities and
authority to purchase supplies as described in RCW 43.19.190 and 43.19.200.
NEW
SECTION. Sec. 7. A new
section is added to chapter 43.99I RCW to read as follows:
The data
processing building construction account is created in the state treasury.
Moneys in the account may be spent only after appropriation. Expenditures from
the account may be used only for acquisition of land for and construction of a
data processing building.
NEW
SECTION. Sec. 8. A new
section is added to chapter 43.99I RCW to read as follows:
The
Washington state dairy products commission facility account is hereby created
in the state treasury. Moneys in the account may be spent only after
appropriation. Expenditures from the account may be used only for acquisition,
renovation, or construction of a permanent facility for the Washington state
dairy products commission.
Sec.
9. RCW
90.50A.020 and 1991 sp.s. c 13 s 102 are each amended to read as follows:
(1)
The water pollution control revolving fund is hereby established in the ((custody
of the)) state ((treasurer)) treasury. Moneys in this fund
((are not subject to)) may be spent only after legislative
appropriation. Moneys in the fund may be spent only in a manner consistent
with this chapter.
(2)
The water pollution control revolving fund shall consist of:
(a)
All capitalization grants provided by the federal government under the federal
water quality act of 1987;
(b)
All state matching funds appropriated or authorized by the legislature;
(c)
Any other revenues derived from gifts or bequests pledged to the state for the
purpose of providing financial assistance for water pollution control projects;
(d)
All repayments of moneys borrowed from the fund;
(e)
All interest payments made by borrowers from the fund;
(f)
Any other fee or charge levied in conjunction with administration of the fund;
and
(g)
Any new funds as a result of leveraging.
Sec.
10. RCW
43.160.080 and 1991 sp.s. c 13 s 115 are each amended to read as follows:
There
shall be a fund in the state treasury known as the public facilities
construction loan revolving account, 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, 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 account 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 account.)) Disbursements from the revolving account shall
be on authorization of the board. In order to maintain an effective
expenditure and revenue control, the public facilities construction loan
revolving account 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 account)).
Sec.
11. RCW
43.168.110 and 1985 c 164 s 11 are each amended to read as follows:
There
is established the Washington state development loan fund which shall be an
account in the state treasury. All loan payments of principal and interest
which are transferred under RCW 43.168.050 shall be deposited into the
account. Moneys in the account may be spent ((without)) only after
legislative appropriation for loans under this chapter. ((However,)) Any
expenditures of these moneys shall conform to federal law.
NEW
SECTION. Sec. 12. 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.
