AN ACT Relating to earnings on the balances of
certain treasury accounts; amending RCW 43.84.092 and 43.79A.040; and providing
an effective date.
BE
IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
Sec. 1.
RCW 43.84.092 and 1992 c 235 s 4 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 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,)) and 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.
Sec. 2.
RCW 43.79A.040 and 1991 sp.s. c 13 s 82 are each amended to read as follows:
(1) Money in the treasurer's trust fund may be
deposited, invested and reinvested by the state treasurer in accordance with
RCW 43.84.080 in the same manner and to the same extent as if the money were in
the state treasury.
(2)(a) All income received from
investment of the treasurer's trust fund shall be set aside in an account in
the treasury trust fund to be known as the investment income account. Monthly,
the state treasurer shall distribute the earnings credited to the investment
income account to the state general fund except((:)) under (b) of
this subsection.
(((a))) (b) The following
accounts and funds shall receive their proportionate share of earnings based
upon each account's or fund's average daily balance for the period: The
American Indian scholarship endowment fund, the energy account, the game farm
alternative account, and the self‑insurance revolving fund. However, the
earnings to be distributed 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 advanced right
of way revolving fund, the federal narcotics asset forfeitures account, the
ferry system account, the ferry system insurance claim reserve account, the
ferry system operation and maintenance account, the ferry system revenue
account, the ferry system revenue bond account, the high occupancy vehicle
account, and the local rail service assistance account.))
(3) In conformance with Article II, section 37
of the state Constitution, no trust accounts or funds shall be allocated
earnings without the specific affirmative directive of this section.
NEW SECTION. Sec. 3.
This act shall take effect July 1, 1993, but shall not be effective for
earnings on balances prior to July 1, 1993.
