BP BHEAD INT S

AN ACT Relating to general obligation bonds; and adding a new chapter to Title 43 RCW.

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

NEW SECTION. Sec. i. For the purpose of providing funds to finance the projects described and authorized by the legislature in the capital and operating appropriations acts for the 1993-95 fiscal biennium, and all costs incidental thereto, the state finance committee is authorized to issue general obligation bonds of the state of Washington in the sum of one billion sixty-five million dollars, or so much thereof as may be required, to finance these projects and all costs incidental thereto. Bonds authorized in this section may be sold at such price as the state finance committee shall determine. No bonds authorized in this section may be offered for sale without prior legislative appropriation of the net proceeds of the sale of the bonds.

NEW SECTION. Sec. ii. The proceeds from the sale of the bonds authorized in section 1 of this act shall be deposited in the state building construction account created by RCW 43.83.020. The proceeds shall be transferred as follows:

(1) Seven hundred sixty-two million four hundred thousand dollars to remain in the state building construction account created by RCW 43.83.020;

(2) Forty-two million five hundred thousand dollars to the outdoor recreation account created by RCW 43.99.060;

(3) Forty-two million five hundred thousand dollars to the habitat conservation account created by RCW 43.98A.020;

(4) Eighty million dollars to the common school reimbursable construction account created by RCW 43.99I.020;

(5) Two million dollars to the energy efficiency services account created by RCW 39.35C.110; and

(6) One hundred nine million four hundred twenty-three thousand dollars to the higher education reimbursable construction account created by RCW 43.99I.020.

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 office of financial management subject to legislative appropriation.

NEW SECTION. Sec. iii. (1) The state general obligation bond retirement fund shall be used for the payment of the principal of and interest on the bonds authorized in section 2 (1), (2), and (3) of this act.

(2) The state finance committee shall, on or before June 30th of each year, certify to the state treasurer the amount needed in the ensuing twelve months to meet the bond retirement and interest requirements. 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 general obligation bond retirement fund an amount equal to the amount certified by the state finance committee to be due on the payment date.

(3) 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.

(4) 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.

(5) On each date on which any interest or principal and interest payment is due on bonds issued for the purposes of section 2(4) of this act, the state treasurer shall transfer from property taxes in the state general fund levied for the support of the common schools under RCW 84.52.065 to the general fund of the state treasury for unrestricted use the amount of debt service computed for the bonds issued for the purposes of section 2(4) of this act.

(6) On each date on which any interest or principal and interest payment is due on bonds issued for the purposes of section 2(5) of this act, the state treasurer shall transfer from the energy efficiency services account created in RCW 39.35C.110 to the general fund of the state treasury the amount of debt service computed for the bonds issued for the purposes of section 2(5) of this act.

(7) On each date on which any interest or principal and interest payment is due on bonds issued for the purposes of section 2(6) of this act, the state treasurer shall transfer from the higher education general local account created in RCW 43.88.195 to the general fund of the state treasury the amount of debt service computed for the bonds issued for the purposes of section 2(6) of this act.

NEW SECTION. Sec. iv. 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. v. 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. vi. 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. vii. Sections 1 through 5 of this act shall constitute a new chapter in Title 43 RCW.