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SENATE BILL 5370
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Passed Legislature - 1993 First Special
Session
State of Washington 53rd Legislature 1993
Regular Session
By
Read first time 01/26/93. Referred to Committee
on Transportation.
Authorizing state highway bonds.
AN ACT Relating to
state highway bonds; and amending RCW 47.10.761 and 47.10.762.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF
WASHINGTON:
Sec. 1. RCW 47.10.761 and 1984 c
7 s 111 are each amended to read as follows:
It is the purpose of
RCW 47.10.761 through 47.10.771 to provide reserve funds to the department for
the following purposes:
(1) For construction,
reconstruction, or repair of any state highway made necessary by slides, storm
damage, or other unexpected or unusual causes;
(2) For construction
or improvement of any state highway when necessary to alleviate or prevent
intolerable traffic congestion caused by extraordinary and unanticipated
economic development within any area of the state;
(3) To advance funds
to any city or county to be used exclusively for the construction or
improvement of any city street or county road when necessary to alleviate or
prevent intolerable traffic congestion caused by extraordinary and
unanticipated economic development within a particular area of the state.
Before funds provided by the sale of bonds as authorized in RCW 47.10.761
through 47.10.770, are loaned to any city or county for the purposes specified
herein, the department shall enter into an agreement with the city or county
providing for repayment to the motor vehicle fund of such funds, together with
the amount of bond interest thereon, from the city's or the county's share of
the motor vehicle funds arising from excise taxes on motor vehicle fuels, over
a period not to exceed twenty-five years; and
(4) To participate
in projects on state highways or projects benefiting state highways that have
been selected for funding by entities other than the Washington state
department of transportation and require a financing contribution by the
department of transportation.
Sec. 2. RCW 47.10.762 and 1967 ex.s.
c 7 s 14 are each amended to read as follows:
In order
to provide reserve funds for the purposes specified in RCW 47.10.761, there
shall be issued and sold ((limited)) general obligation bonds of
the state of Washington in the sum of twenty-five million dollars or such
amount thereof and at such times as may be determined to be necessary by the
state ((highway)) transportation commission. The issuance, sale
and retirement of said bonds shall be under the supervision and control of the
state finance committee which, upon request being made by the Washington state
((highway)) transportation commission, shall provide for the
issuance, sale and retirement of coupon or registered bonds to be dated, issued
and sold from time to time in such amounts as may be necessary for the ((orderly
scheduled construction of the interstate highway system)) purposes
enumerated in RCW 47.10.761.
