6023 AMS OWEN S2520.1

SB 6023 - S AMD - 291

By Senators Owen and Prince

    On page 4, after line 17, insert the following:

    "Sec. 2.  RCW 43.79A.040 and 1993 sp.s. c 8 s 2 and 1993 c 500 s 5 are each reenacted and 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) 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.

    (3) The investment income account may be utilized for the payment of purchased banking services on behalf of treasurer's trust funds including, but not limited to, depository, safekeeping, and disbursement functions for the state treasurer or affected state agencies.  The investment income account is subject in all respects to chapter 43.88 RCW, but no appropriation is required for payments to financial institutions.  Payments shall occur prior to distribution of earnings set forth in subsection (4) of this section.

    (4)(a) Monthly, the state treasurer shall distribute the earnings credited to the investment income account to the state general fund except under (b) and (c) of this subsection.

    (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 fund pursuant to RCW 43.08.190.

(c) 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 high occupancy vehicle account, and the local rail service assistance account.

    (5) 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."

    Renumber the section following consecutively.

SB 6023 - S AMD - 291

By Senators Owen and Prince

    In line 2 of the title, after "43.84.092" insert "and 43.79A.040"

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