H-4508.1          _______________________________________________

                            SUBSTITUTE HOUSE BILL 2274

                  _______________________________________________

State of Washington              54th Legislature             1996 Regular Session

By House Committee on Trade & Economic Development (originally sponsored by Representatives Van Luven, Sheldon, Hatfield, D. Schmidt, Radcliff and Kessler)

Read first time 01/22/96.

Funding public facilities.

     AN ACT Relating to the community economic revitalization board;  amending RCW 43.160.080 and 43.160.900; creating a new section; and providing an effective date.

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

NEW SECTION. Sec. 1. The legislature finds that the community economic revitalization board has made a significant contribution to the economic development and diversification of the state of Washington.  The legislature intends to establish the public facilities construction loan revolving account as a self-sustaining source of funds for loans to political subdivisions for purposes designated in this act.

     Sec. 2.  RCW 43.160.080 and 1992 c 235 s 10 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)).  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.

     Sec. 3.  RCW 43.160.900 and 1993 c 320 s 8 are each amended to read as follows:

     The community economic revitalization board shall report to the appropriate standing committees of the legislature biennially on the implementation of this chapter.  The report shall include information on the number of applications for community economic revitalization board assistance, the number and types of projects approved, the grant or loan amount awarded each project, the projected number of jobs created or retained by each project, the actual number of jobs created or retained by each project, the number of delinquent loans, and the number of project terminations.  The community economic revitalization board shall report on the status of efforts to establish the public facilities construction loan revolving account as a self-sustaining account, along with any necessary recommendations.  The report may also include additional performance measures and recommendations for programmatic changes.  ((The first report shall be submitted by December 1, 1994.))

NEW SECTION. Sec. 4.  This act shall take effect July 1, 1997.

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