AN ACT
Relating to general obligation bonds; amending RCW 39.52.010 and 39.52.020; and
adding a new chapter to Title 43 RCW.
BE IT ENACTED BY THE LEGISLATURE
OF THE STATE OF WASHINGTON:
NEW
SECTION. Sec. 1. 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
1995-97 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 eight hundred eleven million dollars, or as 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. 2. 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 eighty million dollars to remain in the state building
construction account created by RCW 43.83.020;
(2)
Twenty million dollars to the outdoor recreation account created by RCW
43.99.060;
(3)
Eighteen million six hundred thousand dollars to the habitat conservation
account created by RCW 43.98A.020;
(4)
Two million nine hundred twelve thousand dollars to the public safety
reimbursable bond account; and
(5)
Ten million dollars to the higher education construction account created by RCW
28B.14D.040.
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. 3. (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),
(3), (4), and (5) 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) 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 the public safety and education account to the general fund of
the state treasury the amount computed in subsection (2) of this section for
the bonds issued for the purposes of section 2(4) of this act.
(4) 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 board of regents
of the University of Washington shall cause to be paid out of University of
Washington nonappropriated local funds to the state treasurer for deposit into
the general fund of the state treasury the amount computed in subsection (2) of
this section for bonds issued for the purposes of section 2(5) of this act.
(5)
Bonds issued under this section and sections 1 and 2 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.
(6)
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.
NEW
SECTION. Sec. 4. 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. 5. 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.
Sec.
6. RCW
39.52.010 and 1984 c 186 s 36 are each amended to read as follows:
Any
county, city, or town in the state of Washington which now has or may
hereafter have an outstanding indebtedness evidenced by warrants or bonds,
including warrants or bonds of any county, city, or town which
are special fund obligations of and constitute a lien upon the waterworks or
other public utilities of such county, city, or town, and are
payable only from the income or funds derived or to be derived therefrom,
whether issued originally within the limitations of the Constitution of this
state, or of any law thereof, or whether such outstanding indebtedness has been
or may hereafter be validated or legalized in the manner prescribed by law,
may, by its corporate authorities, provide by ordinance or resolution for the
issuance of funding bonds with which to take up and cancel such outstanding
indebtedness in the manner hereinafter described, said bonds to constitute
general obligations of such county, city, or town: PROVIDED, That
special fund obligations payable only from the income funds of the public
utility, shall not be refunded by the issuance of general municipal bonds where
voter approval is required before general municipal bonds may be issued for
such public utility purposes, unless such general municipal bonds shall have
been previously authorized. Nothing in this chapter shall be so construed as
to prevent any such county, city, or town from funding its indebtedness
as now provided by law.
Sec.
7. RCW
39.52.020 and 1984 c 186 s 37 are each amended to read as follows:
No
bonds issued under this chapter shall be issued for a longer period than twenty
years. Nothing in this chapter shall be deemed to authorize the issuing of any
funding bonds which exceeds any constitutional or statutory limitations of
indebtedness. Such bonds shall be issued and sold in accordance with chapters
39.46 and 39.53 RCW, exclusive of RCW 39.53.120.
NEW
SECTION. Sec. 8. 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. 9. Sections
1 through 5 of this act shall constitute a new chapter in Title 43 RCW.
