AN ACT
Relating to establishing a state infrastructure bank; reenacting and amending
RCW 43.84.092; adding new sections to chapter 82.44 RCW; adding a new section
to chapter 46.68 RCW; and declaring an emergency.
BE IT ENACTED BY THE LEGISLATURE
OF THE STATE OF WASHINGTON:
NEW
SECTION. Sec. 1. A new
section is added to chapter 82.44 RCW to read as follows:
The
legislature finds that new financing mechanisms are necessary to provide
greater flexibility and additional funds for needed transportation
infrastructure projects in the state. The creation of a financing mechanism,
like the one contained in section 350 of the national highway system
designation act of 1995, P.L. 104-59, relating to a state infrastructure bank
program, will enable the state and local jurisdictions to use federal, state,
local, or private funds to construct surface transportation projects for
various modes of transportation. It is the intent of the legislature that
accounts be created in the state treasury and dedicated funding sources be
established to generate revenue to support transportation projects financed
with the proceeds of bonds or other financial instruments issued against this
dedicated revenue and other revenues which may be available to these accounts.
P.L. 104-59 allows the deposit of certain federal highway and transit funds
into these accounts to leverage other forms of investment in transportation
infrastructure by expanding the eligible uses of the federal funds. Other
public and private entities may also deposit funds into these accounts to
leverage transportation investments. The purpose of this act is to provide,
from these accounts, authorization for loans, grants, or other means of
assistance, in amounts equal to all or part of the cost, to public or private
entities building surface transportation facilities in this state. It is the
further intent of the legislature that projects representing critical mobility
or economic development needs and involving various transportation modes and
jurisdictions receive top priority in the use of these funds. Funds from the
accounts created in this act may be used to support the issuance of public or
private debt, to provide credit enhancement for such debt, for direct loans to
public or private entities, or for other purposes necessary to facilitate
investment in surface transportation facilities in this state.
NEW
SECTION. Sec. 2. A new
section is added to chapter 82.44 RCW to read as follows:
The
transportation infrastructure account is hereby created in the transportation
fund. Public and private entities may deposit moneys in the transportation
infrastructure account from federal, state, local, or private sources.
Proceeds from bonds or other financial instruments sold to finance surface
transportation projects from the transportation infrastructure account shall be
deposited into the account. Principal and interest payments made on loans from
the transportation infrastructure account shall be deposited into the account.
Moneys in the account shall be available for purposes specified in section 1 of
this act. Expenditures from the transportation infrastructure account shall be
subject to appropriation by the legislature. To the extent required by federal
law or regulations promulgated by the United States secretary of
transportation, the state treasurer is authorized to create separate
subaccounts within the transportation infrastructure account.
NEW
SECTION. Sec. 3. A new
section is added to chapter 46.68 RCW to read as follows:
The
highway infrastructure account is hereby created in the motor vehicle fund.
Public and private entities may deposit moneys in the highway infrastructure
account from federal, state, local, or private sources. Proceeds from bonds or
other financial instruments sold to finance surface transportation projects
from the highway infrastructure account shall be deposited into the account.
Principal and interest payments made on loans from the highway infrastructure
account shall be deposited into the account. Moneys in the account shall be
available for purposes specified in section 1 of this act. Expenditures from
the highway infrastructure account shall be subject to appropriation by the
legislature. To the extent required by federal law or regulations promulgated
by the United States secretary of transportation, the state treasurer is
authorized to create separate subaccounts within the highway infrastructure
account.
Sec.
4. RCW
43.84.092 and 1995 c 394 s 1 and 1995 c 122 s 12 are each reenacted and amended
to read as follows:
(1)
All earnings of investments of surplus balances in the state treasury shall be
deposited to the treasury income account, which account is hereby established
in the state treasury.
(2)
The treasury income account shall be utilized to pay or receive funds
associated with federal programs as required by the federal cash management
improvement act of 1990. The treasury income account is subject in all
respects to chapter 43.88 RCW, but no appropriation is required for refunds or
allocations of interest earnings required by the cash management improvement
act. Refunds of interest to the federal treasury required under the cash
management improvement act fall under RCW 43.88.180 and shall not require
appropriation. The office of financial management shall determine the amounts
due to or from the federal government pursuant to the cash management
improvement act. The office of financial management may direct transfers of
funds between accounts as deemed necessary to implement the provisions of the
cash management improvement act, and this subsection. Refunds or allocations
shall occur prior to the distributions of earnings set forth in subsection (4)
of this section.
(3)
Except for the provisions of RCW 43.84.160, the treasury income account may be
utilized for the payment of purchased banking services on behalf of treasury
funds including, but not limited to, depository, safekeeping, and disbursement
functions for the state treasury and affected state agencies. The treasury
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)
Monthly, the state treasurer shall distribute the earnings credited to the
treasury income account. The state treasurer shall credit the general fund
with all the earnings credited to the treasury income account except:
(a)
The following accounts and funds shall receive their proportionate share of
earnings based upon each account's and fund's average daily balance for the
period: The capitol building construction account, the Cedar River channel
construction and operation account, the Central Washington University capital
projects account, the charitable, educational, penal and reformatory
institutions account, the common school construction fund, the county criminal
justice assistance account, the county sales and use tax equalization account,
the data processing building construction account, the deferred compensation
administrative account, the deferred compensation principal account, the
department of retirement systems expense account, the Eastern Washington
University capital projects account, the education construction fund, the
emergency reserve fund, the federal forest revolving account, the health
services account, the public health services account, the health system
capacity account, the personal health services account, the highway
infrastructure account, the industrial insurance premium refund account,
the judges' retirement account, the judicial retirement administrative account,
the judicial retirement principal account, the local leasehold excise tax
account, the local real estate excise tax account, the local sales and use tax
account, the medical aid account, the mobile home park relocation fund, the
municipal criminal justice assistance account, the municipal sales and use tax
equalization account, the natural resources deposit account, the perpetual
surveillance and maintenance account, the public employees' retirement system
plan I account, the public employees' retirement system plan II account, the
Puyallup tribal settlement account, the resource management cost account, the
site closure account, the special wildlife account, the state employees'
insurance account, the state employees' insurance reserve account, the state
investment board expense account, the state investment board commingled trust
fund accounts, the supplemental pension account, the teachers' retirement
system plan I account, the teachers' retirement system plan II account, the
transportation infrastructure account, the tuition recovery trust fund, the
University of Washington bond retirement fund, the University of Washington
building account, the volunteer fire fighters' relief and pension principal
account, the volunteer fire fighters' relief and pension administrative
account, the Washington judicial retirement system account, the Washington law
enforcement officers' and fire fighters' system plan I retirement account, the
Washington law enforcement officers' and fire fighters' system plan II
retirement account, the Washington state patrol retirement account, the
Washington State University building account, the Washington State University
bond retirement fund, the water pollution control revolving fund, and the
Western Washington University capital projects account. Earnings derived from
investing balances of the agricultural permanent fund, the normal school
permanent fund, the permanent common school fund, the scientific permanent
fund, and the state university permanent fund shall be allocated to their
respective beneficiary accounts. All earnings to be distributed under this
subsection (4)(a) shall first be reduced by the allocation to the state
treasurer's service fund pursuant to RCW 43.08.190.
(b)
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 aeronautics account, the aircraft search and
rescue account, the central Puget Sound public transportation account, the city
hardship assistance account, the county arterial preservation account, the
department of licensing services account, the economic development account, the
essential rail assistance account, the essential rail banking account, the
ferry bond retirement fund, the gasohol exemption holding account, the grade
crossing protective fund, the high capacity transportation account, the highway
bond retirement fund, the highway construction stabilization account, the
highway safety account, the marine operating fund, the motor vehicle fund, the
motorcycle safety education account, the pilotage account, the public
transportation systems account, the Puget Sound capital construction account,
the Puget Sound ferry operations account, the recreational vehicle account, the
rural arterial trust account, the safety and education account, the small city
account, the special category C account, the state patrol highway account, the
transfer relief account, the transportation capital facilities account, the
transportation equipment fund, the transportation fund, the transportation
improvement account, the transportation revolving loan account, and the urban
arterial trust account.
(5) In
conformance with Article II, section 37 of the state Constitution, no treasury
accounts or funds shall be allocated earnings without the specific affirmative
directive of this section.
NEW SECTION. Sec. 5. This act
is necessary for the immediate preservation of the public peace, health, or
safety, or support of the state government and its existing public
institutions, and shall take effect immediately.
