Z-1307.2  _______________________________________________

                         SENATE BILL 6317

          _______________________________________________

State of Washington      54th Legislature     1996 Regular Session

By Senators Rinehart, Loveland and Strannigan; by request of Office of Financial Management

Read first time 01/11/96.  Referred to Committee on Ways & Means.

Changing the authorization for general obligation bonds.

    AN ACT Relating to state general obligation bonds and related accounts; amending RCW 43.99K.010 and 43.99K.020; and declaring an emergency.

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

    Sec. 1.  RCW 43.99K.010 and 1995 2nd sp.s. c 17 s 1 are each amended to read as follows:

    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)) nine hundred nine million three hundred seventy-two thousand eight hundred forty-two 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.

    Sec. 2.  RCW 43.99K.020 and 1995 2nd sp.s. c 17 s 2 are each amended to read as follows:

    The proceeds from the sale of the bonds authorized in RCW 43.99K.010 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)) Eight hundred twenty-eight million two hundred twenty-five thousand eight hundred forty-two dollars to remain in the state building construction account created by RCW 43.83.020;

    (2) ((Twenty million)) Twenty-two million five hundred thousand dollars to the outdoor recreation account created by RCW 43.99.060;

    (3) ((Eighteen million six)) Twenty-one million one 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.  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.

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