AN ACT Relating to
transportation bonds; amending RCW 47.10.834, 47.10.836, 47.10.837, 47.10.838,
47.10.839, and 47.10.841; amending 1994 c 183 s 1 (uncodified); repealing RCW
47.10.840; and declaring an emergency.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF
WASHINGTON:
Sec. 1. 1994 c 183 s 1
(uncodified) is amended to read as follows:
The legislature finds
and declares:
Successful
implementation of the public-private transportation initiatives program
authorized in chapter 47.46 RCW may require the financial participation of the
state in projects authorized in that chapter.
The participation may
take the form of loans, loan guarantees, user charge guarantees, including
incidental costs incurred by the department in direct support of activities
required under chapter 47.46 RCW, or such other cash contribution
arrangements as may improve the ability of the private entities sponsoring the
projects to obtain financing.
It is in the best interests
of the people of the state that state funding of possible financial
participation in the projects authorized under chapter 47.46 RCW be in the form
of long-term bonds. In order to repay expenditures incurred in the
1993-1995 biennium, up to two million two hundred thousand dollars of these
bonds may be expended on highway improvement projects, under chapter 47.05 RCW.
Sec. 2. RCW 47.10.834 and 1994 c
183 s 2 are each amended to read as follows:
In order to provide
funds necessary to implement the public-private transportation initiatives
authorized by chapter 47.46 RCW, there shall be issued and sold upon the
request of the Washington state transportation commission a total of
twenty-five million six hundred twenty-five thousand dollars of general
obligation bonds of the state of Washington.
Sec. 3. RCW 47.10.836 and 1994 c
183 s 4 are each amended to read as follows:
(1) The proceeds from
the sale of bonds authorized by RCW 47.10.834 through 47.10.841 that are in
support of possible loans as specified under RCW 47.10.835 shall be deposited
into the ((transportation revolving loan account, hereby created, in the
transportation)) motor vehicle fund. The proceeds shall be
available only for the purposes of making loans to entities authorized to
undertake projects selected under chapter 47.46 RCW as enumerated in RCW
47.10.835, including incidental costs incurred by the department in direct
support of activities required under chapter 47.46 RCW, for the payment of
bond anticipation notes, if any, and for the payment of bond issuance costs,
including the costs of underwriting.
(2) The proceeds from
the sale of bonds authorized by RCW 47.10.834 through 47.10.841 that are in
support of all forms of cash contributions to projects selected under chapter
47.46 RCW, including incidental costs incurred by the department in direct
support of activities required under chapter 47.46 RCW, except loans shall
be deposited into the ((transportation)) motor vehicle fund. The
proceeds shall be available only for the purposes of making any contributions
except loans to projects selected under chapter 47.46 RCW, for the payment of
bond anticipation notes, if any, and for the payment of bond issuance costs,
including the costs of underwriting.
(3) Up to two
million two hundred thousand dollars of the proceeds from the sale of bonds
authorized by RCW 47.10.834 through 47.10.841 may be expended on highway
improvement projects under chapter 47.05 RCW and for the payment of bond
issuance cost, including the cost of underwriting. Such proceeds shall be
deposited into the motor vehicle fund.
Sec. 4. RCW 47.10.837 and 1994 c
183 s 5 are each amended to read as follows:
Principal and interest
payments made on loans ((from the transportation loan revolving account as))
authorized by chapter 47.46 RCW shall be deposited into the ((transportation
loan revolving account)) motor vehicle fund and shall be available
for the payment of principal and interest on bonds authorized by RCW 47.10.834
through 47.10.841 and for such other purposes as may be specified by law.
Sec. 5. RCW 47.10.838 and 1994 c
183 s 6 are each amended to read as follows:
(1) Bonds issued under
the authority of RCW 47.10.834 through 47.10.841 shall distinctly 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 such
principal and interest as the same shall become due.
(2) The principal and
interest on the bonds issued for the purposes enumerated in RCW 47.10.836 shall
be first payable in the manner provided in RCW 47.10.834 through 47.10.841 from
the proceeds of the state excise ((tax on motor vehicles imposed by RCW
82.44.020(2))) taxes on motor vehicle and special fuels imposed by
chapters 82.36 and 82.38 RCW. Proceeds of those excise taxes are pledged
to the payment of any bonds and the interest thereon issued under the authority
of RCW 47.10.834 through 47.10.841, and the legislature agrees to continue to
impose ((this)) these excise ((tax)) taxes on motor
vehicle((s)) and special fuels in amounts sufficient to pay, when
due, the principal and interest on all bonds issued under the authority of RCW
47.10.834 through 47.10.841.
Sec. 6. RCW 47.10.839 and 1994 c
183 s 7 are each amended to read as follows:
(1) Both principal and
interest on the bonds issued for the purposes of RCW 47.10.834 through
47.10.841 are payable from the highway bond retirement fund. ((The state
finance committee may provide that a special account be created in the fund to
facilitate payment of the principal and interest.))
(2) The state finance
committee shall, on or before June 30th of each year certify to the state
treasurer the amount required for principal and interest on the bonds issued
for the purposes specified in RCW 47.10.836 in accordance with the bond
proceedings. The state treasurer shall withdraw revenues from the ((transportation))
motor vehicle fund and deposit into the highway bond retirement fund((,
or a special account in the fund,)) such amounts, and at such times, as are
required by the bond proceedings.
(3) Any funds required
for bond retirement or interest on the bonds authorized by RCW 47.10.834
through 47.10.841 shall be taken from that portion of the ((transportation))
motor vehicle fund that results from the imposition of excise taxes on
motor vehicle((s)) and special fuels which is, or may be
appropriated to the department of transportation for state highway purposes.
Funds required shall never constitute a charge against any other allocations of
motor vehicle ((excise)) fuel and special fuel tax revenues to
the state, counties, cities, or towns((, and transit agencies))
unless the amount arising from excise taxes on motor vehicle((s)) and
special fuels distributed to the state in the ((transportation)) motor
vehicle fund proves insufficient to meet the requirements for bond
retirement or interest on any such bonds.
(4) Any payments for
bond retirement or interest on the bonds taken from other revenues from the
motor vehicle ((excise)) fuel and special fuel taxes that are
distributable to the state, counties, cities, or towns((, and transit
agencies)) shall be repaid from the first revenues from the motor vehicle
((excise)) fuel or special fuel taxes distributed to the ((transportation))
motor vehicle fund not required for bond retirement or interest on the
bonds.
Sec. 7. RCW 47.10.841 and 1994 c
183 s 9 are each amended to read as follows:
Bonds issued under the
authority of RCW 47.10.834 through ((47.10.840)) 47.10.839 and
this section and any other general obligation bonds of the state of Washington
that have been or that may be authorized and that pledge motor vehicle ((excise))
and special fuels taxes for the payment of principal and interest
thereon are an equal charge against the revenues from the motor vehicle and
special fuels excise taxes.
NEW SECTION. Sec.
8. RCW 47.10.840 and 1994 c
183 s 8 are each repealed.
NEW SECTION. Sec.
9. 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. 10. 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.
