CERTIFICATION OF ENROLLMENT
SECOND SUBSTITUTE SENATE BILL 5003
Chapter
365, Laws of 1995
54th
Legislature
1995
Regular Session
AGRICULTURAL FUNDS AND
ACCOUNTS‑-DEPOSIT OF INTEREST EARNINGS
EFFECTIVE
DATE: 6/1/95
|
Passed by
the Senate March 9, 1995
YEAS 47 NAYS 0
JOEL PRITCHARD
President
of the Senate
Passed by
the House April 21, 1995
YEAS 96 NAYS 0
|
CERTIFICATE
I, Marty
Brown, Secretary of the Senate of the State of Washington, do hereby certify
that the attached is SECOND SUBSTITUTE SENATE BILL 5003 as passed by
the Senate and the House of Representatives on the dates hereon set forth.
|
|
CLYDE BALLARD
Speaker
of the
House
of Representatives
|
MARTY BROWN
Secretary
|
|
Approved
May 16, 1995 Place Style On Codes above, and Style
Off Codes below.
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FILED
May
16, 1995 - 11:15 a.m.
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|
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MIKE LOWRY
Governor
of the State of Washington
|
Secretary
of State
State
of Washington
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_______________________________________________
SECOND SUBSTITUTE SENATE BILL 5003
_______________________________________________
Passed Legislature - 1995 Regular Session
State of Washington 54th Legislature 1995
Regular Session
By
Read first time 03/06/95.
Providing
criteria to be used in determining whether a fund or account receives interest
earnings.
AN ACT Relating to the
deposit of interest earnings from agricultural funds and accounts; reenacting
and amending RCW 43.79A.040; providing an effective date; and declaring an
emergency.
BE IT ENACTED BY THE
LEGISLATURE OF THE STATE OF WASHINGTON:
Sec. 1. RCW 43.79A.040 and 1993
sp.s. c 8 s 2 and 1993 c 500 s 5 are each reenacted and amended to read as
follows:
(1) Money in the
treasurer's trust fund may be deposited, invested and reinvested by the state
treasurer in accordance with RCW 43.84.080 in the same manner and to the same
extent as if the money were in the state treasury.
(2) All income received
from investment of the treasurer's trust fund shall be set aside in an account
in the treasury trust fund to be known as the investment income account.
(3) The investment
income account may be utilized for the payment of purchased banking services on
behalf of treasurer's trust funds including, but not limited to, depository,
safekeeping, and disbursement functions for the state treasurer or affected
state agencies. The investment 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)(a) Monthly, the
state treasurer shall distribute the earnings credited to the investment income
account to the state general fund except under (b) of this subsection.
(b) The following
accounts and funds shall receive their proportionate share of earnings based
upon each account's or fund's average daily balance for the period: The agricultural
local fund, the American Indian scholarship endowment fund, the energy
account, the fair fund, the game farm alternative account, the grain
inspection revolving fund, the rural rehabilitation account, and the
self-insurance revolving fund. However, the earnings to be distributed shall
first be reduced by the allocation to the state treasurer's service fund
pursuant to RCW 43.08.190.
(5) In conformance with
Article II, section 37 of the state Constitution, no trust accounts or funds
shall be allocated earnings without the specific affirmative directive of this
section.
NEW SECTION. Sec.
2. 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 June 1, 1995.
Passed
the Senate March 9, 1995.
Passed
the House April 21, 1995.
Approved by the Governor May 16, 1995.
Filed in Office of
Secretary of State May 16, 1995.