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SENATE BILL 5142
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AS AMENDED BY THE HOUSE
Passed Legislature - 1995 Regular Session
State of Washington 54th Legislature 1995
Regular Session
By
Read first time 01/12/95.
Referred to Committee on Government Operations.
Extending
authority to enter into payment agreements.
AN ACT Relating to
payment agreements; amending RCW 39.96.010 and 39.96.070; providing an
effective date; and declaring an emergency.
BE IT ENACTED BY THE
LEGISLATURE OF THE STATE OF WASHINGTON:
Sec. 1. RCW 39.96.010 and 1993 c
273 s 1 are each amended to read as follows:
The legislature finds
and declares that the issuance by state and local governments of bonds and
other obligations, and the investment of moneys in connection with these
obligations, involve exposure to changes in interest rates; that a number of
financial instruments are available to lower the net cost of these borrowings,
to increase the net return on these investments, or to reduce the exposure of
state and local governments to changes in interest rates; that these reduced
costs and increased returns for state and local governments will benefit
taxpayers and ratepayers; and that the legislature desires to provide state and
local governments with express statutory authority to take advantage of these
instruments. In recognition of the complexity of these financial instruments,
the legislature desires that this authority be subject to certain limitations,
and be granted for ((an initial)) a period of ((two)) seven
years.
Sec. 2. RCW 39.96.070 and 1993 c
273 s 7 are each amended to read as follows:
(1) Except as provided
in subsection (3) of this section, no governmental entity may enter a payment
agreement under RCW 39.96.030 after June 30, ((1995)) 2000.
(2) The termination of
authority to enter payment agreements after June 30, ((1995)) 2000,
shall not affect the validity of any payment agreements or other contracts
entered into under RCW 39.96.030 on or before that date.
(3) A governmental
entity may enter into a payment agreement under and in accordance with this
chapter after June 30, ((1995)) 2000, to replace a payment
agreement that relates to specified obligations issued on or before that date
and that has terminated before the final term of those obligations.
(4) The state finance
committee shall make a report to the appropriate legislative committees on
payment agreements authorized in this chapter. The report shall include the
governmental entity entering into a payment agreement, the amount of the
agreement, the expected savings resulting from the agreement, the transactions
cost, and any other information the state finance committee determines
relevant. The report shall be submitted ((on November 30, 1993, and
December 30, 1994)) each December.
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 July 1, 1995.
Passed
the Senate April 17, 1995.
Passed
the House April 13, 1995.
Approved by the Governor May 1, 1995.
Filed in Office of
Secretary of State May 1, 1995.
