2894 AMH SOMM REIB 22

HB 2894 - H AMD 814 WITHDRAWN

By Representative H. Sommers

     On page 7, after line 29, insert the following:

ANEW SECTION. Sec. 6.  A new section is added to chapter 39.42 RCW to read as follows:

     The aggregate debt contracted by the state motor vehicle fund

shall not exceed that amount for which payments of principal

and interest in any fiscal year would require the state motor vehicle fund to expend more than twenty-one percent of the arithmetic mean of its total revenues for the three immediately preceding

fiscal years as certified by the treasurer.  The term "fiscal

year" means that period of time commencing July 1 of any year

and ending on June 30 of the following year.@

     Renumber remaining sections consecutively and correct title and internal references accordingly.

EFFECT:  Places a debt limit on the motor vehicle fund.