2894.E AMS BROW FLOO 030

EHB S894 - S AMD TO S AMD (WEST‑874) ‑ 890

    BySenator Brown

    On page 26, after line 24 of the striking amendment, insert the following:

    "NEW SECTION. Sec. 1.  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 state fuel tax 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.  As used in this section, the term "state motor vehicle fund" means the state's share of the motor fuel tax deposited into the motor vehicle fund."

    Renumber the sections consecutively and correct any internal references accordingly.

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EFFECTS: Limits the amount of debt service payable out of the onew distribution to the motor vehicle fund.  Places a debt limit onthe fuel tax portion of the motor vehicle fund.