5657 AAS 3/18/97 S2479.1

SB 5657 - S AMD - 210

By Senator Strannigan

                                                   ADOPTED 3/18/97

    On page 2, line 24, after "(4)" insert "Except as permitted under chapter 39.94 RCW, no lease for or on behalf of any state agency may be used or referred to as collateral or security for the payment of securities offered for sale through a public offering.  Except as permitted under chapter 39.94 RCW, no lease for or on behalf of any state agency may be used or referred to as collateral or security for the payment of securities offered for sale through a private placement without the prior written approval of the state treasurer.  However, this limitation shall not prevent a lessor from assigning or encumbering its interest in a lease as security for the repayment of a promissory note provided that the transaction would otherwise be an exempt transaction under RCW 21.20.320.  The state treasurer shall adopt rules that establish the criteria under which any such approval may be granted.  In establishing such criteria the state treasurer shall give primary consideration to the protection of the state's credit rating and the integrity of the state's debt management program.  If it appears to the state treasurer that any lease has been used or referred to in violation of this subsection or rules adopted under this subsection, then he or she may recommend that the governor cause such lease to be terminated.  The department of general administration shall promptly notify the state treasurer whenever it may appear to the department that any lease has been used or referred to in violation of this subsection or rules adopted under this subsection.

(5)"

    On page 2, line 29, strike "(5)" and insert "(((5))) (6)"

SB 5657 - S AMD - 210

By Senator Strannigan

                                                   ADOPTED 3/18/97

    On page 3, line 7, strike "(6)" and insert "(((6))) (7)"

    On page 3, line 17, strike "(7)" and insert "(((7))) (8)"

    On page 3, line 20, after "or" strike "(6)" and insert "(((6))) (7)"

    On page 3, line 30, strike "(8)" and insert "(((8))) (9)"

    On page 3, line 36, strike "(9)" and insert "(((9))) (10)"

SB 5657 - S AMD - 210

By Senator Strannigan

                                                   ADOPTED 3/18/97

    On page 4, line 6, strike "(10)" and insert "(((10))) (11)"

    On page 4, line 12, strike "(11)" and insert "(((11))) (12)"

    On page 4, line 15, strike "(12)" and insert "(((12))) (13)"

    On page 4, line 25, strike "(13)" and insert "(((13))) (14)"

                            --- END ---