AN
ACT Relating to state general obligation bonds and related accounts; amending
RCW 28B.56.100, 28B.106.040, 43.83A.090, 43.99E.045, 43.99F.080, 43.99G.030,
43.99G.040, 43.99G.050, 43.99G.104, 43.99H.030, 43.99H.040, 43.99I.030,
43.99J.030, 43.99K.030, 47.26.506, 67.40.060, 70.48.310, 70.48A.070, 79.24.658,
43.83.160, 43.99I.020, 43.99I.040, 43.99I.090, 43.99K.010, and 43.99K.020;
adding new chapters to Title 43 RCW; repealing RCW 43.99I.050; and declaring an
emergency.
BE IT ENACTED BY THE
LEGISLATURE OF THE STATE OF WASHINGTON:
PART I--NEW BOND AUTHORIZATION
NEW
SECTION. Sec. 1. For
the purpose of providing funds to finance the projects described and authorized
by the legislature in the capital and operating appropriations acts for the
1997-99 fiscal biennium only, and all costs incidental thereto, the state
finance committee is authorized to issue general obligation bonds of the state
of Washington in the sum of nine hundred eighty-nine million dollars, or as
much thereof as may be required, to finance these projects and all costs incidental
thereto. Bonds authorized in this section may be sold at such price as the
state finance committee shall determine. No bonds authorized in this section
may be offered for sale without prior legislative appropriation of the net
proceeds of the sale of the bonds.
NEW
SECTION. Sec. 2. The
proceeds from the sale of the bonds authorized in section 1 of this act shall
be deposited in the state building construction account created by RCW
43.83.020. The proceeds shall be transferred as follows:
(1)
Nine hundred fifteen million dollars to remain in the state building
construction account created by RCW 43.83.020;
(2)
One million six hundred thousand dollars to the public safety reimbursable bond
account; and
(3)
Forty-four million three hundred thousand dollars to the higher education
construction account created by RCW 28B.14D.040.
These
proceeds shall be used exclusively for the purposes specified in this section
and for the payment of expenses incurred in the issuance and sale of the bonds
issued for the purposes of this section, and shall be administered by the
office of financial management subject to legislative appropriation.
NEW
SECTION. Sec. 3. (1)
The debt-limit general fund bond retirement account shall be used for the
payment of the principal of and interest on the bonds authorized in section
2(1) of this act.
(2)
The state finance committee shall, on or before June 30th of each year, certify
to the state treasurer the amount needed in the ensuing twelve months to meet
the bond retirement and interest requirements on the bonds authorized in
section 2(1) of this act.
(3)
On each date on which any interest or principal and interest payment is due on
bonds issued for the purpose of section 2(1) of this act, the state treasurer
shall withdraw from any general state revenues received in the state treasury
and deposit in the debt-limit general fund bond retirement account an amount
equal to the amount certified by the state finance committee to be due on the
payment date.
NEW
SECTION. Sec. 4. (1)
The debt-limit reimbursable bond retirement account shall be used for the
payment of the principal of and interest on the bonds authorized in section
2(2) of this act.
(2)
The state finance committee shall, on or before June 30th of each year, certify
to the state treasurer the amount needed in the ensuing twelve months to meet
the bonds retirement and interest requirements on the bonds authorized in
section 2(2) of this act.
(3)
On each date on which any interest or principal and interest payment is due on
bonds issued for the purpose of section 2(2) of this act, the state treasurer
shall transfer from the public safety and education account to the debt-limit
reimbursable bond retirement account the amount computed in subsection (2) of
this section for the bonds issued for the purpose of section 2(2) of this act.
NEW
SECTION. Sec. 5. (1)
The nondebt-limit reimbursable bond retirement account shall be used for the
payment of the principal of and interest on the bonds authorized in section
2(3) of this act.
(2)
The state finance committee shall, on or before June 30th of each year, certify
to the state treasurer the amount needed in the ensuing twelve months to meet
the bond retirement and interest requirements on the bonds authorized in
section 2(3) of this act.
(3)
On each date on which any interest or principal and interest payment is due on
bonds issued for the purposes of section 2(3) of this act, the board of regents
of the University of Washington shall cause to be paid out of University of
Washington nonappropriated local funds to the state treasurer for deposit into
the nondebt-limit reimbursable bond retirement account the amount computed in
subsection (2) of this section for bonds issued for the purposes of section
2(3) of this act.
NEW
SECTION. Sec. 6. (1)
Bonds issued under sections 1 through 5 of this act shall state that they are a
general obligation of the state of Washington, shall pledge the full faith and
credit of the state to the payment of the principal thereof and the interest
thereon, and shall contain an unconditional promise to pay the principal and
interest as the same shall become due.
(2)
The owner and holder of each of the bonds or the trustee for the owner and
holder of any of the bonds may by mandamus or other appropriate proceeding
require the transfer and payment of funds as directed in this section.
NEW
SECTION. Sec. 7. The
legislature may provide additional means for raising moneys for the payment of
the principal of and interest on the bonds authorized in section 1 of this act,
and sections 3 through 5 of this act shall not be deemed to provide an
exclusive method for the payment.
NEW
SECTION. Sec. 8. The
bonds authorized in section 1 of this act shall be a legal investment for all
state funds or funds under state control and for all funds of any other public
body.
PART II--BOND
RETIREMENT FUND REORGANIZATION
NEW
SECTION. Sec. 9. (1)
The legislature declares that it is in the best interest of the state and the
owners and holders of the bonds issued by the state and its political
subdivisions that the accounts used by the treasurer for debt service
retirement are accurately designated and named in statute.
(2)
It is the intent of the legislature in this chapter and sections 10 through 37,
chapter . . ., Laws of 1997 (sections 10 through 37 of this act) to
create and change the names of funds and accounts to accomplish the declaration
under subsection (1) of this section. The legislature does not intend to
diminish in any way the current obligations of the state or its political
subdivisions or diminish in any way the rights of bond owners and holders.
Sec.
10. RCW
28B.56.100 and 1972 ex.s. c 133 s 10 are each amended to read as follows:
The
community college capital improvements bond redemption fund of 1972 is created
in the state treasury. This fund shall be exclusively devoted to the payment
of interest on and retirement of the bonds authorized by this chapter. The
state finance committee shall, on or before June 30 of each year, certify to
the state treasurer the amount needed in the ensuing twelve months to meet bond
retirement and interest requirements, and on July 1 of each year, the state
treasurer shall deposit such amount in the community college capital
improvements bond redemption fund of 1972 from moneys transmitted to the state
treasurer by the department of revenue and certified by the department of
revenue to be retail sales tax collections. Such amount certified by the state
finance committee to the state treasurer shall be a prior charge against all
retail sales tax revenues of the state of Washington, except that portion
thereof heretofore pledged for the payment of bond principal and interest.
The
owner and holder of each of the bonds or the trustee for any of the bonds may
by mandamus or other appropriate proceeding require the transfer and payment of
funds as directed herein.
If
a debt-limit general fund bond retirement account is created in the state
treasury by chapter . . ., Laws of 1997 (this act) and becomes
effective prior to the issuance of any of the bonds authorized by this chapter,
the debt-limit general fund bond retirement account shall be used for the
purposes of this chapter in lieu of the community college capital improvements
bonds redemption fund of 1972.
Sec.
11. RCW
28B.106.040 and 1988 c 125 s 12 are each amended to read as follows:
The
state higher education bond retirement fund of 1988 is hereby created in the
state treasury, and shall be used for the payment of principal and interest on
the college savings bonds.
The
state finance committee shall, on or before June 30th of each year, certify to
the state treasurer the amount required for principal and interest on such
bonds in accordance with the provisions of the bond proceedings. The state
treasurer shall withdraw from any general state revenues received in the state
treasury and deposit in the state higher education bond retirement fund of
1988, such amounts and at such times as are required by the bond proceedings.
If directed by the state finance committee by resolution, the state higher
education bond retirement fund of 1988, or any portion thereof, may be
deposited in trust with any qualified public depository.
The
owner and holder of each of the college savings bonds or the trustee for the
owner and holder of any of the college savings bonds may by mandamus or other
appropriate proceeding require the transfer and payment of funds as directed in
this section.
If
a debt-limit general fund bond retirement account is created in the state
treasury by chapter . . ., Laws of 1997 (this act) and becomes
effective prior to the issuance of any of the bonds authorized by this chapter,
the debt-limit general fund bond retirement account shall be used for the
purposes of this chapter in lieu of the state higher education bond retirement
fund of 1988.
Sec.
12. RCW
43.83A.090 and 1972 ex.s. c 127 s 9 are each amended to read as follows:
The
waste disposal facilities bond redemption fund is created in the state
treasury. This fund shall be exclusively devoted to the payment of interest on
and retirement of the bonds authorized by this chapter. The state finance
committee shall, on or before June 30th of each year, certify to the state
treasurer the amount needed in the ensuing twelve months to meet such bond
retirement and interest requirements, and on July 1st of each year the state
treasurer shall deposit such amount in the waste disposal facilities bond
redemption fund from moneys transmitted to the state treasurer by the state
department of revenue and certified by the department to be sales tax
collections. Such amount certified by the state finance committee to the state
treasurer shall be a prior charge against all retail sales tax revenues of the
state of Washington, except that portion thereof heretofore pledged for the
payment of bond principal and interest. The owner and holder of each of the
bonds or the trustee for any of the bonds may by mandamus or other appropriate
proceeding require the transfer and payment of funds as directed herein.
If
a debt-limit general fund bond retirement account is created in the state
treasury by chapter . . ., Laws of 1997 (this act) and becomes
effective prior to the issuance of any of the bonds authorized by this chapter,
the debt-limit general fund bond retirement account shall be used for the
purposes of this chapter in lieu of the waste disposal facilities bond
redemption fund.
Sec.
13. RCW
43.99E.045 and 1979 ex.s. c 234 s 8 are each amended to read as follows:
The
public water supply facilities bond redemption fund is created in the state
treasury. This fund shall be exclusively devoted to the payment of interest on
and retirement of the bonds authorized by this chapter. The state finance
committee shall, on or before June 30th of each year, certify to the state
treasurer the amount needed in the ensuing twelve months to meet the bond
retirement and interest requirements. Not less than thirty days prior to the
date on which any interest or principal and interest payment is due, the state
treasurer shall withdraw from any general state revenues received in the state
treasury and deposit in the public water supply facilities bond redemption fund
an amount equal to the amount certified by the state finance committee to be
due on the payment date. ((If a state general obligation bond retirement
fund is created in the state treasury by chapter 230, Laws of 1979 1st ex.
sess. and becomes effective by statute prior to the issuance of any of the
bonds authorized by this chapter, the state general obligation bond retirement
fund shall be used for purposes of this chapter in lieu of the public water
supply facilities bond redemption fund, and the public water supply facilities
bond redemption fund shall cease to exist.)) The owner and holder of each
of the bonds or the trustee for the owner and holder of any of the bonds may by
mandamus or other appropriate proceeding require the transfer and payment of
funds as directed in this section.
If
a debt-limit general fund bond retirement account is created in the state
treasury by chapter . . ., Laws of 1997 (this act) and becomes
effective prior to the issuance of any of the bonds authorized by this chapter,
the debt-limit general fund bond retirement account shall be used for the
purposes of this chapter in lieu of the public water supply facilities bond
redemption fund.
Sec.
14. RCW
43.99F.080 and 1980 c 159 s 8 are each amended to read as follows:
The
waste disposal facilities bond redemption fund shall be used for the purpose of
the payment of the principal of and redemption premium, if any, and interest on
the bonds and the bond anticipation notes authorized to be issued under this
chapter.
The
state finance committee, on or before June 30th of each year, shall
certify to the state treasurer the amount required in the next succeeding
twelve months for the payment of the principal of and interest coming due on
the bonds. Not less than thirty days prior to the date on which any interest
or principal and interest payment is due, the state treasurer shall withdraw
from any general state revenues received in the state treasury and deposit in
the waste disposal facilities bond redemption fund an amount equal to the
amount certified by the state finance committee to be due on the payment date.
The owner and holder of each of the bonds or the trustee for any of the bonds
may by mandamus or other appropriate proceeding require the transfer and
payment of funds as directed in this chapter.
If
a debt-limit general fund bond retirement account is created in the state
treasury by chapter . . ., Laws of 1997 (this act) and becomes
effective prior to the issuance of any of the bonds authorized by this chapter,
the debt-limit general fund bond retirement account shall be used for the
purposes of this chapter in lieu of the waste disposal facilities bond
redemption fund.
Sec.
15. RCW
43.99G.030 and 1989 1st ex.s. c 14 s 19 are each amended to read as follows:
Both
principal of and interest on the bonds issued for the purposes specified in RCW
43.99G.020 (1) through (6) shall be payable from the ((state general
obligation bond retirement fund. The state finance committee may provide that
a special account be created in such fund to facilitate payment of such
principal and interest)) debt-limit general fund bond retirement account.
The
state finance committee shall, on or before June 30th of each year, certify to
the state treasurer the amount required for principal and interest on such
bonds in accordance with the provisions of the bond proceedings. The state
treasurer shall withdraw from any general state revenues received in the state
treasury and deposit in the ((state general obligation bond retirement fund,
or a special account in such fund,)) debt-limit general fund bond
retirement account such amounts and at such times as are required by the
bond proceedings.
Sec.
16. RCW
43.99G.040 and 1989 1st ex.s. c 14 s 20 are each amended to read as follows:
Both
principal of and interest on the bonds issued for the purposes of RCW
43.99G.020(7) shall be payable from the ((higher education bond retirement
fund of 1979. The state finance committee may provide that a special account
be created in such fund to facilitate payment of such principal and interest))
nondebt-limit reimbursable bond retirement account.
The
state finance committee shall, on or before June 30th of each year, certify to
the state treasurer the amount required for principal and interest on such
bonds in accordance with the provisions of the bond proceedings. The state
treasurer shall withdraw from any general state revenues received in the state
treasury and deposit in the ((higher education bond retirement fund of 1979,
or a special account in such fund,)) nondebt-limit reimbursable bond
retirement account such amounts and at such times as are required by the
bond proceedings.
Sec.
17. RCW
43.99G.050 and 1989 1st ex.s. c 14 s 21 are each amended to read as follows:
Both
principal of and interest on the bonds issued for the purposes of RCW
43.99G.020(8) shall be payable from the ((state higher education bond
retirement fund of 1977. The state finance committee may provide that a
special account be created in such fund to facilitate payment of such principal
and interest)) debt-limit general fund bond retirement account.
The
state finance committee shall, on or before June 30th of each year, certify to
the state treasurer the amount required for principal and interest on such
bonds in accordance with the provisions of the bond proceedings. The state
treasurer shall withdraw from any general state revenues received in the state
treasury and deposit in the ((state higher education bond retirement fund of
1977, or a special account in such fund,)) debt-limit general fund bond
retirement account such amounts and at such times as are required by the
bond proceedings.
Sec.
18. RCW
43.99G.104 and 1989 1st ex.s. c 14 s 23 are each amended to read as follows:
Both
principal of and interest on the bonds issued for the purposes specified in RCW
43.99G.102 shall be payable from the ((state general obligation bond retirement
fund. The state finance committee may provide that a special account be
created in such fund to facilitate payment of such principal and interest))
debt-limit general fund bond retirement account.
The
state finance committee shall, on or before June 30th of each year, certify to
the state treasurer the amount required for principal and interest on such
bonds in accordance with the provisions of the bond proceedings. The state
treasurer shall withdraw from any general state revenues received in the state
treasury and deposit in the ((state general obligation bond retirement fund,
or a special account in such fund,)) debt-limit general fund bond
retirement account such amounts and at such times as are required by the
bond proceedings.
Sec.
19. RCW
43.99H.030 and 1991 sp.s. c 31 s 13 are each amended to read as follows:
Both
principal of and interest on the bonds issued for the purposes specified in RCW
43.99H.020 (1) through (3), (5) through (14), and (19) shall be payable from
the ((state general obligation bond retirement fund. The state finance
committee may provide that a special account be created in such fund to
facilitate payment of such principal and interest)) debt-limit general
fund bond retirement account.
The
state finance committee shall, on or before June 30th of each year, certify to
the state treasurer the amount required to provide for the payment of principal
and interest on such bonds during the ensuing fiscal year in accordance with
the provisions of the bond proceedings. The state treasurer shall withdraw
from any general state revenues received in the state treasury and deposit in
the ((state general obligation bond retirement fund, or a special account in
such fund,)) debt-limit general fund bond retirement account such
amounts and at such times as are required by the bond proceedings.
Sec.
20. RCW
43.99H.040 and 1991 sp.s. c 31 s 14 are each amended to read as follows:
(1)
Both principal of and interest on the bonds issued for the purposes of RCW
43.99H.020(16) shall be payable from the ((higher education bond retirement
fund of 1979. The state finance committee may provide that a special account
be created in such fund to facilitate payment of such principal and interest))
nondebt-limit reimbursable bond retirement account.
The
state finance committee shall, on or before June 30th of each year, certify to
the state treasurer the amount required to provide for the payment of principal
and interest on such bonds during the ensuing fiscal year in accordance with
the provisions of the bond proceedings. The state treasurer shall withdraw
from any general state revenues received in the state treasury and deposit in
the ((higher education bond retirement fund of 1979, or a special account in
such fund,)) nondebt-limit reimbursable bond retirement account such
amounts and at such times as are required by the bond proceedings.
(2)
Both principal of and interest on the bonds issued for the purposes of RCW
43.99H.020(15) shall be payable from the ((state general obligation bond
retirement fund. The state finance committee may provide that a special
account be created in such fund to facilitate payment of such principal and
interest)) debt-limit reimbursable bond retirement account and
nondebt-limit reimbursable bond retirement account as set forth under RCW
43.99H.060(2).
The
state finance committee shall, on or before June 30th of each year, certify to
the state treasurer the amount required to provide for the payment of principal
and interest on such bonds during the ensuing fiscal year in accordance with
the provisions of the bond proceedings. The state treasurer shall withdraw
from any general state revenues received in the state treasury and deposit in
the ((state general obligation bond retirement fund, or a special account in
such fund,)) debt-limit reimbursable bond retirement account and
nondebt-limit reimbursable bond retirement account as set forth under RCW
43.99H.060(2) such amounts and at such times as are required by the bond
proceedings.
(3)
Both principal of and interest on the bonds issued for the purposes of RCW
43.99H.020(17) shall be payable from the ((state general obligation bond
retirement fund. The state finance committee may provide that a special account
be created in such fund to facilitate payment of such principal and interest))
nondebt-limit proprietary appropriated bond retirement account.
The
state finance committee shall, on or before June 30th of each year, certify to
the state treasurer the amount required to provide for the payment of principal
and interest on such bonds during the ensuing fiscal year in accordance with
the provisions of the bond proceedings. The state treasurer shall withdraw
from any general state revenues received in the state treasury and deposit in
the ((state general obligation bond retirement fund, or a special account in
such fund,)) nondebt-limit proprietary appropriated bond retirement
account such amounts and at such times as are required by the bond
proceedings.
(4)
Both principal of and interest on the bonds issued for the purposes of RCW
43.99H.020(18) shall be payable from the ((state general obligation bond
retirement fund. The state finance committee may provide that a special
account be created in such fund to facilitate payment of such principal and
interest)) nondebt-limit reimbursable bond retirement account.
The
state finance committee shall, on or before June 30th of each year, certify to
the state treasurer the amount required to provide for the payment of principal
and interest on such bonds during the ensuing fiscal year in accordance with
the provisions of the bond proceedings. The state treasurer shall withdraw
from any general state revenues received in the state treasury and deposit in
the ((state general obligation bond retirement fund, or a special account in
such fund)) nondebt-limit reimbursable bond retirement account such
amounts and at such times as are required by the bond proceedings.
(5)
Both principal of and interest on the bonds issued for the purposes of RCW
43.99H.020(20) shall be payable from the ((state general obligation bond
retirement fund. The state finance committee may provide that a special
account be created in such fund to facilitate payment of such principal and
interest)) nondebt-limit reimbursable bond retirement account.
The
state finance committee shall, on or before June 30th of each year, certify to
the state treasurer the amount required to provide for the payment of principal
and interest on such bonds during the ensuing fiscal year in accordance with
the provisions of the bond proceedings. The state treasurer shall withdraw
from any general state revenues received in the state treasury and deposit in
the ((state general obligation bond retirement fund, or a special account in
such fund,)) nondebt-limit reimbursable bond retirement account such
amounts and at such times as are required by the bond proceedings.
(6)
Both principal of and interest on the bonds issued for the purposes of RCW
43.99H.020(4) shall be payable from the ((state general obligation bond
retirement fund. The state finance committee may provide that a special
account be created in such fund to facilitate payment of such principal and
interest)) nondebt-limit general fund bond retirement account.
The
state finance committee shall, on or before June 30th of each year, certify to
the state treasurer the amount required to provide for the payment of principal
and interest on such bonds during the ensuing fiscal year in accordance with
the provisions of the bond proceedings. The state treasurer shall withdraw
from any general state revenues received in the state treasury and deposit in
the ((state general obligation bond retirement fund, or a special account in
such fund,)) nondebt-limit general fund bond retirement account such
amounts and at such times as are required by the bond proceedings.
Sec.
21. RCW
43.99I.030 and 1991 sp.s. c 31 s 3 are each amended to read as follows:
(1)(a)
Both principal of and interest on the bonds issued for the purposes specified
in RCW 43.99I.020 (1) ((through (7))) and (2) shall be payable
from the ((state general obligation bond retirement fund. The state finance
committee may provide that a special account be created in such fund to facilitate
payment of such principal and interest)) debt-limit general fund bond
retirement account.
(b)
Both principal of and interest on the bonds issued for the purposes specified
in RCW 43.99I.020(3) shall be payable from the nondebt-limit proprietary appropriated
bond retirement account.
(c)
Both principal of and interest on the bonds issued for the purposes specified
in RCW 43.99I.020(4) shall be payable from the nondebt-limit general fund bond
retirement account.
(d)
Both principal of and interest on the bonds issued for the purposes specified
in RCW 43.99I.020 (5) and (6) shall be payable from the nondebt-limit
reimbursable bond retirement account.
(e)
Both principal of and interest on the bonds issued for the purposes specified
in RCW 43.99I.020(7) shall be payable from the nondebt-limit proprietary
nonappropriated bond retirement account.
(2)
The state finance committee shall, on or before June 30th of each year, certify
to the state treasurer the amount required to provide for the payment of principal
and interest on such bonds during the ensuing fiscal year in accordance with
the provisions of the bond proceedings. The state treasurer shall withdraw
from any general state revenues received in the state treasury and deposit in
the ((state general obligation bond retirement fund, or a special account in
such fund,)) appropriate account as set forth under subsection (1) of
this section such amounts and at such times as are required by the bond
proceedings.
Sec.
22. RCW
43.99J.030 and 1993 sp.s. c 12 s 3 are each amended to read as follows:
(1)(a)
The ((state general obligation bond retirement fund)) debt-limit
general fund bond retirement account shall be used for the payment of the
principal of and interest on the bonds authorized in RCW 43.99J.020(1).
(b)
The nondebt-limit proprietary nonappropriated bond retirement account shall be
used for the payment of the principal of and interest on the bonds authorized
in RCW 43.99J.020(2).
(2)
The state finance committee shall, on or before June 30th of each year, certify
to the state treasurer the amount needed in the ensuing twelve months to meet
the bond retirement and interest requirements. On the date on which any
interest or principal and interest payment is due, the state treasurer shall
withdraw from any general state revenues received in the state treasury and
deposit in the ((general obligation bond retirement fund)) debt-limit
general fund bond retirement account or nondebt-limit proprietary
nonappropriated bond retirement account, as necessary, an amount equal to
the amount certified by the state finance committee to be due on the payment
date.
(3)
Bonds issued under RCW 43.99J.010 shall state that they are a general
obligation of the state of Washington, shall pledge the full faith and credit
of the state to the payment of the principal thereof and the interest thereon,
and shall contain an unconditional promise to pay the principal and interest as
the same shall become due.
(4)
The owner and holder of each of the bonds or the trustee for the owner and
holder of any of the bonds may by mandamus or other appropriate proceeding
require the transfer and payment of funds as directed in this section.
Sec.
23. RCW
43.99K.030 and 1995 2nd sp.s. c 17 s 3 are each amended to read as follows:
(1)(a)
The ((state general obligation bond retirement fund)) debt-limit
general fund bond retirement account shall be used for the payment of the
principal of and interest on the bonds authorized in RCW 43.99K.020(1), (2), and
(3)((, (4), and (5))).
(b)
The debt-limit reimbursable bond retirement account shall be used for the
payment of the principal of and interest on the bonds authorized in RCW
43.99K.020(4).
(c)
The nondebt-limit reimbursable bond retirement account shall be used for the
payment of the principal of and interest on the bonds authorized in RCW
43.99K.020(5).
(2)
The state finance committee shall, on or before June 30th of each year, certify
to the state treasurer the amount needed in the ensuing twelve months to meet
the bond retirement and interest requirements. Not less than thirty days prior
to the date on which any interest or principal and interest payment is due, the
state treasurer shall withdraw from any general state revenues received in the
state treasury and deposit in the ((general obligation bond retirement fund))
debt-limit general fund bond retirement account, debt-limit reimbursable
bond retirement account, nondebt-limit reimbursable bond retirement account, as
necessary, an amount equal to the amount certified by the state finance
committee to be due on the payment date.
(3)
On each date on which any interest or principal and interest payment is due on
bonds issued for the purposes of RCW 43.99K.020(4), the state treasurer shall
transfer from the public safety and education account to the general fund of
the state treasury the amount computed in subsection (2) of this section for
the bonds issued for the purposes of RCW 43.99K.020(4).
(4)
On each date on which any interest or principal and interest payment is due on
bonds issued for the purposes of RCW 43.99K.020(5), the board of regents of the
University of Washington shall cause to be paid out of University of Washington
nonappropriated local funds to the state treasurer for deposit into the general
fund of the state treasury the amount computed in subsection (2) of this
section for bonds issued for the purposes of RCW 43.99K.020(5).
(5)
Bonds issued under this section and RCW 43.99K.010 and 43.99K.020 shall state
that they are a general obligation of the state of Washington, shall pledge the
full faith and credit of the state to the payment of the principal thereof and
the interest thereon, and shall contain an unconditional promise to pay the
principal and interest as the same shall become due.
(6)
The owner and holder of each of the bonds or the trustee for the owner and
holder of any of the bonds may by mandamus or other appropriate proceeding
require the transfer and payment of funds as directed in this section.
Sec.
24. RCW
47.26.506 and 1993 c 440 s 7 are each amended to read as follows:
At
least one year prior to the date any interest is due and payable on such bonds
or before the maturity date of any such bonds, the state finance committee
shall estimate, subject to the provisions of RCW 47.26.505 the percentage of
the receipts in money of the motor vehicle fund, resulting from collection of
excise taxes on motor vehicle and special fuels, for each month of the year
which shall be required to meet interest or bond payments under RCW 47.26.500
through 47.26.507 when due, and shall notify the state treasurer of such
estimated requirement. The state treasurer, subject to RCW 47.26.505, shall
thereafter from time to time each month as such funds are paid into the motor
vehicle fund, transfer such percentage of the monthly receipts from excise
taxes on motor vehicle and special fuels of the motor vehicle fund to the ((highway
bond retirement fund)) transportation improvement board bond retirement
account, maintained in the office of the state treasurer, which ((fund))
account shall be available for payment of principal and interest
or bonds when due. If in any month it shall appear that the estimated
percentage of money so made is insufficient to meet the requirements for
interest or bond retirement, the treasurer shall notify the state finance
committee forthwith and such committee shall adjust its estimates so that all
requirements for interest and principal of all bonds issued shall be fully met
at all times.
Sec.
25. RCW
67.40.060 and 1987 1st ex.s. c 8 s 5 are each amended to read as follows:
The
((state general obligation bond retirement fund)) nondebt-limit
proprietary appropriated bond retirement account shall be used for the payment
of the principal of and interest on the bonds authorized in RCW 67.40.030.
The
state finance committee shall, on or before June 30th of each year, certify to
the state treasurer the amount needed in the ensuing twelve months to meet the
bond retirement and interest requirements. Not less than thirty days prior to
the date on which any interest or principal and interest payment is due, the
state treasurer shall withdraw from any general state revenues received in the
state treasury and deposit in the ((state general obligation bond retirement
fund)) nondebt-limit proprietary appropriated bond retirement account
an amount equal to the amount certified by the state finance committee to be
due on that payment date. On each date on which any interest or principal and
interest is due, the state treasurer shall cause an identical amount to be paid
out of the state convention and trade center account, or state convention and
trade center operations account, from the proceeds of the special excise tax
imposed under RCW 67.40.090, operating revenues of the state convention and
trade center, and bond proceeds and earnings on the investment of bond
proceeds, for deposit in the general fund of the state treasury. Any
deficiency in such transfer shall be made up as soon as special excise taxes
are available for transfer and shall constitute a continuing obligation of the
state convention and trade center account until all deficiencies are fully
paid.
Bonds
issued under RCW 67.40.030 shall state that they are a general obligation of
the state of Washington, shall pledge the full faith and credit of the state to
the payment of the principal thereof and the interest thereon, and shall
contain an unconditional promise to pay the principal and interest as the same
shall become due.
The owner and holder of each of the bonds or the trustee for the
owner and holder of any of the bonds may by mandamus or other appropriate
proceeding require the transfer and payment of funds as directed in this
section.
Sec.
26. RCW
70.48.310 and 1979 ex.s. c 232 s 7 are each amended to read as follows:
The
jail renovation bond retirement fund is hereby created in the state treasury.
This fund shall be used for the payment of interest on and retirement of the
bonds and notes authorized by this chapter. The state finance committee shall,
on or before June 30th of each year, certify to the state treasurer the amount
required in the next succeeding twelve months for the payment of the principal
of and the interest coming due on the bonds. Not less than thirty days prior
to the date on which any interest or principal and interest payment is due, the
state treasurer shall withdraw from any general state revenues received in the
state treasury and deposit in the jail renovation bond retirement fund an
amount equal to the amount certified by the state finance committee to be due
on the payment date. The owner and holder of each of the bonds or the trustee
for any of the bonds may by mandamus or other appropriate proceeding require
the transfer and payment of funds as directed in this section.
((If
a state general obligation bond retirement fund is created in the state
treasury by chapter 230, Laws of 1979 ex. sess., and becomes effective by
statute prior to the issuance of any of the bonds authorized by this chapter,
the retirement fund shall be used for purposes of this chapter in lieu of the
jail renovation bond retirement fund, and the jail renovation bond retirement
fund shall cease to exist.))
If
a debt-limit general fund bond retirement account is created in the state
treasury by chapter . . ., Laws of 1997 (this act) and becomes
effective prior to the issuance of any of the bonds authorized by this chapter,
the debt-limit general fund bond retirement account shall be used for the
purposes of this chapter in lieu of the jail renovation bond retirement fund.
Sec.
27. RCW
70.48A.070 and 1981 c 131 s 7 are each amended to read as follows:
The
((state general obligation bond retirement fund)) debt-limit general
fund bond retirement account shall be used for the payment of principal
and interest on and retirement of the bonds authorized by RCW 70.48A.010
through 70.48A.080.
The
state finance committee shall, on or before June 30th of each year, certify to
the state treasurer the amount required in the next succeeding twelve months
for the payment of the principal of and the interest coming due on the bonds.
Not less than thirty days prior to the date on which any interest or principal
and interest payment is due, the state treasurer shall withdraw from any
general state revenues received in the state treasury and deposit in the ((general
obligation bond retirement fund)) debt-limit general fund bond
retirement account an amount equal to the amount certified by the state
finance committee to be due on the payment date.
The
owner and holder of each of the bonds or the trustee for any of the bonds may
by mandamus or other appropriate proceeding require the transfer and payment of
funds as directed in this section.
Sec.
28. RCW
79.24.658 and 1969 ex.s. c 272 s 5 are each amended to read as follows:
For
the purpose of paying the principal and interest of ((said)) the
bonds as the ((same shall)) bonds become due, or as ((said))
the bonds become callable at the option of the capitol committee, there
is created a fund to be denominated the "state building and parking bond
redemption fund". While any of ((said)) the bonds remain
outstanding and unpaid, it shall be the duty of the capitol committee on or
before June 30th of each year to determine the amount that will be required for
the redemption of bonds and the payment of interest during the next fiscal
year, and certify ((said)) the amount to the state treasurer in
writing. The state treasurer shall forthwith and thereafter during that fiscal
year and at least fifteen days prior to each interest and principal payment
date deposit into the state building and parking bond redemption fund all
receipts from any parking facilities and to the extent necessary from receipts
from leases and contracts of sale heretofore or hereafter made of lands,
timber, and other products from the surface or beneath the surface of the lands
granted to the state by the United States pursuant to the act of congress until
the amount certified to the treasurer by the capitol committee has accrued to
the state building and parking bond redemption fund. Nothing in RCW 79.24.650
through 79.24.668 shall prohibit the use of such receipts from leases and
contracts of sale for any other lawfully authorized purpose when not required
for the redemption and payment of interest and meeting the covenant
requirements of the bonds authorized herein.
In
addition to certifying and providing for the annual amounts required to pay the
principal and interest of ((said)) the bonds, the capitol
committee may, under such terms and conditions and at such times and in such
amounts as may be found necessary to insure the sale of ((said)) the
bonds, provide for additional payments into the state building and parking bond
redemption fund to be held as a reserve to secure the payment of the principal
and interest of such bonds.
The
owner and holder of any of ((said)) the bonds or the trustee for
any of ((said)) the bonds may by mandamus or other appropriate
proceeding require and compel the deposit and payment of funds as directed
herein.
The
proceeds from the sale of the bonds hereby authorized shall be paid into the
general fund‑-state building construction account.
If
a nondebt-limit revenue bond retirement account is created in the state
treasury by chapter . . ., Laws of 1997 (this act) and becomes
effective prior to the issuance of any of the bonds authorized by this chapter,
the nondebt-limit revenue bond retirement account shall be used for the
purposes of this chapter in lieu of the state building and parking bond
redemption fund.
Sec.
29. RCW
43.83.160 and 1979 ex.s. c 230 s 6 are each amended to read as follows:
The
state general obligation bond retirement fund is hereby created in the state
treasury. This fund shall be used for the payment of principal of, redemption
premium, if any, and interest on general obligation bonds of the state that are
required to be paid either directly or indirectly from any general state
revenues and that are issued pursuant to statutory authority which statute
designates the general obligation bond retirement fund for this purpose. This
fund shall be deemed a trust fund for this purpose.
If
bond retirement accounts are created in the state treasury by chapter
. . ., Laws of 1997 (this act) and become effective prior to the
issuance of any of the bonds that would otherwise be subject to payment from
the state general obligation bond retirement fund under this section, the bond
retirement accounts designated by the statutes authorizing the bond issuance
shall be used for the purposes of this chapter in lieu of the state general
obligation bond retirement fund.
NEW
SECTION. Sec. 30. The
debt-limit general fund bond retirement account is created in the state
treasury. This account shall be exclusively devoted to the payment of
principal and interest on and retirement of the bonds authorized by the
legislature.
NEW
SECTION. Sec. 31. The
debt-limit reimbursable bond retirement account is created in the state
treasury. This account shall be exclusively devoted to the payment of
principal and interest on and retirement of the bonds authorized by the
legislature.
NEW
SECTION. Sec. 32. The
nondebt-limit general fund bond retirement account is created in the state
treasury. This account shall be exclusively devoted to the payment of
principal and interest on and retirement of the bonds authorized by the
legislature.
NEW
SECTION. Sec. 33. The
nondebt-limit reimbursable bond retirement account is created in the state
treasury. This account shall be exclusively devoted to the payment of
principal and interest on and retirement of the bonds authorized by the
legislature.
NEW
SECTION. Sec. 34. The
nondebt-limit proprietary appropriated bond retirement account is created in
the state treasury. This account shall be exclusively devoted to the payment
of principal and interest on and retirement of the bonds authorized by the
legislature.
NEW
SECTION. Sec. 35. The
nondebt-limit proprietary nonappropriated bond retirement account is created in
the state treasury. This account shall be exclusively devoted to the payment
of principal and interest on and retirement of the bonds authorized by the
legislature.
NEW
SECTION. Sec. 36. The
nondebt-limit revenue bond retirement account is created in the state
treasury. This account shall be exclusively devoted to the payment of
principal and interest on and retirement of the bonds authorized by the
legislature.
NEW
SECTION. Sec. 37. The
transportation improvement board bond retirement account is created in the
state treasury. This account shall be exclusively devoted to the payment of
principal and interest on and retirement of the bonds authorized by the
legislature.
PART III--AMENDMENTS
TO EXISTING BOND AUTHORIZATIONS
Sec.
38. RCW
43.99I.020 and 1992 c 235 s 2 are each amended to read as follows:
Bonds
issued under RCW 43.99I.010 are subject to the following conditions and
limitations:
General
obligation bonds of the state of Washington in the sum of one billion two
hundred ((eighty-four)) seventy-one million sixty‑five
thousand dollars, or so much thereof as may be required, shall be issued
for the purposes described and authorized by the legislature in the capital and
operating appropriations acts for the 1991‑93 fiscal biennium and
subsequent fiscal biennia, and to provide for the administrative cost of such
projects, including costs of bond issuance and retirement, salaries and related
costs of officials and employees of the state, costs of insurance or credit
enhancement agreements, and other expenses incidental to the administration of
capital projects. Subject to such changes as may be required in the
appropriations acts, the proceeds from the sale of the bonds issued for the
purposes of this subsection shall be deposited in the state building
construction account created by RCW 43.83.020 and transferred as follows:
(1)
Eight hundred thirty-five thousand dollars to the state higher education
construction account created by RCW 28B.10.851;
(2)
Eight hundred seventy-one million dollars to the state building construction
account created by RCW 43.83.020;
(3)
((Fifteen million dollars to the energy efficiency construction account
created by RCW 39.35C.100;
(4)
Three)) Two million ((fifty)) eight hundred
thousand dollars to the energy efficiency services account created by RCW
39.35C.110;
(((5)))
(4) Two hundred fifty-five million five hundred thousand dollars to the
common school reimbursable construction account hereby created in the state
treasury;
(((6)))
(5) Ninety-eight million six hundred forty-eight thousand dollars to the
higher education reimbursable construction account hereby created in the state
treasury;
(((7)))
(6) Three million two hundred eighty-four thousand dollars to the data
processing building construction account created in RCW 43.99I.100; and
(((8)))
(7) Nine hundred thousand dollars to the Washington state dairy products
commission facility account created in RCW 43.99I.110.
These
proceeds shall be used exclusively for the purposes specified in this
subsection, and for the payment of expenses incurred in the issuance and sale
of the bonds issued for the purposes of this section, and shall be administered
by the office of financial management, subject to legislative appropriation.
Sec.
39. RCW
43.99I.040 and 1992 c 235 s 3 are each amended to read as follows:
(1)
((On each date on which any interest or principal and interest payment is
due on bonds issued for the purposes of RCW 43.99I.020 (3) and (4), the state
treasurer shall transfer from the energy efficiency construction account
created in RCW 39.35C.100 to the general fund of the state treasury the amount
computed in RCW 43.99I.030 for the bonds issued for the purposes of RCW
43.99I.020 (3) and (4).
(2))) On
each date on which any interest or principal and interest payment is due on
bonds issued for the purposes of RCW 43.99I.020(((5))) (4), the
state treasurer shall transfer from property taxes in the state general fund
levied for this support of the common schools under RCW 84.52.065 to the
general fund of the state treasury for unrestricted use the amount computed in
RCW 43.99I.030 for the bonds issued for the purposes of RCW 43.99I.020(((5)))
(4).
(((3)))
(2) On each date on which any interest or principal and interest payment
is due on bonds issued for the purposes of RCW 43.99I.020(((6))) (5),
the state treasurer shall transfer from higher education operating fees
deposited in the general fund to the general fund of the state treasury for
unrestricted use, or if chapter 231, Laws of 1992 (Senate Bill No. 6285)
becomes law and changes the disposition of higher education operating fees from
the general fund to another account, the state treasurer shall transfer the
proportional share from the University of Washington operating fees account,
the Washington State University operating fees account, and the Central
Washington University operating fees account the amount computed in RCW
43.99I.030 for the bonds issued for the purposes of RCW 43.99I.020(((7)))
(6).
(((4)))
(3) On each date on which any interest or principal and interest payment
is due on bonds issued for the purposes of RCW 43.99I.020(((7))) (6),
the state treasurer shall transfer from the data processing revolving ((account
[fund])) fund created in RCW 43.105.080 to the general fund of the
state treasury the amount computed in RCW 43.99I.030 for the bonds issued for
the purposes of RCW 43.99I.020(((7))) (6).
(((5)))
(4) On each date on which any interest or principal and interest payment
is due on bonds issued for the purpose of RCW 43.99I.020(((8))) (7),
the Washington state dairy products commission shall cause the amount computed
in RCW 43.99I.030 for the bonds issued for the purposes of RCW 43.99I.020(((8)))
(7) to be paid out of the commission's general operating fund to the
state treasurer for deposit into the general fund of the state treasury.
(5)
The higher education operating fee accounts for the University of Washington,
Washington State University, and Central Washington University established by
chapter 231, Laws of 1992 and repealed by chapter 18, Laws of 1993 1st sp.
sess. are reestablished in the state treasury for purposes of fulfilling debt
service reimbursement transfers to the general fund required by bond
resolutions and covenants for bonds issued for purposes of RCW 43.99I.020(5).
(6)
For bonds issued for purposes of RCW 43.99I.020(5), on each date on which any
interest or principal and interest payment is due, the board of regents or
board of trustees of the University of Washington, Washington State University,
or Central Washington University shall cause the amount as determined by the
state treasurer to be paid out of the local operating fee account for deposit
by the universities into the state treasury higher education operating fee
accounts. The state treasurer shall transfer the proportional share from the
University of Washington operating fees account, the Washington State
University operating fees account, and the Central Washington University
operating fees account the amount computed in RCW 43.99I.030 for the bonds
issued for the purposes of RCW 43.99I.020(6) to reimburse the general fund.
Sec.
40. RCW
43.99I.090 and 1992 c 235 s 5 are each amended to read as follows:
The
bonds authorized by RCW 43.99I.020(((8))) (7) shall be issued
only after the director of financial management has (a) certified that, based
on the future income from assessments levied pursuant to chapter 15.44 RCW and
other revenues collected by the Washington state dairy products commission, an
adequate balance will be maintained in the commission's general operating fund
to pay the interest or principal and interest payments due under RCW
43.99I.040(((4))) (3) for the life of the bonds; and (b) approved
the facility to be acquired using the bond proceeds.
Sec.
41. RCW
43.99K.010 and 1995 2nd sp.s. c 17 s 1 are each amended to read as follows:
For
the purpose of providing funds to finance the projects described and authorized
by the legislature in the capital and operating appropriations acts for the
1995-97 fiscal biennium only, and all costs incidental thereto, the
state finance committee is authorized to issue general obligation bonds of the
state of Washington in the sum of ((eight hundred eleven million)) eight
hundred sixty-seven million one hundred sixty thousand dollars, or as much
thereof as may be required, to finance these projects and all costs incidental
thereto. Bonds authorized in this section may be sold at such price as the
state finance committee shall determine. No bonds authorized in this section
may be offered for sale without prior legislative appropriation of the net
proceeds of the sale of the bonds.
Sec.
42. RCW
43.99K.020 and 1995 2nd sp.s. c 17 s 2 are each amended to read as follows:
The
proceeds from the sale of the bonds authorized in RCW 43.99K.010 shall be
deposited in the state building construction account created by RCW 43.83.020.
The proceeds shall be transferred as follows:
(1)
((Seven hundred eighty million)) Seven hundred eighty-five million
four hundred thirty-eight thousand dollars to remain in the state building
construction account created by RCW 43.83.020;
(2)
((Twenty million)) Twenty-two million five hundred thousand
dollars to the outdoor recreation account created by RCW 43.99.060;
(3)
((Eighteen million six)) Twenty-one million one hundred thousand
dollars to the habitat conservation account created by RCW 43.98A.020;
(4)
Two million nine hundred twelve thousand dollars to the public safety
reimbursable bond account; and
(5)
Ten million dollars to the higher education construction account created by RCW
28B.14D.040.
These
proceeds shall be used exclusively for the purposes specified in this section
and for the payment of expenses incurred in the issuance and sale of the bonds
issued for the purposes of this section, and shall be administered by the
office of financial management subject to legislative appropriation.
PART IV‑-MISCELLANEOUS
NEW
SECTION. Sec. 43. RCW
43.99I.050 and 1991 sp.s. c 31 s 5 are each repealed.
NEW
SECTION. Sec. 44.
Sections 1 through 8 of this act constitute a new chapter in Title 43 RCW.
NEW
SECTION. Sec. 45.
Sections 9 and 30 through 37 of this act constitute a new chapter in Title 43
RCW.
NEW
SECTION. Sec. 46. If
any provision of this act or its application to any person or circumstance is
held invalid, the remainder of the act or the application of the provision to
other persons or circumstances is not affected.
NEW SECTION. Sec. 47.
Sections 9 through 43 of this act are necessary for the immediate preservation
of the public peace, health, or safety, or support of the state government and
its existing public institutions, and take effect immediately.
