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SENATE
BILL 6429
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Passed
Legislature - 1998 Regular Session
State of Washington 55th
Legislature 1998 Regular Session
By
Read first time 01/19/98.
Referred to Committee on Human Services & Corrections.
Allowing
the children's trust fund to retain its proportionate share of earnings.
AN
ACT Relating to the treasurer's trust fund; and reenacting and amending RCW
43.79A.040.
BE IT ENACTED BY THE
LEGISLATURE OF THE STATE OF WASHINGTON:
Sec.
1. RCW
43.79A.040 and 1997 c 368 s 8, 1997 c 289 s 13, 1997 c 220 s 221 (Referendum
Bill No. 48), 1997 c 140 s 6, and 1997 c 94 s 3 are each reenacted and amended
to read as follows:
(1)
Money in the treasurer's trust fund may be deposited, invested, and reinvested
by the state treasurer in accordance with RCW 43.84.080 in the same manner and
to the same extent as if the money were in the state treasury.
(2)
All income received from investment of the treasurer's trust fund shall be set
aside in an account in the treasury trust fund to be known as the investment
income account.
(3)
The investment income account may be utilized for the payment of purchased
banking services on behalf of treasurer's trust funds including, but not limited
to, depository, safekeeping, and disbursement functions for the state treasurer
or affected state agencies. The investment income account is subject in all
respects to chapter 43.88 RCW, but no appropriation is required for payments to
financial institutions. Payments shall occur prior to distribution of earnings
set forth in subsection (4) of this section.
(4)(a)
Monthly, the state treasurer shall distribute the earnings credited to the
investment income account to the state general fund except under (b) and (c) of
this subsection.
(b)
The following accounts and funds shall receive their proportionate share of
earnings based upon each account's or fund's average daily balance for the
period: The Washington advanced college tuition payment program account, the
agricultural local fund, the American Indian scholarship endowment fund, the
Washington international exchange scholarship endowment fund, the energy
account, the fair fund, the game farm alternative account, the grain inspection
revolving fund, the rural rehabilitation account, the stadium and exhibition
center account, the youth athletic facility grant account, the self-insurance
revolving fund, ((and)) the sulfur dioxide abatement account, and the
children's trust fund. However, the earnings to be distributed shall first
be reduced by the allocation to the state treasurer's service fund pursuant to
RCW 43.08.190.
(c)
The following accounts and funds shall receive eighty percent of their
proportionate share of earnings based upon each account's or fund's average
daily balance for the period: The advanced right of way revolving fund, the
advanced environmental mitigation revolving account, the federal narcotics
asset forfeitures account, the high occupancy vehicle account, the local rail service
assistance account, and the miscellaneous transportation programs account.
(5) In conformance with Article II, section 37 of the state
Constitution, no trust accounts or funds shall be allocated earnings without
the specific affirmative directive of this section.
