_______________________________________________
SENATE
BILL 6876
_______________________________________________
Passed
Legislature - 2000 Second Special Session
State
of Washington 56th Legislature 2000 2nd Special Session
By
Read
first time 4/27/00.
Transferring earnings from the emergency reserve fund to
the multimodal transportation account.
AN
ACT Relating to emergency reserve fund earnings for transportation programs;
and amending RCW 43.135.045.
BE IT
ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
Sec.
1. RCW
43.135.045 and 1994 c 2 s 3 are each amended to read as follows:
(1)
The emergency reserve fund is established in the state treasury. During each
fiscal year, the state treasurer shall deposit in the emergency reserve fund
all general fund‑-state revenues in excess of the state expenditure limit
for that fiscal year. Deposits shall be made at the end of each fiscal quarter
based on projections of state revenues and the state expenditure limit.
(2)
The legislature may appropriate moneys from the emergency reserve fund only
with approval of at least two-thirds of the members of each house of the
legislature, and then only if the appropriation does not cause total
expenditures to exceed the state expenditure limit under this chapter.
(3)
The emergency reserve fund balance shall not exceed five percent of biennial
general fund‑-state revenues as projected by the official state revenue
forecast. Any balance in excess of five percent shall be transferred on a
quarterly basis by the state treasurer to the education construction fund
hereby created in the treasury.
(4)(a)
Funds may be appropriated from the education construction fund exclusively for
common school construction or higher education construction.
(b)
Funds may be appropriated for any other purpose only if approved by a
two-thirds vote of each house of the legislature and if approved by a vote of
the people at the next general election. An appropriation approved by the
people under this subsection shall result in an adjustment to the state
expenditure limit only for the fiscal period for which the appropriation is
made and shall not affect any subsequent fiscal period.
(5)
Earnings of the emergency reserve fund under RCW 43.84.092(4)(a) shall be
transferred quarterly to the multimodal transportation account, except for
those earnings that are in excess of thirty-five million dollars each fiscal
year. Within thirty days following any fiscal year in which earnings
transferred to the multimodal transportation account under this subsection did
not total thirty-five million dollars, the state treasurer shall transfer from
the emergency reserve fund an amount necessary to bring the total deposited in
the multimodal transportation account under this subsection to thirty-five
million dollars. The revenues to the multimodal transportation account
reflected in this subsection provide on-going support for the transportation
programs of the state. However, it is the intent of the legislature that any
new long-term financial support that may be subsequently provided for
transportation programs will be used to replace and supplant the revenues
reflected in this subsection, thereby allowing those revenues to be returned to
the purposes to which they were previously dedicated.
Passed the Senate April 27, 2000.
Passed the House April 27, 2000.
Approved by the Governor May
2, 2000.
Filed
in Office of Secretary of State May 2, 2000.
