AN
ACT Relating to intercity passenger rail service; adding new sections to
chapter 47.79 RCW; and declaring an emergency.
BE IT
ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
NEW
SECTION. Sec. 1. The
legislature finds that a balanced, multimodal transportation system is an
essential element of the state's infrastructure, and that effective rail
passenger service is an integral part of a balanced, multimodal transportation
system. The legislature further finds that the King Street railroad station is
the key hub for both Puget Sound's intermodal passenger transportation system
and the state's rail passenger system. The legislature recognizes that the
redevelopment of the King Street railroad station depot, along with necessary
and related properties, is critical to its continued functioning as a
transportation hub and finds that innovative funding arrangements can
materially assist in furthering the redevelopment at reduced public expense.
NEW
SECTION. Sec. 2. The
department may acquire, or contract to acquire, by purchase, lease, option to
lease or purchase, condemnation, gift, devise, bequest, grant, or exchange of
title, the King Street railroad station depot located in Seattle, or any
interests or rights in it, and other real property and improvements adjacent
to, or used in association with, the King Street railroad station depot. The
property may include, but not be limited to, the depot, platforms, parking
areas, pedestrian and vehicle access areas, and maintenance facilities. These
properties, in the aggregate, will be known as the King Street railroad
station.
NEW
SECTION. Sec. 3.
During all periods that the department contracts to own or lease some, or all,
of the King Street railroad station properties, the department may exercise all
the powers and perform all the duties necessary, convenient, or incidental for
planning, designing, constructing, improving, repairing, renovating, restoring,
operating, and maintaining the King Street railroad station properties. These
powers also include authority to lease or sell, assign, sublease, or otherwise
transfer all, or portions of, the King Street railroad station properties for
transportation or other public or private purposes and to contract with other
public or private entities for the operation, administration, maintenance, or
improvement of the King Street railroad station properties after the department
takes possession of some, or all, of the properties, as the secretary deems
appropriate. If the department transfers any of its fee ownership interests in
the King Street railroad station properties, proceeds from the transaction must
be placed in an account that supports multimodal programs, but not into an
account restricted by Article II, section 40 of the state Constitution.
NEW
SECTION. Sec. 4. To
facilitate tax exempt financing for the acquisition and improvement of the King
Street railroad station, the department may lease from or contract with public
or private entities for the acquisition, lease, operation, maintenance,
financing, renovation, restoration, or management of some, or all, of the King
Street railroad station properties as a multimodal terminal that supports the
state intercity passenger rail service. The leases or contracts are not
subject to either chapter 39.94 or 43.82 RCW. The leases and contracts will
expire no later than fifty years from the time they are executed, and at that
time the department will either receive title or have the right to receive
title to the financed property without additional obligation to compensate the
owner of those properties for the acquisition of them. The secretary may take
all actions necessary, convenient, or incidental to the financing.
NEW
SECTION. Sec. 5. (1)
The department may establish the King Street railroad station facility account
as an interest‑bearing local account. Receipts from the sources listed
in subsection (2) of this section must be deposited into the account. Nothing
in this section is a pledge of funds deposited to the account for repayment of
tax exempt financing related to the King Street railroad station. The
department may invest funds from the account as permitted by law and may enter
into contracts with financial advisors as deemed necessary for that purpose.
Only the secretary or the secretary's designee may authorize expenditures from
the account.
(2)
All funds appropriated to the King Street railroad station facility account by
the legislature; all contributions, payments, grants, gifts, and donations to
the account from other public or private entities; all receipts from
departmental transactions involving capital facility sales, transfers, property
leases and rents, incomes, and parking fees associated with the King Street railroad
station; as well as all investment income associated with the account must be
deposited into the King Street railroad station facility account for purposes
specified in subsection (3) of this section.
(3)
All funds deposited into the King Street railroad station facility account must
be expended by the department solely to pay the following expenses:
(a)
Costs for management of the account;
(b)
Purchase and acquisition costs for King Street railroad station properties;
(c)
Payments, including incidental expenses, relating to the King Street railroad
station depot as required by a lease or contract under section 4 of this act;
(d)
Maintenance and operating costs for the King Street railroad station
properties; and
(e)
Capital improvement projects initiated by the department associated with, and
for the benefit of, the King Street railroad station depot occurring after the
date of the department's beneficial occupancy of the renovated King Street
railroad station depot, and for capital improvement projects initiated at any
time by the department for the benefit of King Street railroad station
properties other than the depot including, but not limited to, improvements to
associated platforms, parking areas, temporary buildings, maintenance facilities,
pedestrian access, and other improvements essential to the operation of the
station as a multimodal terminal.
(4)
Nothing in this section is intended to restrict the right of the department
from otherwise funding purchase, acquisition, capital improvement, maintenance,
rental, operational, and other incidental costs relating to the King Street
railroad station from appropriations and resources that are not designated for
deposit in the King Street railroad station facility account.
NEW
SECTION. Sec. 6.
Sections 1 through 5 of this act are each added to chapter 47.79 RCW.
NEW
SECTION. Sec. 7. Due
to the irrevocable expiration of federal and Amtrak funds critical to the
redevelopment of the King Street railroad station on or before June 30, 2001,
sections 1 through 6 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.
