HB 1864 - DIGEST

Directs the department to implement a flat, digitally printed license plate system that must be used to manufacture all license plates issued under chapter 46.16 RCW. This system must be in place and operational by July 1, 2004, and the system must be used to produce all license plates issued under this chapter no later than July 1, 2011.

Declares that, in providing for the periodic replacement of license plates, the department shall offer vehicle owners the option of retaining their current license plate numbers. The department shall charge a retention fee of twenty dollars if this option is exercised by a vehicle owner. Revenue generated from the retention fee will be deposited into the steel electric ferry replacement account.

Creates the steel electric ferry replacement account in the motor vehicle fund. All moneys deposited in the account are subject to the following conditions: (1) All funds will be used by the department of transportation for replacing the steel electric class of ferries, including the design, construction, and financing of a new class of ferry;

(2) The department of transportation will use these funds to maximize the benefit to the taxpayer;

(3) The department of transportation will pursue all financing opportunities available in order to make the best use of these funds; and

(4) Use of these funds must adhere to the legislative intent of chapter 226, Laws of 2001.

Provides that the treasurer shall never transfer any moneys from the steel electric ferry replacement account for use by the department of transportation for state highway purposes so long as there is due and unpaid obligations for payment of principal, interest, sinking funds, or reserves as required by any pledge of the steel electric ferry replacement account.