5908-SAMSZARES3229.1SSB 5908S AMD455By Senators Zarelli, PoulsenADOPTED 06/05/2003 Strike everything after the enacting clause and insert thefollowing:NEW SECTION.Sec. SHORT TITLE. This act shall be known asthe building Washington's future act.NEW SECTION.Sec. INTENT. The state's institutions of highereducation are a vital component of the future economic prosperity ofour state. In order to ensure that Washington continues to be able toprovide a highly qualified work force that can attract businesses andsupport the economic vitality of the state, it is the intent of thisbond act to provide new money for capital projects to help fulfillhigher education needs across the state. This new source of funding for the critical capital needs of thestate's institutions of higher education furthers the mission of highereducation and is intended to enhance the abilities of thoseinstitutions, over the next six years, to fulfill their critical rolesin maintaining and stimulating the state's economy. It is the intent of the legislature that this new source of fundingnot displace funding levels for the capital and operating budgets ofthe institutions of higher education. It is instead intended that thenew funding will allow the institutions, over the next three biennia,to use the current level of capital funding to provide for many ofthose urgent preservation, replacement, and maintenance needs that havebeen deferred. This approach is designed to maintain or improve thecurrent infrastructure of our institutions of higher education, andsimultaneously to provide new instruction and research capacity toserve the increasing number of traditional collegeaged students andthose adults returning to college to update skills or retrain so thatthey can meet the demands of Washington's changing work force. Thisnew source of funding may also be used for major preservation projects 1 that renovate, replace, or modernize facilities to enhancecapacity/access by maintaining or improving the usefulness of existingspace for important instruction and research programs.NEW SECTION.Sec. DEFINITIONS. The definitions in thissection apply throughout this chapter unless the context clearlyrequires otherwise. (1) "Bonds" means bonds, notes, commercial paper, certificates ofindebtedness, or other evidences of indebtedness of the state issuedunder this chapter. (2) "Institutions of higher education" means the University ofWashington and Washington State University, Western WashingtonUniversity at Bellingham, Central Washington University at Ellensburg,Eastern Washington University at Cheney, The Evergreen State College,and the community colleges and technical colleges as defined by RCW28B.50.030. (3) "Washington's future bonds" means all or any portion of thegeneral obligation bonds authorized in section 4 of this act.NEW SECTION.Sec. WASHINGTON'S FUTURE BONDS AUTHORIZED. (1)For the purpose of providing needed capital improvements consisting ofthe predesign, design, acquisition, construction, modification,renovation, expansion, equipping, and other improvement of statebuildings and facilities for the institutions of higher education, thestate finance committee is authorized to issue general obligation bondsof the state of Washington in the sum of seven hundred seventytwomillion five hundred thousand dollars, or so much thereof as may berequired, to finance all or a part of the cost of these projects andall costs incidental thereto. The bonds issued under the authority ofthis section shall be known as Washington's future bonds. (2) Bonds authorized in this section shall be sold in the manner,at the time or times, in amounts, and at such prices as the statefinance committee shall determine. (3) No bonds authorized in this section may be offered for salewithout prior legislative appropriation of the net proceeds of the saleof the bonds. 2 NEW SECTION.Sec. BOND ISSUANCE-INTENT. It is the intent ofthe legislature that the proceeds of new bonds authorized in thischapter will be appropriated in phases over three biennia, beginningwith the 20032005 biennium, to provide additional funding for capitalprojects and facilities of the institutions of higher education abovehistorical levels of funding. This chapter is not intended to limit the legislature's ability toappropriate bond proceeds if the full amount authorized in this chapterhas not been appropriated after three biennia, and the authorization toissue bonds contained in this chapter does not expire until the fullauthorization has been appropriated and issued.NEW SECTION.Sec. TERMS AND COVENANTS. (1) The state financecommittee is authorized to prescribe the form, terms, conditions, andcovenants of the bonds provided for in this chapter, the time or timesof sale of all or any portion of them, and the conditions and manner oftheir sale and issuance. (2) Bonds issued under this chapter shall state that they are ageneral obligation of the state of Washington, shall pledge the fullfaith and credit of the state to the payment of the principal thereofand the interest thereon, and shall contain an unconditional promise topay the principal and interest as the same shall become due.NEW SECTION.Sec. PROCEEDS. (1) The proceeds from the sale ofthe bonds authorized in section 4 of this act shall be deposited in theGardnerEvans higher education construction account created in section13 of this act. (2) The proceeds shall be used exclusively for the purposes insection 4 of this act and for the payment of the expenses incurred inconnection with the sale and issuance of the bonds.NEW SECTION.Sec. The legislature intends to use the proceedsfrom the sale of bonds issued under this chapter for the followingprojects during the 200507 and 200709 biennia: (1) For the University of Washington: (a) Life sciences I building; (b) Bothell branch campus phase 2B; 3 (2) For Washington State University: (a) Spokane Riverpoint campus academic center building; (b) Pullman campus Holland Library renovation; (c) Pullman campus biotechnology/life sciences 1; (d) TriCities campus bioproducts and sciences building; and (e) Intercollegiate College of Nursing, Spokane nursing buildingat Riverpoint; (3) For Eastern Washington University: Hargreaves Hall; (4) For Central Washington University: Hogue technology; (5) For The Evergreen State College: (a) Daniel J. Evans building; (b) Communications building and theater expansion; (6) For Western Washington University: (a) Academic instructional center; (b) Parks Hall; (c) Performing Arts Center renovation; (7) For the community and technical college system: (a) Green River Community College science building; (b) Walla Walla Community College basic skills/computer lab; (c) Pierce College Puyallup, communication arts and allied health;or (8) For other projects that maintain or increase access toinstitutions of higher education.NEW SECTION.Sec. PAYMENT PROCEDURES. (1) The debt-limitgeneral fund bond retirement account shall be used for the payment ofthe principal of and interest on the bonds authorized in this chapter. (2) The state finance committee shall, on or before June 30th ofeach year, certify to the state treasurer the amount needed in theensuing twelve months to meet the bond retirement and interestrequirements on the bonds authorized in this chapter. (3) On each date on which any interest or principal and interestpayment is due on bonds issued under this chapter, the state treasurershall withdraw from any general state revenues received in the statetreasury and deposit in the debt-limit general fund bond retirementaccount an amount equal to the amount certified by the state financecommittee to be due on the payment date. 4 (4) The owner and holder of each of the bonds or the trustee forthe owner and holder of any of the bonds may by mandamus or otherappropriate proceeding require the transfer and payment of funds asdirected in this section.NEW SECTION.Sec. BONDS-LEGAL INVESTMENT FOR PUBLIC FUNDS.The bonds authorized by this chapter shall constitute a legalinvestment for all state funds or for funds under state control and allfunds of municipal corporations.NEW SECTION.Sec. ADDITIONAL METHODS OF PAYING DEBT SERVICEAUTHORIZED. The legislature may provide additional means for raisingmoneys for the payment of the principal of and interest on the bondsauthorized under this chapter, and section 9 of this act shall not bedeemed to provide an exclusive method for payment.NEW SECTION.Sec. CHAPTER SUPPLEMENTAL. This chapterprovides a complete, additional, and alternative method foraccomplishing the purposes of this chapter and is supplemental andadditional to powers conferred by other laws. The issuance of bondsunder this chapter shall not be deemed to be the only method to fundprojects under this chapter.NEW SECTION.Sec. CREATION OF THE GARDNEREVANS HIGHEREDUCATION CONSTRUCTION ACCOUNT. The GardnerEvans higher educationconstruction account is created in the state treasury. Proceeds fromthe bonds issued under section 4 of this act shall be deposited in theaccount. The account shall be used for purposes of section 4 of thisact. Moneys in the account may be spent only after appropriation.NEW SECTION.Sec. CAPTIONS NOT LAW. Captions used in thisact are not any part of the law.NEW SECTION.Sec. If any provision of this act or itsapplication to any person or circumstance is held invalid, theremainder of the act or the application of the provision to otherpersons or circumstances is not affected. 5 NEW SECTION.Sec. Sections 1 through 15 of this actconstitute a new chapter in Title 28B RCW.SSB 5908S AMD455By Senators Zarelli, PoulsenADOPTED 06/05/2003 On page 1, line 2 of the title, after education; strike theremainder of the title and insert and adding a new chapter to Title28B RCW.--- END --- 6