Passed by the House April 24, 2005 Yeas 62   ________________________________________ Speaker of the House of Representatives Passed by the Senate April 24, 2005 Yeas 32   ________________________________________ President of the Senate | I, Richard Nafziger, Chief Clerk of the House of Representatives of the State of Washington, do hereby certify that the attached is ENGROSSED SUBSTITUTE HOUSE BILL 2311 as passed by the House of Representatives and the Senate on the dates hereon set forth. ________________________________________ Chief Clerk | |
Approved ________________________________________ Governor of the State of Washington | Secretary of State State of Washington |
State of Washington | 59th Legislature | 2005 Regular Session |
READ FIRST TIME 04/14/05.
AN ACT Relating to authorizing bonds for transportation funding; adding new sections to chapter 47.10 RCW; providing an effective date; and declaring an emergency.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
NEW SECTION. Sec. 1 In order to provide funds necessary for the
location, design, right of way, and construction of selected projects
or improvements that are identified as 2005 transportation partnership
projects or improvements in the omnibus transportation budget, there
shall be issued and sold upon the request of the department of
transportation a total of five billion one hundred million dollars of
general obligation bonds of the state of Washington.
NEW SECTION. Sec. 2 Upon the request of the department of
transportation, as appropriate, the state finance committee shall
supervise and provide for the issuance, sale, and retirement of the
bonds in this act in accordance with chapter 39.42 RCW. Bonds
authorized by this act shall be sold in the manner, at time or times,
in amounts, and at the price as the state finance committee shall
determine. No bonds may be offered for sale without prior legislative
appropriation of the net proceeds of the sale of the bonds.
The state finance committee shall consider the issuance of short-term obligations in lieu of long-term obligations for the purposes of
more favorable interest rates, lower total interest costs, and
increased marketability and for the purpose of retiring the bonds
during the life of the project for which they were issued.
NEW SECTION. Sec. 3 The proceeds from the sale of bonds
authorized by section 1 of this act shall be deposited in the
transportation partnership account in the motor vehicle fund. The
proceeds shall be available only for the purposes enumerated in section
1 of this act, for the payment of bond anticipation notes, if any, and
for the payment of bond issuance costs, including the costs of
underwriting.
NEW SECTION. Sec. 4 Bonds issued under the authority of sections
1 through 6 of this act shall distinctly state that they are a general
obligation of the state of Washington, shall pledge the full faith and
credit of the state to the payment of the principal thereof and the
interest thereon, and shall contain an unconditional promise to pay
such principal and interest as the same shall become due. The
principal and interest on the bonds shall be first payable in the
manner provided in sections 1 through 6 of this act from the proceeds
of the state excise taxes on motor vehicle and special fuels imposed by
chapters 82.36 and 82.38 RCW. Proceeds of these excise taxes are
hereby pledged to the payment of any bonds and the interest thereon
issued under the authority of sections 1 through 6 of this act, and the
legislature agrees to continue to impose these excise taxes on motor
vehicle and special fuels in amounts sufficient to pay, when due, the
principal and interest on all bonds issued under the authority of
sections 1 through 6 of this act.
NEW SECTION. Sec. 5 Both principal and interest on the bonds
issued for the purposes of sections 1 through 6 of this act shall be
payable from the highway bond retirement fund. The state finance
committee may provide that a special account be created in the fund to
facilitate payment of the principal and interest. The state finance
committee shall, on or before June 30th of each year, certify to the
state treasurer the amount required for principal and interest on the
bonds in accordance with the bond proceedings. The state treasurer
shall withdraw revenues from the transportation partnership account in
the motor vehicle fund and deposit in the highway bond retirement fund,
or a special account in the fund, such amounts, and at such times, as
are required by the bond proceedings.
Any funds required for bond retirement or interest on the bonds
authorized by sections 1 through 6 of this act shall be taken from that
portion of the motor vehicle fund that results from the imposition of
excise taxes on motor vehicle and special fuels and that is distributed
to the transportation partnership account in the motor vehicle fund.
Funds required shall never constitute a charge against any other
allocations of motor vehicle fuel and special fuel tax revenues to the
state, counties, cities, and towns unless the amount arising from
excise taxes on motor vehicle and special fuels distributed to the
transportation 2005 account proves insufficient to meet the
requirements for bond retirement or interest on any such bonds.
Any payments for bond retirement or interest on the bonds taken
from other revenues from the motor vehicle fuel or special fuel taxes
that are distributable to the state, counties, cities, and towns shall
be repaid from the first revenues from the motor vehicle fuel or
special fuel taxes distributed to the transportation partnership
account not required for bond retirement or interest on the bonds.
NEW SECTION. Sec. 6 Bonds issued under the authority of sections
1 through 5 of this act and this section and any other general
obligation bonds of the state of Washington that have been or that may
be authorized and that pledge motor vehicle and special fuels excise
taxes for the payment of principal and interest thereon shall be an
equal charge against the revenues from such motor vehicle and special
fuels excise taxes.
NEW SECTION. Sec. 7 Sections 1 through 6 of this act are each
added to chapter
NEW SECTION. Sec. 8 This act is necessary for the immediate
preservation of the public peace, health, or safety, or support of the
state government and its existing public institutions, and takes effect
July 1, 2005.