BILL REQ. #: S-1714.3
| State of Washington | 59th Legislature | 2005 Regular Session |
Read first time 02/23/2005. Referred to Committee on Ways & Means.
AN ACT Relating to the elimination of obsolete bond retirement accounts; amending RCW 28B.14C.140, 28B.14D.900, 28B.15.210, 28B.20.382, 28B.20.715, 28B.20.721, 28B.20.725, 28B.20.810, 28B.20.820, 28B.30.730, 28B.30.740, 28B.30.750, 28B.31.070, 28B.31.100, and 43.84.092; reenacting and amending RCW 43.84.092; creating a new section; repealing RCW 28B.14C.080, 28B.14C.090, 28B.20.720, 28B.20.800, and 28B.20.805; providing an effective date; and providing an expiration date.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
Sec. 1 RCW 28B.14C.140 and 1977 ex.s. c 354 s 14 are each amended
to read as follows:
Any reserves transferred to the state general fund by the state
treasurer pursuant to RCW ((28B.14C.080(3), 28B.14C.090(3),))
28B.14C.100(3), 28B.14C.110(3), 28B.14C.120(3), or 28B.14C.130(3) shall
be appropriated and expended solely for the maintenance and support of
the institutions listed in RCW 28B.14C.010.
Sec. 2 RCW 28B.14D.900 and 1991 sp.s. c 31 s 9 are each amended
to read as follows:
No provision of this chapter or chapter ((43.99)) 79A.25 RCW, or of
RCW 28B.20.750 through 28B.20.758 shall be deemed to repeal, override,
or limit any provision of RCW 28B.10.300 through 28B.10.335,
28B.15.210, 28B.15.310, 28B.20.700 through 28B.20.745, 28B.30.700
through 28B.30.780, or 28B.35.700 through 28B.35.790, nor any provision
or covenant of the proceedings of the board of regents or board of
trustees of any state institution of higher education heretofore or
hereafter taken in the issuance of its revenue bonds secured by a
pledge of its building fees and/or other revenues mentioned within such
statutes. The obligation of such boards to make the transfers provided
for in RCW 28B.14D.070, ((28B.14C.080(2), 28B.14C.090(2),))
28B.14C.100(2), 28B.14C.110(2), 28B.14C.120(2), 28B.14C.130(2),
28B.14G.060, 28B.20.757, 43.99G.070, and 43.99H.060 (1) and (4), and in
any similar law heretofore or hereafter enacted shall be subject and
subordinate to the lien and charge of any revenue bonds heretofore or
hereafter issued by such boards on the building fees and/or other
revenues pledged to secure such revenue bonds, and on the moneys in the
building account or capital project account and the individual
institutions of higher education bond retirement funds.
Sec. 3 RCW 28B.15.210 and 1985 c 390 s 20 are each amended to
read as follows:
Within thirty-five days from the date of collection thereof, all
building fees at the University of Washington, including building fees
to be charged students registering in the schools of medicine and
dentistry, shall be paid into the state treasury and credited ((as
follows:)) to the "University of Washington building account." The sum
so credited to the University of Washington building account shall be
used ((
One-half or such larger portion as may be necessary to prevent a
default in the payments required to be made out of the bond retirement
fund, and in no event shall such one-half be less than twelve dollars
and fifty cents per each resident student per quarter, and thirty-seven
dollars and fifty cents per each nonresident student per quarter to the
"University of Washington bond retirement fund" and the remainder
thereofexclusively)) for the purpose of erecting, altering,
maintaining, equipping, or furnishing buildings ((except for any sums
transferred as authorized in RCW 28B.20.725(3). The sum so credited to
the University of Washington bond retirement fund shall be used)) and
for the payment of principal of and interest on bonds outstanding as
provided by chapter 28B.20 RCW ((except for any sums transferred as
authorized in RCW 28B.20.725(5))).
Sec. 4 RCW 28B.20.382 and 1999 c 346 s 3 are each amended to read
as follows:
(1) Until authorized by statute of the legislature, the board of
regents of the university, with respect to the university tract, shall
not sell the land or any part thereof or any improvement thereon, or
lease the land or any part thereof or any improvement thereon or renew
or extend any lease thereof for a term of more than eighty years. Any
sale of the land or any part thereof or any improvement thereon, or any
lease or renewal or extension of any lease of the land or any part
thereof or any improvement thereon for a term of more than eighty years
made or attempted to be made by the board of regents shall be null and
void until the same has been approved or ratified and confirmed by
legislative act.
(2) The board of regents shall have power from time to time to
lease the land, or any part thereof or any improvement thereon for a
term of not more than eighty years. Any and all records, books,
accounts, and agreements of any lessee or sublessee under this section,
pertaining to compliance with the terms and conditions of such lease or
sublease, shall be open to inspection by the board of regents, the ways
and means committee of the senate, the appropriations committee of the
house of representatives, and the joint legislative audit and review
committee or any successor committees. It is not intended that
unrelated records, books, accounts, and agreements of lessees,
sublessees, or related companies be open to such inspection. The board
of regents shall make a full, detailed report of all leases and
transactions pertaining to the land or any part thereof or any
improvement thereon to the joint legislative audit and review
committee, including one copy to the staff of the committee, during
odd-numbered years.
(3) The net proceeds from the sale or lease of land in the
university tract, or any part thereof or any improvement thereon, shall
be deposited into the University of Washington ((facilities bond
retirement account hereby established outside the state treasury as a
nonappropriated local fund to be used exclusively)) building account
for the purpose of erecting, altering, maintaining, equipping, or
furnishing buildings at the University of Washington. ((The board of
regents shall transfer from the University of Washington facilities
bond retirement account to the University of Washington building
account under RCW 43.79.080 any funds in excess of amounts reasonably
necessary for payment of debt service in combination with other
nonappropriated local funds related to capital projects for which debt
service is required under section 4, chapter 380, Laws of 1999.))
Sec. 5 RCW 28B.20.715 and 1985 c 390 s 38 are each amended to
read as follows:
For the purpose of financing the cost of any projects, the board is
hereby authorized to adopt the resolution or resolutions and prepare
all other documents necessary for the issuance, sale and delivery of
the bonds or any part thereof at such time or times as it shall deem
necessary and advisable. Said bonds:
(1) Shall not constitute:
(a) An obligation, either general or special, of the state; or
(b) A general obligation of the University of Washington or of the
board;
(2) Shall be:
(a) Either registered or in coupon form; and
(b) Issued in denominations of not less than one hundred dollars;
and
(c) Fully negotiable instruments under the laws of this state; and
(d) Signed on behalf of the university by the president of the
board, attested by the secretary of the board, have the seal of the
university impressed thereon or a facsimile of such seal printed or
lithographed in the bottom border thereof, and the coupons attached
thereto shall be signed with the facsimile signatures of such president
and secretary;
(3) Shall state:
(a) The date of issue; and
(b) The series of the issue and be consecutively numbered within
the series; and
(c) That the bond is payable both principal and interest solely out
of the ((bond retirement fund)) University of Washington building
account;
(4) Each series of bonds shall bear interest, payable either
annually or semiannually, as the board may determine;
(5) Shall be payable both principal and interest out of the bond
retirement fund;
(6) Shall be payable at such times over a period of not to exceed
forty years from date of issuance, at such place or places, and with
such reserved rights of prior redemption, as the board may prescribe;
(7) Shall be sold in such manner and at such price as the board may
prescribe;
(8) Shall be issued under and subject to such terms, conditions and
covenants providing for the payment of the principal thereof and
interest thereon and such other terms, conditions, covenants and
protective provisions safeguarding such payment, not inconsistent with
this chapter, and as found to be necessary by the board for the most
advantageous sale thereof, which may include but not be limited to:
(a) A covenant that the building fees shall be established,
maintained and collected in such amounts that will provide money
sufficient to pay the principal of and interest on all bonds payable
out of the ((bond retirement fund)) University of Washington building
account, to set aside and maintain the reserves required to secure the
payment of such principal and interest, and to maintain any coverage
which may be required over such principal and interest;
(b) A covenant that a reserve account shall be created in the
((bond retirement fund)) University of Washington building account to
secure the payment of the principal of and interest on all bonds issued
and a provision made that certain amounts be set aside and maintained
therein;
(c) ((A covenant that sufficient moneys may be transferred from the
University of Washington building account to the bond retirement fund
when ordered by the board of regents in the event there is ever an
insufficient amount of money in the bond retirement fund to pay any
installment of interest or principal and interest coming due on the
bonds or any of them;)) A covenant fixing conditions under which bonds on a parity
with any bonds outstanding may be issued.
(d)
The proceeds of the sale of all bonds((, exclusive of accrued
interest which shall be deposited in the bond retirement fund,)) shall
be deposited in the state treasury to the credit of the University of
Washington building account and shall be used solely for paying the
costs of the projects.
Sec. 6 RCW 28B.20.721 and 1969 ex.s. c 223 s 28B.20.721 are each
amended to read as follows:
All moneys received from the lease or rental of lands set apart by
the enabling act for university purposes; all interest or income
arising from the proceeds of the sale of such lands or of the timber,
fallen timber, stone, gravel, or other valuable material thereon; and
all moneys received as interest on deferred payments on contracts for
the sale of such lands shall be deposited in the (("))University of
Washington ((bond retirement fund" to be expended for the purposes set
forth in RCW 28B.20.720)) building account.
Sec. 7 RCW 28B.20.725 and 1969 ex.s. c 223 s 28B.20.725 are each
amended to read as follows:
The board is hereby empowered:
(1) To reserve the right to issue bonds later on a parity with any
bonds being issued;
(2) To authorize the investing of moneys in the ((bond retirement
fund)) University of Washington building account and any reserve
account therein;
(3) ((To authorize the transfer of money from the University of
Washington building account to the bond retirement fund when necessary
to prevent a default in the payments required to be made out of such
fund;)) To create a reserve account or accounts in the ((
(4)bond
retirement fund)) University of Washington building account to secure
the payment of the principal of and interest on any bonds((;)).
(5) To authorize the transfer to the University of Washington
building account of any money on deposit in the bond retirement fund in
excess of debt service for a period of three years from the date of
such transfer on all outstanding bonds payable out of such fund
Sec. 8 RCW 28B.20.810 and 1991 sp.s. c 13 s 78 are each amended
to read as follows:
The board of regents of the University of Washington is empowered
to authorize from time to time the transfer from the state university
permanent fund to be held in reserve in the ((bond retirement fund
created by RCW 28B.20.720)) University of Washington building account
any unobligated funds and investments derived from lands set apart for
the support of the university by chapter 91, Laws of 1903 and section
9, chapter 122, Laws of 1893, to the extent required to comply with
bond covenants regarding principal and interest payments and reserve
requirements for bonds payable out of the ((bond retirement fund up to
a total amount of five million dollars, and to transfer any or all of
said unobligated funds and investments in excess of five million
dollars to the university building account created by RCW
43.79.330(22). Any funds transferred to the bond retirement fund
pursuant to this section shall be replaced by moneys first available
out of the moneys required to be deposited in such fund pursuant to RCW
28B.20.800)) University of Washington building account. The board is
further empowered to direct the state finance committee to convert any
investments in such permanent fund acquired with funds derived from
such lands into cash or obligations of or guaranteed by the United
States of America prior to the transfer of such funds and investments
to ((such reserve account or)) the University of Washington building
account.
Sec. 9 RCW 28B.20.820 and 1969 ex.s. c 223 s 28B.20.820 are each
amended to read as follows:
Nothing contained in RCW ((28B.20.800 through)) 28B.20.810,
28B.20.820, and 43.79.201 is intended to amend or modify RCW 79.64.040
(section 4, chapter 178, Laws of 1961).
Sec. 10 RCW 28B.30.730 and 2002 c 238 s 302 are each amended to
read as follows:
For the purpose of financing the cost of any projects, the board is
hereby authorized to adopt the resolution or resolutions and prepare
all other documents necessary for the issuance, sale and delivery of
the bonds or any part thereof at such time or times as it shall deem
necessary and advisable. Said bonds:
(1) Shall not constitute:
(a) An obligation, either general or special, of the state; or
(b) A general obligation of Washington State University or of the
board;
(2) Shall be:
(a) Either registered or in coupon form; and
(b) Issued in denominations of not less than one hundred dollars;
and
(c) Fully negotiable instruments under the laws of this state; and
(d) Signed on behalf of the university by the president of the
board, attested by the secretary or the treasurer of the board, have
the seal of the university impressed thereon or a facsimile of such
seal printed or lithographed in the bottom border thereof, and the
coupons attached thereto shall be signed with the facsimile signatures
of such president and secretary;
(3) Shall state:
(a) The date of issue; and
(b) The series of the issue and be consecutively numbered within
the series; and
(c) That the bond is payable both principal and interest solely out
of the ((bond retirement fund)) Washington State University building
account;
(4) Each series of bonds shall bear interest, payable either
annually or semiannually, as the board may determine;
(5) Shall be payable both principal and interest out of the ((bond
retirement fund)) Washington State University building account;
(6) Shall be payable at such times over a period of not to exceed
forty years from date of issuance, at such place or places, and with
such reserved rights of prior redemption, as the board may prescribe;
(7) Shall be sold in such manner and at such price as the board may
prescribe;
(8) Shall be issued under and subject to such terms, conditions and
covenants providing for the payment of the principal thereof and
interest thereon and such other terms, conditions, covenants and
protective provisions safeguarding such payment, not inconsistent with
RCW 28B.30.700 through 28B.30.780, and as found to be necessary by the
board for the most advantageous sale thereof, which may include but not
be limited to:
(a) A covenant that the building fees shall be established,
maintained and collected in such amounts that will provide money
sufficient to pay the principal of and interest on all bonds payable
out of the ((bond retirement)) Washington State University building
account, to set aside and maintain the reserves required to secure the
payment of such principal and interest, and to maintain any coverage
which may be required over such principal and interest;
(b) A covenant that a reserve account shall be created in the
((bond retirement fund)) Washington State University building account
to secure the payment of the principal of and interest on all bonds
issued and a provision made that certain amounts be set aside and
maintained therein;
(c) ((A covenant that sufficient moneys may be transferred from the
Washington State University building account to the bond retirement
account when ordered by the board of regents in the event there is ever
an insufficient amount of money in the bond retirement account to pay
any installment of interest or principal and interest coming due on the
bonds or any of them;)) A covenant fixing conditions under which bonds on a parity
with any bonds outstanding may be issued.
(d)
The proceeds of the sale of all bonds shall be deposited in the
state treasury to the credit of the Washington State University
building account and shall be used solely for paying the costs of the
projects. The Washington State University building account shall be
credited with the investment income derived pursuant to RCW 43.84.080
on the ((investible)) investable balances of scientific permanent fund
and agricultural permanent fund, less the allocation to the state
treasurer's service fund pursuant to RCW 43.08.190. ((During the 2001-2003 fiscal biennium, the legislature may transfer from the Washington
State University building account to the state general fund such
amounts as reflect the excess fund balance of the account.))
Sec. 11 RCW 28B.30.740 and 1985 c 390 s 44 are each amended to
read as follows:
For the purpose of paying and securing the payment of the principal
of and interest on the bonds as the same shall become due, there shall
be paid into the state treasury and credited to ((a special trust fund
to be known as)) the Washington State University ((bond retirement
fund, which fund is hereby created in the state treasury)) building
account, the following:
(1) One-half of such building fees as the board may from time to
time determine, or such larger portion as may be necessary to prevent
default in the payments required to be made out of the bond retirement
fund;
(2) Any grants which may be made, or may become available, for the
purpose of furthering the construction of any authorized projects, or
for the repayment of the costs thereof;
(3) Such additional funds as the legislature may provide.
Said bond retirement fund shall be kept segregated from all moneys
in the state treasury and shall, while any of such bonds or any
interest thereon remain unpaid, be available solely for the payment
thereof ((except as provided in subdivision (5) of RCW 28B.30.750)).
As a part of the contract of sale of such bonds, the board shall
undertake to charge and collect building fees and to deposit the
portion of such fees in the ((bond retirement fund)) building account
in amounts which will be sufficient to pay the principal of, and
interest on all such bonds outstanding.
Sec. 12 RCW 28B.30.750 and 1969 ex.s. c 223 s 28B.30.750 are each
amended to read as follows:
The board is hereby empowered:
(1) To reserve the right to issue bonds later on a parity with any
bonds being issued;
(2) To authorize the investing of moneys in the ((bond retirement
fund)) Washington State University building account and any reserve
account therein;
(3) ((To authorize the transfer of money from the Washington State
University building account to the bond retirement fund when necessary
to prevent a default in the payments required to be made out of such
fund;)) To create a reserve account or accounts in the ((
(4)bond
retirement fund)) Washington State University building account to
secure the payment of the principal of and interest on any bonds((;)).
(5) To authorize the transfer to the Washington State University
building account of any money on deposit in the bond retirement fund in
excess of debt service for a period of three years from the date of
such transfer on all outstanding bonds payable out of such fund
Sec. 13 RCW 28B.31.070 and 1977 ex.s. c 344 s 7 are each amended
to read as follows:
On or before June 30th of each year the board of regents of
Washington State University shall cause to be accumulated in the
Washington State University building account((, from moneys transferred
into said account from the Washington State University bond retirement
fund pursuant to RCW 28B.30.750(5),)) an amount at least equal to the
amount required in the next succeeding twelve months for the payment of
the principal of and interest on the bonds issued pursuant to this
chapter. Not less than thirty days prior to the date on which any such
interest or principal and interest payment is due, the board of regents
of Washington State University shall cause the amount so computed to be
paid out of such building account to the state treasurer, for deposit
into the general fund of the state treasury.
Sec. 14 RCW 28B.31.100 and 1985 c 390 s 45 are each amended to
read as follows:
No provision of this chapter shall be deemed to repeal, override,
or limit any provision of RCW 28B.15.310 or 28B.30.700 through
28B.30.780, nor any provision or covenant of the proceedings of the
board of regents of Washington State University heretofore or hereafter
taken in the issuance of its revenue bonds secured by a pledge of its
building fees and/or other revenues pursuant to such statutes. The
obligation of the board of regents of Washington State University to
make the transfers provided for in RCW 28B.31.070 shall be subject and
subordinate to the lien and charge of such revenue bonds, and any
revenue bonds hereafter issued, on such building fees and/or other
revenues pledged to secure such bonds, and on the moneys in the
Washington State University building account ((and the Washington State
University bond retirement fund)).
Sec. 15 RCW 43.84.092 and 2003 c 361 s 602, 2003 c 324 s 1, 2003
c 150 s 2, and 2003 c 48 s 2 are each reenacted and amended to read as
follows:
(1) All earnings of investments of surplus balances in the state
treasury shall be deposited to the treasury income account, which
account is hereby established in the state treasury.
(2) The treasury income account shall be utilized to pay or receive
funds associated with federal programs as required by the federal cash
management improvement act of 1990. The treasury income account is
subject in all respects to chapter 43.88 RCW, but no appropriation is
required for refunds or allocations of interest earnings required by
the cash management improvement act. Refunds of interest to the
federal treasury required under the cash management improvement act
fall under RCW 43.88.180 and shall not require appropriation. The
office of financial management shall determine the amounts due to or
from the federal government pursuant to the cash management improvement
act. The office of financial management may direct transfers of funds
between accounts as deemed necessary to implement the provisions of the
cash management improvement act, and this subsection. Refunds or
allocations shall occur prior to the distributions of earnings set
forth in subsection (4) of this section.
(3) Except for the provisions of RCW 43.84.160, the treasury income
account may be utilized for the payment of purchased banking services
on behalf of treasury funds including, but not limited to, depository,
safekeeping, and disbursement functions for the state treasury and
affected state agencies. The treasury income account is subject in all
respects to chapter 43.88 RCW, but no appropriation is required for
payments to financial institutions. Payments shall occur prior to
distribution of earnings set forth in subsection (4) of this section.
(4) Monthly, the state treasurer shall distribute the earnings
credited to the treasury income account. The state treasurer shall
credit the general fund with all the earnings credited to the treasury
income account except:
(a) The following accounts and funds shall receive their
proportionate share of earnings based upon each account's and fund's
average daily balance for the period: The capitol building
construction account, the Cedar River channel construction and
operation account, the Central Washington University capital projects
account, the charitable, educational, penal and reformatory
institutions account, the common school construction fund, the county
criminal justice assistance account, the county sales and use tax
equalization account, the data processing building construction
account, the deferred compensation administrative account, the deferred
compensation principal account, the department of retirement systems
expense account, the drinking water assistance account, the drinking
water assistance administrative account, the drinking water assistance
repayment account, the Eastern Washington University capital projects
account, the education construction fund, the election account, the
emergency reserve fund, The Evergreen State College capital projects
account, the federal forest revolving account, the health services
account, the public health services account, the health system capacity
account, the personal health services account, the state higher
education construction account, the higher education construction
account, the highway infrastructure account, the industrial insurance
premium refund account, the judges' retirement account, the judicial
retirement administrative account, the judicial retirement principal
account, the local leasehold excise tax account, the local real estate
excise tax account, the local sales and use tax account, the medical
aid account, the mobile home park relocation fund, the multimodal
transportation account, the municipal criminal justice assistance
account, the municipal sales and use tax equalization account, the
natural resources deposit account, the oyster reserve land account, the
perpetual surveillance and maintenance account, the public employees'
retirement system plan 1 account, the public employees' retirement
system combined plan 2 and plan 3 account, the public facilities
construction loan revolving account beginning July 1, 2004, the public
health supplemental account, the public works assistance account, the
Puyallup tribal settlement account, the regional transportation
investment district account, the resource management cost account, the
site closure account, the special wildlife account, the state
employees' insurance account, the state employees' insurance reserve
account, the state investment board expense account, the state
investment board commingled trust fund accounts, the supplemental
pension account, the Tacoma Narrows toll bridge account, the teachers'
retirement system plan 1 account, the teachers' retirement system
combined plan 2 and plan 3 account, the tobacco prevention and control
account, the tobacco settlement account, the transportation
infrastructure account, the tuition recovery trust fund, ((the
University of Washington bond retirement fund,)) the University of
Washington building account, the volunteer fire fighters' and reserve
officers' relief and pension principal fund, the volunteer fire
fighters' and reserve officers' administrative fund, the Washington
fruit express account, the Washington judicial retirement system
account, the Washington law enforcement officers' and fire fighters'
system plan 1 retirement account, the Washington law enforcement
officers' and fire fighters' system plan 2 retirement account, the
Washington school employees' retirement system combined plan 2 and 3
account, the Washington state health insurance pool account, the
Washington state patrol retirement account, the Washington State
University building account, ((the Washington State University bond
retirement fund,)) the water pollution control revolving fund, and the
Western Washington University capital projects account. Earnings
derived from investing balances of the agricultural permanent fund, the
normal school permanent fund, the permanent common school fund, the
scientific permanent fund, and the state university permanent fund
shall be allocated to their respective beneficiary accounts. All
earnings to be distributed under this subsection (4)(a) shall first be
reduced by the allocation to the state treasurer's service fund
pursuant to RCW 43.08.190.
(b) The following accounts and funds shall receive eighty percent
of their proportionate share of earnings based upon each account's or
fund's average daily balance for the period: The aeronautics account,
the aircraft search and rescue account, the county arterial
preservation account, the department of licensing services account, the
essential rail assistance account, the ferry bond retirement fund, the
grade crossing protective fund, the high capacity transportation
account, the highway bond retirement fund, the highway safety account,
the motor vehicle fund, the motorcycle safety education account, the
pilotage account, the public transportation systems account, the Puget
Sound capital construction account, the Puget Sound ferry operations
account, the recreational vehicle account, the rural arterial trust
account, the safety and education account, the special category C
account, the state patrol highway account, the transportation 2003
account (nickel account), the transportation equipment fund, the
transportation fund, the transportation improvement account, the
transportation improvement board bond retirement account, and the urban
arterial trust account.
(5) In conformance with Article II, section 37 of the state
Constitution, no treasury accounts or funds shall be allocated earnings
without the specific affirmative directive of this section.
Sec. 16 RCW 43.84.092 and 2004 c 242 s 60 are each amended to
read as follows:
(1) All earnings of investments of surplus balances in the state
treasury shall be deposited to the treasury income account, which
account is hereby established in the state treasury.
(2) The treasury income account shall be utilized to pay or receive
funds associated with federal programs as required by the federal cash
management improvement act of 1990. The treasury income account is
subject in all respects to chapter 43.88 RCW, but no appropriation is
required for refunds or allocations of interest earnings required by
the cash management improvement act. Refunds of interest to the
federal treasury required under the cash management improvement act
fall under RCW 43.88.180 and shall not require appropriation. The
office of financial management shall determine the amounts due to or
from the federal government pursuant to the cash management improvement
act. The office of financial management may direct transfers of funds
between accounts as deemed necessary to implement the provisions of the
cash management improvement act, and this subsection. Refunds or
allocations shall occur prior to the distributions of earnings set
forth in subsection (4) of this section.
(3) Except for the provisions of RCW 43.84.160, the treasury income
account may be utilized for the payment of purchased banking services
on behalf of treasury funds including, but not limited to, depository,
safekeeping, and disbursement functions for the state treasury and
affected state agencies. The treasury income account is subject in all
respects to chapter 43.88 RCW, but no appropriation is required for
payments to financial institutions. Payments shall occur prior to
distribution of earnings set forth in subsection (4) of this section.
(4) Monthly, the state treasurer shall distribute the earnings
credited to the treasury income account. The state treasurer shall
credit the general fund with all the earnings credited to the treasury
income account except:
(a) The following accounts and funds shall receive their
proportionate share of earnings based upon each account's and fund's
average daily balance for the period: The capitol building
construction account, the Cedar River channel construction and
operation account, the Central Washington University capital projects
account, the charitable, educational, penal and reformatory
institutions account, the common school construction fund, the county
criminal justice assistance account, the county sales and use tax
equalization account, the data processing building construction
account, the deferred compensation administrative account, the deferred
compensation principal account, the department of retirement systems
expense account, the drinking water assistance account, the drinking
water assistance administrative account, the drinking water assistance
repayment account, the Eastern Washington University capital projects
account, the education construction fund, the election account, the
emergency reserve fund, The Evergreen State College capital projects
account, the federal forest revolving account, the health services
account, the public health services account, the health system capacity
account, the personal health services account, the state higher
education construction account, the higher education construction
account, the highway infrastructure account, the industrial insurance
premium refund account, the judges' retirement account, the judicial
retirement administrative account, the judicial retirement principal
account, the local leasehold excise tax account, the local real estate
excise tax account, the local sales and use tax account, the medical
aid account, the mobile home park relocation fund, the multimodal
transportation account, the municipal criminal justice assistance
account, the municipal sales and use tax equalization account, the
natural resources deposit account, the oyster reserve land account, the
perpetual surveillance and maintenance account, the public employees'
retirement system plan 1 account, the public employees' retirement
system combined plan 2 and plan 3 account, the public facilities
construction loan revolving account beginning July 1, 2004, the public
health supplemental account, the public works assistance account, the
Puyallup tribal settlement account, the regional transportation
investment district account, the resource management cost account, the
site closure account, the special wildlife account, the state
employees' insurance account, the state employees' insurance reserve
account, the state investment board expense account, the state
investment board commingled trust fund accounts, the supplemental
pension account, the Tacoma Narrows toll bridge account, the teachers'
retirement system plan 1 account, the teachers' retirement system
combined plan 2 and plan 3 account, the tobacco prevention and control
account, the tobacco settlement account, the transportation
infrastructure account, the tuition recovery trust fund, ((the
University of Washington bond retirement fund,)) the University of
Washington building account, the volunteer fire fighters' and reserve
officers' relief and pension principal fund, the volunteer fire
fighters' and reserve officers' administrative fund, the Washington
fruit express account, the Washington judicial retirement system
account, the Washington law enforcement officers' and fire fighters'
system plan 1 retirement account, the Washington law enforcement
officers' and fire fighters' system plan 2 retirement account, the
Washington public safety employees' plan 2 retirement account, the
Washington school employees' retirement system combined plan 2 and 3
account, the Washington state health insurance pool account, the
Washington state patrol retirement account, the Washington State
University building account, ((the Washington State University bond
retirement fund,)) the water pollution control revolving fund, and the
Western Washington University capital projects account. Earnings
derived from investing balances of the agricultural permanent fund, the
normal school permanent fund, the permanent common school fund, the
scientific permanent fund, and the state university permanent fund
shall be allocated to their respective beneficiary accounts. All
earnings to be distributed under this subsection (4)(a) shall first be
reduced by the allocation to the state treasurer's service fund
pursuant to RCW 43.08.190.
(b) The following accounts and funds shall receive eighty percent
of their proportionate share of earnings based upon each account's or
fund's average daily balance for the period: The aeronautics account,
the aircraft search and rescue account, the county arterial
preservation account, the department of licensing services account, the
essential rail assistance account, the ferry bond retirement fund, the
grade crossing protective fund, the high capacity transportation
account, the highway bond retirement fund, the highway safety account,
the motor vehicle fund, the motorcycle safety education account, the
pilotage account, the public transportation systems account, the Puget
Sound capital construction account, the Puget Sound ferry operations
account, the recreational vehicle account, the rural arterial trust
account, the safety and education account, the special category C
account, the state patrol highway account, the transportation 2003
account (nickel account), the transportation equipment fund, the
transportation fund, the transportation improvement account, the
transportation improvement board bond retirement account, and the urban
arterial trust account.
(5) In conformance with Article II, section 37 of the state
Constitution, no treasury accounts or funds shall be allocated earnings
without the specific affirmative directive of this section.
NEW SECTION. Sec. 17 On the effective date of this section, any
funds remaining in the University of Washington bond retirement fund
shall be deposited in the University of Washington building account,
and any funds remaining in the Washington State University bond
retirement fund shall be deposited in the Washington State University
building account.
NEW SECTION. Sec. 18 The following acts or parts of acts are
each repealed:
(1) RCW 28B.14C.080 (Chapter as affecting University of Washington
building revenue bond redemption) and 1985 c 390 s 3 & 1977 ex.s. c 354
s 8;
(2) RCW 28B.14C.090 (Chapter as affecting Washington State
University building revenue bond redemption) and 1985 c 390 s 4 & 1977
ex.s. c 354 s 9;
(3) RCW 28B.20.720 (University of Washington bond retirement fund--Composition -- Pledge of building fees) and 1985 c 390 s 39 & 1969 ex.s.
c 223 s 28B.20.720;
(4) RCW 28B.20.800 (Revenues derived from certain university lands
and income from university permanent fund deposited in University of
Washington bond retirement fund -- Covenant) and 1991 sp.s. c 13 s 97 &
1969 ex.s. c 223 s 28B.20.800; and
(5) RCW 28B.20.805 (Revenues derived from certain university lands
and income from university permanent fund deposited in University of
Washington bond retirement fund -- Ratification of previous transfers)
and 1969 ex.s. c 223 s 28B.20.805.
NEW SECTION. Sec. 19 Section 15 of this act expires July 1,
2006.
NEW SECTION. Sec. 20 Section 16 of this act takes effect July 1,
2006.