SHB 3027 -
By Representative Hunter
On page 3, line 13, after "corporation may" strike all material through "district may" on line 16
On page 9, line 23, after "each" insert "state"
On page 9, line 28, after "section" insert "plus an interest charge calculated on one-half the annual payment amount times an interest rate equal to the average annual rate of return for the prior calendar year in the Washington state local government investment pool created in chapter 43.250 RCW"
On page 10, line 2, after "date." insert "Any agreement between the
state treasurer and the public facilities district shall specify the
term for the repayment of the deficiency in the annual payment amount
with an interest rate equal to the twenty bond general obligation bond
buyer index plus one percentage point.
(ii)"
Renumber the remaining subsection consecutively and correct any internal references accordingly.
On page 14, after line 22, insert the following:
"NEW SECTION. Sec. 12 A new section is added to chapter 36.100
RCW to read as follows:
(1) Any county with a population of one million five hundred
thousand or more that creates a public facilities district pursuant to
this chapter to acquire, own, and operate a convention and trade center
transferred from a public nonprofit corporation is authorized to
acquire by condemnation property or property rights as may be necessary
to carry out the purposes of such district. If the legislative body of
such county chooses to exercise its authority to acquire property by
eminent domain on behalf of such public facilities district, it must do
so pursuant to the procedures set forth in chapter 8.08 RCW.
(2) The accomplishment of the activities authorized by this chapter
is declared to be a strictly public purpose of the municipality or
municipal entities authorized to perform the same.
(3) The powers and authority conferred by this section are in
addition and supplemental to existing powers or authority. Nothing
contained in this section limits any other powers or authority of any
agency, political subdivision, or unit of local government of this
state."
Renumber the remaining sections consecutively and correct any internal references accordingly.
EFFECT: Eliminates the authority of the new public facilities district (PFD) to acquire property through condemnation, and replaces it with provisions allowing King county to acquire property through condemnation for the purposes of the PFD. Requires annual payments made to the state by the PFD to include an interest charge. Requires the PFD to pay an interest charge on any loans from the state in the event the PFD is unable to make the annual payment due to insufficient tax revenues to pay debt.