| Passed by the Senate January 29, 2010 YEAS 45 ________________________________________ President of the Senate Passed by the House March 4, 2010 YEAS 98 ________________________________________ Speaker of the House of Representatives | I, Thomas Hoemann, Secretary of the Senate of the State of Washington, do hereby certify that the attached is SENATE BILL 6219 as passed by the Senate and the House of Representatives on the dates hereon set forth. ________________________________________ Secretary | |
| Approved ________________________________________ Governor of the State of Washington | Secretary of State State of Washington |
| State of Washington | 61st Legislature | 2010 Regular Session |
Read first time 01/11/10. Referred to Committee on Financial Institutions, Housing & Insurance.
AN ACT Relating to funding sources for time certificate of deposit investments; and amending RCW 43.86A.030.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
Sec. 1 RCW 43.86A.030 and 2009 c 384 s 2 are each amended to read
as follows:
(1) ((Funds held in public depositaries not as demand deposits, as
provided in RCW 43.86A.020 and this section, shall be)) (a) The state
treasurer shall make funds available for a time certificate of deposit
investment program according to the following formula: The state
treasurer shall apportion to all participating depositaries an amount
equal to five percent of the three year average mean of general state
revenues as certified in accordance with Article VIII, section 1(b) of
the state Constitution, or fifty percent of the total surplus treasury
investment availability, whichever is less. Within thirty days after
certification, an amount equal to those funds determined to be
available according to this formula for the time certificate of deposit
investment program shall be ((deposited)) available for deposit in
qualified public depositaries. These ((deposits)) funds shall be
allocated among the participating depositaries on a basis to be
determined by the state treasurer.
(b) The funds made available by the treasurer for a time
certificate of deposit investment program under (a) of this subsection
(1) may be provided from either treasury surplus funds or funds held
pursuant to chapter 43.250 RCW.
(2) Of all state funds available under this section, the state
treasurer may use up to one hundred seventy-five million dollars per
year for the purposes of RCW 43.86A.060(2)(c) (i) and (iii) and up to
fifteen million dollars per year for the purposes of RCW
43.86A.060(2)(c)(ii). The amounts made available to these public
depositaries shall be equal to the amounts of outstanding loans made
under RCW 43.86A.060.
(3) The formula so devised shall be a matter of public record
giving consideration to, but not limited to, deposits, assets, loans,
capital structure, investments, or some combination of these factors.
However, if in the judgment of the state treasurer the amount of
allocation for certificates of deposit as determined by this section
will impair the cash flow needs of the state treasury, the state
treasurer may adjust the amount of the allocation accordingly.