BILL REQ. #:  H-2640.1 

Read first time 04/13/11.   Referred to Committee on Ways & Means.

     AN ACT Relating to funding for the construction of a ferry boat vessel with a capacity of at least one hundred forty-four cars; adding a new section to chapter 82.32 RCW; making an appropriation; providing an effective date; and declaring an emergency.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:

NEW SECTION.  Sec. 1   A new section is added to chapter 82.32 RCW to read as follows:
     (1)(a) By May 1, 2012, and by May 1st of every year thereafter, the department, in consultation with the department of transportation, must annually estimate the amount of state sales and use taxes paid under chapters 82.08 and 82.12 RCW on fuel purchased or used by the state ferry system for marine purposes, and certify the amount to the state treasurer.
     (b) By June 30, 2012, and by June 30th of every year thereafter, the state treasurer must transfer into the transportation 2003 account (nickel account) the greater of: (i) Five million two hundred thousand dollars; or (ii) the amount calculated under (a) of this subsection (1).
     (2) The revenue provided in this section is hereby pledged to the payment of any bonds and the interest thereon issued under the authority of RCW 47.10.861 for the purposes provided in section 2 of this act, and the legislature agrees to continue to provide these revenues, in amounts sufficient to pay, when due, the principal and interest on all bonds issued under the authority of RCW 47.10.861 for the purposes provided in section 2 of this act.
     (3) This section expires on the date that the bonds that are issued for the purposes of section 2 of this act are retired.

NEW SECTION.  Sec. 2   (1) The sum of seventy-five million dollars, or as much thereof as may be necessary, is appropriated for the biennium ending June 30, 2013, from transportation 2003 account (nickel account)--state appropriation to the department of transportation for the purposes of constructing a ferry boat vessel with a carrying capacity of at least one hundred forty-four cars. These funds shall be used to supplement the funds appropriated in the 2011-2013 transportation budget for the purpose of constructing the vessel in the 2011-2013 fiscal biennium.
     (2) The transportation 2003 account (nickel account)--state appropriation in this section includes up to seventy-five million dollars in proceeds from the sale of bonds authorized by RCW 47.10.861.

NEW SECTION.  Sec. 3   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, 2011.