BILL REQ. #:  S-0588.2 

Read first time 02/09/11.   Referred to Committee on Economic Development, Trade & Innovation.

     AN ACT Relating to public and private sector economic development collaboration; and adding new sections to chapter 43.330 RCW.

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

NEW SECTION.  Sec. 1   A new section is added to chapter 43.330 RCW to read as follows:
     (1) The department is authorized to:
     (a) Collaborate with private sector organizations and sector associations in order to implement its economic development, innovation, and trade promotion activities within Washington state; and
     (b) Assemble and seek recommendations from a private sector advisory committee on: (i) The feasibility of economic development activities; (ii) the availability of nonstate resources to complete economic development activities; and (iii) any other purpose the department deems appropriate.
     (2) The private sector advisory committee created under this section includes, but is not limited to, representatives from the following private sectors: Manufacturing, advanced technology, information technology and computer software, finance, construction, and supply chain logistics. At least one of the members on the advisory committee must represent a small or medium-sized enterprise.
     (3) Upon the establishment of the private sector advisory committee, the department must assemble the committee to meet no less than one time per calendar year.
     (4) The department must measure the effectiveness of its public-private collaboration by evaluating factors such as:
     (a) The number of public improvements financed by public-private collaboration;
     (b) The application of public-private funds to sectors and regions of the state economy evidencing need for economic development, capital markets, and funding resources;
     (c) The benefits, cost avoidance, and cost savings generated by public-private collaboration;
     (d) The cumulative number of permanent jobs created as a result of public-private collaboration;
     (e) Any cumulative increase in trade as a result of public-private collaboration;
     (f) An assessment of progress made toward implementing the state's economic development strategy through public-private collaboration; and
     (g) An assessment of state regulations that may be impeding successful public-private collaboration and recommendations for amending or repealing such regulations.
     (5) The department may, in carrying out its public-private collaboration efforts, solicit and receive gifts, grants, funds, fees, and endowments, in trust or otherwise, from public and private sources, and may expend the same or any income therefrom for the implementation of collaborative activities related to economic development, innovation, and trade. All revenue received for such purpose must be deposited into a public depositary account as provided in section 2 of this act.
     (6) Nothing in this section may be construed to limit the department's authority to meet with, or seek advice from, private organizations in order to carry out its economic development, innovation, and trade promotion activities under statutory or common law.

NEW SECTION.  Sec. 2   A new section is added to chapter 43.330 RCW to read as follows:
     The department must maintain an account with one or more public depositaries, and may deposit moneys in the depositary and expend moneys for purposes authorized by section 1 of this act. The department must keep accurate records of all receipts, disbursements, and other financial transactions in accordance with generally accepted principles of accounting, available for audit by the state auditor.