"NEW SECTION.  Sec. 1   (1)(a) A legislative task force on financing the state's storm water, flood risk reduction and floodplain restoration, and water supply and integrated water management priorities is established, with members as provided in this subsection.
     (b) The president of the senate must appoint two members from each of the two largest caucuses of the senate. Of the four members, three must be members of a fiscal committee, and one must be a member of a policy committee.
     (c) The speaker of the house of representatives must appoint two members from each of the two largest caucuses of the house of representatives. Of the four members, three must be members of a fiscal committee, and one must be a member of a policy committee.
     (d) The governor or the governor's representative shall be a member of the task force.
     (e) The task force must choose its cochairs from among its legislative membership.
     (f) Appointments to the task force must be completed within thirty days of the effective date of this section.
     (2)(a) The purpose of the task force is to develop state and local financing options that address equally three state priorities: (i) Storm water, (ii) flood risk reduction and floodplain restoration, and (iii) water supply and integrated water management.
     (b) The task force must carry out the following scope of work:
     (i) Review existing studies and plans that quantify the level of funding needed through fiscal year 2025 to meet the three state priorities identified in (a) of this subsection;
     (ii) Develop and recommend state financing options that address equally the three state priorities identified in (a) of this subsection;
     (iii) Develop and recommend local financing options using new or existing local governance structures that generate revenues from municipal and agricultural beneficiaries;
     (iv) Investigate and recommend least-cost options for meeting the three state priorities identified in (a) of this subsection, such as water conservation, water markets, and biosciences;
     (v) Develop and recommend policies and criteria for managing, prioritizing, and distributing the state and local funding generated; and
     (vi) Develop and recommend a new standard process by which, prior to appropriation of funding for any structural project with a total cost greater than 25 million dollars, the legislature must engage the state of Washington water research center to prepare a benefit-cost analysis of the project, including consideration of nonstructural alternatives.
     (3)(a) Principal staff support for the task force must be provided by the senate committee services, the house of representatives office of program research, and the office of financial management. In addition, the departments of ecology, fish and wildlife, natural resources, agriculture, health, and commerce, the office of the state treasurer, and other relevant state agencies must provide information, analysis, and other support upon request of the task force.
     (b) At its sole discretion, the task force may:
     (i) Enter into contracts with persons who have specific technical expertise related to the scope of work; and
     (ii) Form work groups, if necessary, to address specific elements of the scope of work. Any work group formed by the task force must include at least two legislators from the task force, including one from each chamber, and may include public and private sector representatives with relevant expertise.
     (4)(a) Legislative members of the task force must be reimbursed for travel expenses in accordance with RCW 44.04.120.
     (b) The expenses of the task force must be paid by the office of financial management.
     (c) Task force expenditures are subject to approval by the senate facilities and operations committee and the house of representatives executive rules committee, or their successor committees.
     (5) The task force must report its findings and recommendations to the governor and appropriate legislative committees by December 15, 2014.

NEW SECTION.  Sec. 2   If specific funding for the purposes of this act, referencing this act by bill or chapter number, is not provided by June 30, 2014, in the omnibus capital appropriations act, this act is null and void.

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 immediately."