| Passed by the Senate June 29, 2013 YEAS 46 ________________________________________ President of the Senate Passed by the House June 29, 2013 YEAS 79 ________________________________________ Speaker of the House of Representatives | I, Hunter G. Goodman, Secretary of the Senate of the State of Washington, do hereby certify that the attached is ENGROSSED SUBSTITUTE SENATE BILL 5036 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 | 63rd Legislature | 2013 2nd Special Session |
READ FIRST TIME 04/15/13.
AN ACT Relating to state general obligation bonds and related accounts; amending RCW 43.99G.162; adding a new chapter to Title 43 RCW; and declaring an emergency.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
NEW SECTION. Sec. 1 For the purpose of providing funds to
finance the projects described and authorized by the legislature in the
capital and operating appropriations acts for the 2011-2013 and 2013-2015 fiscal biennia, and all costs incidental thereto, the state
finance committee is authorized to issue general obligation bonds of
the state of Washington in the sum of two billion thirty-six million
dollars, or as much thereof as may be required, to finance these
projects and all costs incidental thereto. Bonds authorized in this
section may be sold at such price as the state finance committee shall
determine. No bonds authorized in this section may be offered for sale
without prior legislative appropriation of the net proceeds of the sale
of the bonds.
NEW SECTION. Sec. 2 (1) The proceeds from the sale of bonds
authorized in section 1 of this act shall be deposited in the state
building construction account created by RCW 43.83.020. The proceeds
shall be transferred as follows:
(a) One billion six hundred seventy million six hundred eighty-five
thousand dollars to remain in the state building construction account
created by RCW 43.83.020;
(b) Twenty-five million five hundred thousand dollars to the
outdoor recreation account created by RCW 79A.25.060;
(c) Twenty-five million five hundred thousand dollars to the
habitat conservation account created by RCW 79A.15.020;
(d) Eight million five hundred thousand dollars to the riparian
protection account created by RCW 79A.15.120;
(e) Five million five hundred thousand dollars to the farmlands
preservation account created by RCW 79A.15.130;
(f) Two hundred seventy-nine million five hundred thousand dollars
to the state taxable building construction account. All receipts from
taxable bond issues are to be deposited into the account. If the state
finance committee deems it necessary or advantageous to issue more than
the amount specified in this subsection (1)(f) as taxable bonds in
order to comply with federal internal revenue service rules and
regulations pertaining to the use of nontaxable bond proceeds or in
order to reduce the total financing costs for bonds issued, the
proceeds of such additional taxable bonds shall be transferred to the
state taxable building construction account in lieu of any transfer
otherwise provided by this section. If the state finance committee
determines that a portion of the amount specified in this subsection
(1)(f) as taxable bonds may be issued as nontaxable bonds in compliance
with federal internal revenue service rules and regulations pertaining
to the use of nontaxable bond proceeds, then such bond proceeds shall
be transferred to the state building construction account in lieu of
the transfer to the state taxable building construction account
otherwise provided by this subsection (1)(f). The state treasurer
shall submit written notice to the director of financial management if
it is determined that any such additional transfer to the state taxable
building construction account is necessary. Moneys in the account may
be spent only after appropriation.
(2) These proceeds shall be used exclusively for the purposes
specified in this section and for the payment of expenses incurred in
the issuance and sale of the bonds issued for the purposes of this
section, and shall be administered by the office of financial
management subject to legislative appropriation.
NEW SECTION. Sec. 3 (1) The debt-limit general fund bond
retirement account shall be used for the payment of the principal of
and interest on the bonds authorized in section 2(1) (a) through (f) of
this act.
(2) The state finance committee shall, on or before June 30th of
each year, certify to the state treasurer the amount needed in the
ensuing twelve months to meet the bond retirement and interest
requirements on the bonds authorized in section 2(1) (a) through (f) of
this act.
(3) On each date on which any interest or principal and interest
payment is due on bonds issued for the purposes of section 2(1) (a)
through (f) of this act the state treasurer shall withdraw from any
general state revenues received in the state treasury and deposit in
the debt-limit general fund bond retirement account an amount equal to
the amount certified by the state finance committee to be due on the
payment date.
NEW SECTION. Sec. 4 (1) Bonds issued under sections 1 through 3
of this act shall state that they are a general obligation of the state
of Washington, shall pledge the full faith and credit of the state to
the payment of the principal thereof and the interest thereon, and
shall contain an unconditional promise to pay the principal and
interest as the same shall become due.
(2) The owner and holder of each of the bonds or the trustee for
the owner and holder of any of the bonds may by mandamus or other
appropriate proceeding require the transfer and payment of funds as
directed in this section.
NEW SECTION. Sec. 5 The legislature may provide additional means
for raising moneys for the payment of the principal of and interest on
the bonds authorized in section 1 of this act, and sections 2 and 3 of
this act shall not be deemed to provide an exclusive method for the
payment.
Sec. 6 RCW 43.99G.162 and 2006 c 167 s 203 are each amended to
read as follows:
The proceeds from the sale of the bonds authorized in RCW
43.99G.160 shall be deposited in the Columbia river basin water supply
development account created in chapter 6, Laws of 2006. If the state
finance committee deems it necessary to issue the bonds authorized in
RCW 43.99G.160 as taxable bonds in order to comply with federal
internal revenue service rules and regulations pertaining to the use of
nontaxable bond proceeds, the proceeds of such taxable bonds shall be
transferred to the ((state taxable building construction)) Columbia
river basin taxable bond water supply development account in lieu of
any deposit otherwise provided by this section. The state treasurer
shall submit written notice to the director of financial management if
it is determined that any such transfer to the ((state taxable building
construction)) Columbia river basin taxable bond water supply
development account is necessary. Moneys in the account may be spent
only after appropriation. The proceeds shall be used exclusively for
the purposes specified in RCW 43.99G.160 and for the payment of
expenses incurred in the issuance and sale of the bonds. These
proceeds shall be administered by the office of financial management,
subject to legislative appropriation.
NEW SECTION. Sec. 7 Sections 1 through 5 of this act constitute
a new chapter in Title
NEW SECTION. Sec. 8 If any provision of this act or its
application to any person or circumstance is held invalid, the
remainder of the act or the application of the provision to other
persons or circumstances is not affected.
NEW SECTION. Sec. 9 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.