AN ACT Relating to transportation improvements necessitated by planned economic development; amending RCW 43.160.030 and 43.160.030; adding new sections to chapter 47.10 RCW; adding a new section to chapter 43.160 RCW; repealing section 1 of this act; declaring an emergency; and providing effective dates.

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

Sec. 1. Section 3, chapter 40, Laws of 1982 1st ex. sess. as amended by section 2, chapter 60, Laws of 1983 1st ex. sess. and RCW 43.160.030 are each amended to read as follows:

(1) The community economic revitalization board is hereby created to exercise the powers granted under this chapter.

(2) The board shall consist of ((~~nine~~)) eleven persons appointed by the governor and the director of commerce and economic development, the director of ((~~planning and community affairs~~)) community development, the director of revenue, the commissioner of employment security, ((~~and~~)) the secretary of the department of transportation, the chairmen of the committee on commerce and economic development of the house of representatives and the committee on commerce and labor of the senate, or the equivalent standing committees, and the chairman of the legislative transportation committee, for a total of ((~~seventeen~~)) nineteen members. The appointive members shall be as follows: A recognized private or public sector economist selected from the governor's council of economic advisors; one port district official; one county official; one city official; one representative of the public; one representative of small businesses each from: (a) The area west of Puget Sound, (b) the area east of Puget Sound and west of the Cascade range, (c) the area east of the Cascade range and west of the Columbia river, and (d) the area east of the Columbia river; one executive from large businesses each from the area west of the Cascades and the area east of the Cascades. The appointive members shall initially be appointed to terms as follows: Three members for one-year terms, three members for two-year terms, and three members for three-year terms which shall include the chairman. Thereafter each succeeding term shall be for three years. The representative from the governor's council of economic advisors shall serve as chairman of the board. The director of the department of commerce and economic development shall serve as vice chairman.

(3) Staff support shall be provided by the department of commerce and economic development.

(4) All appointive members of the board shall be reimbursed for travel expenses as provided in RCW 43.03.050 and 43.03.060 as now or hereafter amended.

(5) If a vacancy occurs by death, resignation, or otherwise of appointive members of the board, the governor shall fill the same for the unexpired term. Any members of the board, appointive or otherwise, may be removed for malfeasance or misfeasance in office, upon specific written charges by the governor, under chapter 34.04 RCW.

Sec. 2. Section 3, chapter 40, Laws of 1982 1st ex. sess. as last amended by section 89, chapter 287, Laws of 1984 and RCW 43.160.030 are each amended to read as follows:

(1) The community economic revitalization board is hereby created to exercise the powers granted under this chapter.

(3) Staff support shall be provided by the department of commerce and economic development.

(4) All appointive members of the board shall be compensated in accordance with RCW 43.03.240 and shall be reimbursed for travel expenses as provided in RCW 43.03.050 and 43.03.060.

NEW SECTION. Sec. 3. A new section is added to chapter 43.160 RCW to read as follows:

If an application requests funds for improvements to a state highway or highways, and the application is approved by the board, the board shall, after insuring that the improvements meet the safety and design criteria of the department of transportation, direct the state transportation commission to effect such improvements by the department of transportation in coordination with the applicant. All such work carried out by the department of transportation shall be in conjunction with an application that has been found by the board to meet all of the statutory criteria set forth in this chapter, and other procedures and criteria established by the board.

The department of transportation may expend only funds in the economic development account of the motor vehicle fund, created by section 4 of this act, for any work directed by the board under this chapter.

NEW SECTION. Sec. 4. A new section is added to chapter 47.10 RCW to read as follows:

The proceeds from the sale of the bonds authorized by section 5 of this act shall be deposited in the economic development account of the motor vehicle fund, hereby created.

NEW SECTION. Sec. 5. A new section is added to chapter 47.10 RCW to read as follows:

In order to provide funds for state highway improvements necessitated by planned economic development, as determined by the community economic revitalization board under chapter 43.160 RCW, there shall be issued and sold upon the request of the Washington state transportation commission, a total of ten million dollars of general obligation bonds of the state of Washington.

NEW SECTION. Sec. 6. A new section is added to chapter 47.10 RCW to read as follows:

Upon request being made by the transportation commission, the state finance committee shall supervise and provide for the issuance, sale, and retirement of the bonds authorized by section 5 of this act in accordance with chapter 39.42 RCW. Such bonds may be sold from time to time in such amounts as may be necessary for the orderly progress of the state highway improvements specified in section 3 of this act. The transportation commission shall give notice of its intent to sell bonds to the legislative transportation committee before requesting the state finance committee to issue and sell bonds authorized by section 5 of this act.

NEW SECTION. Sec. 7. A new section is added to chapter 47.10 RCW to read as follows:

The proceeds from the sale of the bonds authorized by section 5 of this act shall be deposited in the economic development account of the motor vehicle fund, and such proceeds shall be available only for the purposes enumerated in section 3 of this act, for the payment of bond anticipation notes, if any, and for the payment of the expense incurred in the drafting, printing, issuance, and sale of such bonds.

NEW SECTION. Sec. 8. A new section is added to chapter 47.10 RCW to read as follows:

Bonds issued under section 5 of this act shall distinctly 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 such principal and interest as the same shall become due. The principal of and interest on such bonds shall be first payable from the proceeds of the state excise taxes on motor vehicle and special fuels imposed by chapters 82.36, 82.37, and 82.38 RCW. Proceeds of such excise taxes are hereby pledged to the payment of any bonds and the interest thereon issued under section 5 of this act, and the legislature hereby agrees to continue to impose these excise taxes on motor vehicle and special fuels in amounts sufficient to pay, when due, the principal and interest on all bonds issued under section 5 of this act.

NEW SECTION. Sec. 9. A new section is added to chapter 47.10 RCW to read as follows:

Any funds required to repay the bonds authorized by section 5 of this act or the interest thereon when due shall be taken from that portion of the motor vehicle fund that results from the imposition of excise taxes on motor vehicle and special fuels and that is distributed to the state for expenditure pursuant to RCW 46.68.130 and shall never constitute a charge against any allocations of such funds to counties, cities, and towns unless the amount of the motor vehicle fund arising from the excise taxes on motor vehicle and special fuels and available for state highway purposes proves insufficient to meet the requirements for bond retirement or interest on any such bonds.

NEW SECTION. Sec. 10. A new section is added to chapter 47.10 RCW to read as follows:

At least one year before the date any interest is due and payable on such bonds or before the maturity date of such bonds, the state finance committee shall estimate the percentage of the receipts in money of the motor vehicle fund resulting from collection of excise taxes on motor vehicle and special fuels, for each month of the year which shall be required to meet interest or bond payments when due and shall notify the treasurer of such estimated requirement. The state treasurer shall thereafter from time to time each month as such funds are paid into the motor vehicle fund, transfer such percentage of the monthly receipts from excise taxes on motor vehicle and special fuels of the motor vehicle fund to the highway bond retirement fund heretofore created in the state treasury, which funds shall be available solely for payment of the principal of and interest on the bonds when due. If in any month it appears that the estimated percentage of moneys so made is insufficient to meet the requirements for payment of the principal thereof or interest thereon, the treasurer shall notify the state finance committee forthwith, and the committee shall adjust its estimates so that all requirements for the interest on and principal of all bonds issued shall be fully met at all times.

NEW SECTION. Sec. 11. A new section is added to chapter 47.10 RCW to read as follows:

Whenever the percentage of the motor vehicle fund arising from excise taxes on motor vehicle and special fuels payable into the highway bond retirement fund proves more than is required for the payment of interest on bonds when due, or current retirement bonds, any excess may, in the discretion of the state finance committee, be available for the prior redemption of any bonds or remain available in the fund to reduce requirements upon the fuel excise tax portion of the motor vehicle fund at the next interest or bond payment period.

NEW SECTION. Sec. 12. A new section is added to chapter 47.10 RCW to read as follows:

The bonds authorized in section 5 of this act constitute a legal investment for all state funds or for funds under state control and all funds of municipal corporations.

NEW SECTION. Sec. 13. A new section is added to chapter 47.10 RCW to read as follows:

Bonds issued under authority of section 5 of this act and any subsequent general obligation bonds of the state of Washington that may be authorized and that pledge motor vehicle and special fuel excise taxes for the payment of principal and interest thereon shall be an equal charge against the revenues from such motor vehicle and special fuel excise taxes.

NEW SECTION. Sec. 14. A new section is added to chapter 47.10 RCW to read as follows:

The sum of ten million dollars, or so much thereof as may be necessary, is appropriated from the economic development account of the motor vehicle fund to the department of transportation for the biennium ending June 30, 1987, to carry out section 3 of this act. However, the money available for expenditure under this appropriation may not exceed the amount of money derived from the sale of bonds, and interest earned thereon, authorized by section 5 of this act and deposited to the credit of the economic development account of the motor vehicle fund.

NEW SECTION. Sec. 15. If any provision of this act or its application to any person or circumstance is held invalid, the remainder of the entire act and the application of the provision to other persons or circumstances is invalid and of no further force and effect.

NEW SECTION. Sec. 16. Section 1 of this act is repealed effective July 1, 1985.

NEW SECTION. Sec. 17. This act is necessary for the immediate preservation of the public peace, health, and safety, the support of the state government and its existing public institutions, and shall take effect immediately, except for sections 2 and 16 of this act, which shall take effect July 1, 1985.