Z-1359               _______________________________________________

                                                   HOUSE BILL NO. 1349

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State of Washington                              50th Legislature                              1988 Regular Session

By Representatives Grimm, Holland, Locke, H. Sommers, Silver, Bristow, R. King, Sayan and McLean;by request of State Treasurer

Read first time 1/13/88 and referred to Committee on Ways & Means.

AN ACT Relating to investment of bond proceeds; adding a new section to chapter 39.42 RCW; 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 39.42 RCW to read as follows:

          The excess earnings account is created in the state treasury.  From the revenue funds from which principal and interest payments on bonds are provided, the state treasurer shall periodically transfer to the excess earnings account such amounts as are owed to the federal government under section 148 of the federal internal revenue code.  Pursuant to legislative appropriation from the excess earnings account, the state treasurer shall periodically remit to the United States treasury any amounts owed to the federal government under section 148 of the federal internal revenue code.

NEW SECTION. Sec. 2.     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.