H-4043              _______________________________________________

                                                   HOUSE BILL NO. 1512

                        _______________________________________________

State of Washington                              50th Legislature                              1988 Regular Session

By Representatives H. Sommers, Grimm, Holland, Hine, Braddock, Crane, P. King, Holm and Pruitt

Read first time 1/18/88 and referred to Committee on Ways & Means.

AN ACT Relating to school construction funding; creating a new section; and making an appropriation.

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

NEW SECTION. Sec. 1.     The legislature finds that the common school construction fund is subject to large fluctuations in revenue.  These revenue estimates have increased since the capital appropriations act for the 1987-89 biennium was enacted by the legislature, so that it now appears that there will be an additional eighty-five million dollars available beyond the amount originally anticipated.

NEW SECTION. Sec. 2.     (1) The sum of forty-two million five hundred thousand dollars, or as much thereof as may be available under subsection (2) of this section, is appropriated from the common school construction fund to be deposited as principal in the permanent common school fund.

          (2) As appropriated in this section, on June 30, 1989, the state treasurer shall transfer from the common school construction fund to the permanent common school fund the lesser of forty-two million five hundred thousand dollars or the amount by which revenues to the common school construction fund for the biennium ending June 30, 1989, exceed one hundred nine million four hundred thousand dollars.