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                                                    HOUSE BILL NO. 551

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State of Washington                              50th Legislature                              1987 Regular Session

By Representatives Spanel, Belcher, Sayan, S. Wilson, Locke, Allen and P. King

Read first time 2/2/87 and referred to Committee on Natural Resources. Referred to Committee on Ways & Means 2/13/87.

AN ACT Relating to the use of proceeds from the sale or lease of aquatic lands and the sale of materials therefrom; amending RCW 79.24.580; and adding a new section to chapter 43.79 RCW.

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

        Sec. 1.  Section 9, chapter 167, Laws of 1961 as last amended by section 79, chapter 57, Laws of 1985 and RCW 79.24.580 are each amended to read as follows:

          After deduction for management costs as provided in RCW 79.64.040 and payments to towns under RCW 79.92.110(2), all moneys received by the state from the sale or lease of state-owned aquatic lands and from the sale of valuable material from state-owned aquatic lands shall be distributed as follows:  (1) ((Forty percent)) To the state building bond redemption fund such amounts necessary to retire bonds issued pursuant to RCW 79.24.630 through 79.24.647 prior to January 1, 1987, and for which tide and harbor area revenues have been pledged, and (2) all moneys not deposited for the purposes of subsection (1) of this section shall be deposited in the aquatic lands enhancement account which is hereby created in the state treasury.  After appropriation, these funds shall be used solely for aquatic lands enhancement projects; for the purchase, improvement, or protection of aquatic lands for public purposes; for providing and improving access to such lands; and for volunteer cooperative fish and game projects((; and (2) the remainder shall be deposited in the capitol purchase and development account in the state treasury which is hereby authorized or, in the event that revenue bonds are issued as authorized by RCW 79.24.630 through 79.24.647, into the state building bond redemption fund pursuant to RCW 79.24.638.  All earnings of investments of balances in the aquatic lands enhancement account and the capitol purchase and development account shall be credited to the general fund)).

NEW SECTION. Sec. 2.  A new section is added to chapter 43.79 RCW to read as follows:

          The capitol purchase and development account is hereby created in the state treasury.