SENATE BILL REPORT

SB 6556

BYSenators Kreidler and Moore

Revising provisions for disposition of certain normal school fund revenues.

Senate Committee on Ways & Means

Senate Hearing Date(s):

Senate Staff:Linda Brownell (786-7715)

AS OF JANUARY 25, 1990

BACKGROUND:

In addition to the state building account, the four-year higher education institutions have two major sources of funding for capital projects: (1) building fees collected as a portion of tuition; and (2) a capital account created from revenues generated from investments, property, and trust resources such as timber.  Five of the six public four-year colleges and universities have public trusts set aside to generate revenue for their capital projects.  In 1969, The Evergreen State College was added to the normal school provision dealing with such trusts.  However, language requires a three-way division of trust revenues between Eastern, Central, and Western Washington Universities as long as there remains unpaid and outstanding bonds.

SUMMARY:

This bill would allow a four-way division, granting The Evergreen State College a 25 percent share in these revenues.

Appropriation:  none

Revenue:   none

Fiscal Note:    requested January 18,1990