H-2083              _______________________________________________

                                                   HOUSE BILL NO. 2185

                        _______________________________________________

State of Washington                               51st Legislature                              1989 Regular Session

By Representatives Doty and Inslee

Read first time 3/1/89 and referred to Committee on Trade & Economic Development.

AN ACT Relating to emergency expenditures for economic development purposes; adding a new section to chapter 43.31 RCW; and making an appropriation.

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

NEW SECTION. Sec. 1.  A new section is added to chapter 43.31 RCW to read as follows:

          The economic development emergency assistance fund is created in the custody of the state treasurer as a nontreasury trust fund in accordance with chapter 43.79A RCW.  Disbursements from the fund shall be on authorization of the economic development cabinet.  The chairs of the senate ways and means committee, senate economic development and labor committee, house of representatives appropriations committee, and house of representatives trade and economic development committee shall serve as a nonvoting advisory group to the economic development cabinet regarding disbursements from the fund.

          The economic development cabinet is authorized to make disbursements from the fund if it determines that immediate financial assistance is necessary for an economic development project, that other sources of reasonable financing are not readily available for the project, and that an appropriation by the legislature would not be timely for the project.  The economic development cabinet, in consultation with the legislative members who serve as an advisory group to the cabinet, shall establish guidelines for the funding of economic development projects under this section.  The disbursement of any moneys from the economic development emergency assistance fund must be in compliance with the provisions of any federal law or rules which may apply to the expenditure of moneys from the fund.

          The fund is subject to allotment procedures under chapter 43.88 RCW, but no appropriation is required for expenditures from the fund.  RCW 43.88.250 does not apply to expenditures made by the economic development cabinet pursuant to this section.

          The economic development cabinet must report to the senate ways and means committee, senate economic development and labor committee, house of representatives appropriations committee, and house of representatives trade and economic development committee by December 31 each year on the amount of disbursements from the fund and the economic development projects financed.

          For purposes of this section, "economic development cabinet" means the director of the department of agriculture, the director of the department of community development, the director of the department of trade and economic development, and the commissioner of employment security.

NEW SECTION. Sec. 2.     The sum of two hundred fifty thousand dollars, or as much thereof as may be necessary, is appropriated from the federal portion of the public facilities construction loan revolving fund established in RCW 43.160.080, as it existed as of November 1, 1988, to the economic development emergency assistance fund for the biennium ending June 30, 1991, to carry out the purposes of this act.