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HOUSE BILL NO. 2503
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AS AMENDED BY THE SENATE
C 080 L 90
State of Washington 51st Legislature 1990 Regular Session
By Representatives Vekich, Walker, R. King and Winsley; by request of Department of Labor and Industries
Read first time 1/12/90 and referred to Committee on Commerce & Labor.
AN ACT Relating to the investment of industrial insurance funds; amending RCW 51.44.100; and declaring an emergency.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
Sec. 1. Section 51.44.100, chapter 23, Laws of 1961 as last amended by section 41, chapter 3, Laws of 1981 and RCW 51.44.100 are each amended to read as follows:
Whenever,
in the judgment of the state investment board, there shall be in the accident
fund, medical aid fund, ((or in the)) reserve fund, or the
supplemental pension fund, funds in excess of that amount deemed by the
state investment board to be sufficient to meet the current expenditures
properly payable therefrom, the state investment board may invest and reinvest
such excess funds in the manner prescribed by RCW 43.84.150, and not otherwise.
The state investment board may give consideration to the investment of excess funds in federally insured student loans made to persons in vocational training or retraining or reeducation programs. The state investment board may make such investments by purchasing from savings and loan associations, commercial banks, mutual savings banks, credit unions and other institutions authorized to be lenders under the federally insured student loan act, organized under federal or state law and operating in this state loans made by such institutions to residents of the state of Washington particularly for the purpose of vocational training or reeducation: PROVIDED, That the state investment board shall purchase only that portion of any loan which is guaranteed or insured by the United States of America, or by any agency or instrumentality of the United States of America: PROVIDED FURTHER, That the state investment board is authorized to enter into contracts with such savings and loan associations, commercial banks, mutual savings banks, credit unions, and other institutions authorized to be lenders under the federally insured student loan act to service loans purchased pursuant to this section at an agreed upon contract price.
NEW SECTION. Sec. 2. This act is necessary for the immediate preservation of the public peace, health, or safety, or support of the state government and its existing public institutions, and shall take effect immediately.