AN ACT Relating to state general obligation bonds; amending RCW 43.83A.020, 43.83A.070, 43.99E.015, 43.99E.035, 43.99F.020, 43.99F.060, 75.48.020, and 75.48.060; creating a new section; and declaring an emergency.

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

NEW SECTION. Sec. 1. It is the intent of this act to allow the sale of state general obligation bonds to underwriters at a discount so that they may be sold to the public at face value, thereby resulting in lower interest costs to the state. Increases in bond authorizations under this act represent this discount and will have no effect on the amount of money available for the projects to be financed by the bonds.

Sec. 2. Section 2, chapter 127, Laws of 1972 ex. sess. as amended by section 1, chapter 242, Laws of 1977 ex. sess. and RCW 43.83A.020 are each amended to read as follows:

For the purpose of providing funds for the planning, acquisition, construction, and improvement of public waste disposal facilities in this state, the state finance committee is authorized to issue general obligation bonds of the state of Washington in the sum of two hundred twenty-five million nine hundred thousand dollars or so much thereof as may be required to finance the improvements defined in this chapter and all costs incidental thereto. As used in this section the phrase "public waste disposal facilities" shall not include the acquisition of equipment used to collect, carry, and transport garbage. These bonds shall be paid and discharged within twenty years of the date of issuance or within thirty years should Article VIII of the Constitution of the state of Washington be amended to permit such longer term. No bonds authorized by this chapter shall be offered for sale without prior legislative appropriation of the net proceeds of such bonds to be sold.

Sec. 3. Section 7, chapter 127, Laws of 1972 ex. sess. and RCW 43.83A.070 are each amended to read as follows:

The state finance committee is authorized to prescribe the form, terms, conditions, and covenants of the bonds, the time or times of sale of all or any portion of them, and the conditions and manner of their sale and issuance. ((~~None of the bonds herein authorized shall be sold for less than their par value.~~))

Sec. 4. Section 2, chapter 234, Laws of 1979 ex. sess. and RCW 43.99E.015 are each amended to read as follows:

For the purpose of providing funds for the planning, acquisition, construction, and improvement of water supply facilities within the state, the state finance committee is authorized to issue general obligation bonds of the state of Washington in the sum of one hundred ((~~twenty-five~~)) twenty-seven million ten thousand dollars, or so much thereof as may be required, to finance the improvements defined in this chapter and all costs incidental thereto. These bonds shall be paid and discharged within thirty years of the date of issuance in accordance with Article VIII, section 1 of the state Constitution. No bonds authorized by this chapter may be offered for sale without prior legislative appropriation of the net proceeds of the bonds to be sold.

Sec. 5. Section 6, chapter 234, Laws of 1979 ex. sess. and RCW 43.99E.035 are each amended to read as follows:

The state finance committee is authorized to prescribe the forms, terms, conditions, and covenants of the bonds; the time or times of sale of all or any portion of them; and the conditions and manner of their sale and issuance. ((~~None of the bonds authorized by this chapter may be sold for less than their par value.~~))

Sec. 6. Section 2, chapter 159, Laws of 1980 as amended by section 2, chapter 436, Laws of 1987 and RCW 43.99F.020 are each amended to read as follows:

For the purpose of providing funds to public bodies for the planning, design, acquisition, construction, and improvement of public waste disposal and management facilities, or for purposes of assisting a public body to obtain an ownership interest in waste disposal and management facilities and/or to defray a part of the payments made by a public body to a service provider under a service agreement entered into pursuant to RCW 70.150.060, in this state, the state finance committee is authorized to issue((~~, at any time prior to January 1, 1990,~~)) general obligation bonds of the state of Washington in the sum of four hundred fifty-four million six hundred fifty thousand dollars, or so much thereof as may be required, to finance the improvements defined in this chapter and all costs incidental thereto. The department may not use or permit the use of any funds derived from the sale of bonds authorized by this chapter for: (1) the support of a solid waste recycling activity or service in a locale if the department determines that the activity or service is reasonably available to persons within that locale from private enterprise; or (2) the construction of municipal wastewater facilities unless said facilities have been approved by a general purpose unit of local government in accordance with chapter 36.94 RCW, chapter 35.67 RCW, or RCW 56.08.020. These bonds shall be paid and discharged within thirty years of the date of issuance. No bonds authorized by this chapter shall be offered for sale without prior legislative appropriation of the net proceeds of the bonds to be sold.

Sec. 7. Section 6, chapter 159, Laws of 1980 and RCW 43.99F.060 are each amended to read as follows:

The state finance committee is authorized to prescribe the form, terms, conditions, and covenants of the bonds, the time or times of sale of all or any portion of them, and the conditions and manner of their sale and issuance. ((~~None of the bonds authorized in this chapter shall be sold for less than their par value.~~))

Sec. 8. Section 2, chapter 308, Laws of 1977 ex. sess. as last amended by section 10, chapter 4, Laws of 1985 ex. sess. and RCW 75.48.020 are each amended to read as follows:

For the purpose of providing funds for the planning, acquisition, construction, and improvement of salmon hatcheries, other salmon propagation facilities including natural production sites, and necessary supporting facilities within the state, the state finance committee may issue general obligation bonds of the state of Washington in the sum of thirty-four million ((~~five~~)) six hundred sixty thousand dollars or so much thereof as may be required to finance the improvements defined in this chapter and all costs incidental thereto. These bonds shall be paid and discharged within thirty years. No bonds authorized by this chapter may be offered for sale without prior legislative appropriation of the net proceeds of such bonds to be sold.

Sec. 9. Section 6, chapter 308, Laws of 1977 ex. sess. as amended by section 166, chapter 46, Laws of 1983 1st ex. sess. and RCW 75.48.060 are each amended to read as follows:

The state finance committee may prescribe the form, terms, conditions, and covenants of the bonds, the time or times of sale of all or any portion of them, and the conditions and manner of their sale and issuance. ((~~None of the bonds authorized in this chapter shall be sold for less than their par value.~~))

NEW SECTION. Sec. 10. This act is necessary for the immediate preservation of the public peace, health, and safety, the support of the state government and its existing public institutions, and shall take effect immediately.