S-1555               _______________________________________________

                                                   SENATE BILL NO. 6014

                        _______________________________________________

State of Washington                               51st Legislature                              1989 Regular Session

By Senator Fleming

Read first time 2/22/89 and referred to Committee on  Financial Institutions & Insurance.

AN ACT Relating to the Washington housing trust fund; adding a new section to chapter 43.185 RCW; and prescribing penalties.

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

NEW SECTION. Sec. 1.  A new section is added to chapter 43.185 RCW to read as follows:

          (1) All professional sports teams shall maintain an interest- bearing account for the deposit of proceeds from the sale of season tickets.  The interest accruing on this account, net of any reasonable transaction costs, shall be paid to the state treasurer for deposit in the Washington housing trust fund created under RCW 43.185.030.  A professional sports team may, but is not required to, notify the buyers of season tickets of the intended use of such funds.

          (2) For the purposes of this section, "professional sports teams" means the Seattle mariners, the Seattle seahawks, and the Seattle supersonics.

          (3) The professional sports team shall direct the depository institution to:

          (a) Remit interest or dividends, net of any reasonable service charges or fees, on the average monthly balance of the account, or as otherwise computed in accordance with an institution's standard accounting practice, at least quarterly, to the state treasurer for deposit in the housing trust fund created under RCW 43.185.030; and

          (b) Transmit to the director of community development a statement indicating the total amount of proceeds deposited, the rate of interest applied, and the amount of service charges or fees deducted, if any, and the account balance for the period in which the report is made.

          (4) A violation of or failure to comply with this section is punishable by a fine not exceeding ten percent of all ticket sales made by the professional sports team during the year in which the violation occurs.