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                                                   SENATE BILL NO. 6355

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State of Washington                               51st Legislature                              1990 Regular Session

By Senators Bailey, Saling and Rinehart

Read first time 1/12/90 and referred to Committee on  Ways & Means.

AN ACT Relating to public lands; amending RCW 43.84.090 and 43.79.330; and adding a new section to chapter 43.84 RCW.

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

NEW SECTION. Sec. 1.  A new section is added to chapter 43.84 RCW to read as follows:

          The income from the investment of balances in accounts comprised of funds derived from the management of state lands, as defined by RCW 79.01.004, shall not be subject to the provisions of RCW 43.84.090.  However, the state treasurer may deduct from the investment income, for deposit in the state general fund, a management fee in the same proportion to the moneys appropriated to the state treasurer for general operating expenses as the invested balances of such accounts are to the invested balances of all accounts managed by the state treasurer.

        Sec. 2.  Section 43.84.090, chapter 8, Laws of 1965 as last amended by section 5, chapter 233, Laws of 1985 and RCW 43.84.090 are each amended to read as follows:

          Except as otherwise provided by RCW 67.40.025 and section 1 of this act, twenty percent of all income received from such investments shall be deposited in the state general fund.

        Sec. 3.  Section 43.79.330, chapter 8, Laws of 1965 as last amended by section 38, chapter 57, Laws of 1985 and RCW 43.79.330 are each amended to read as follows:

          All moneys to the credit of the following state funds on the first day of August, 1955, and all moneys thereafter paid to the state treasurer for or to the credit of such funds, are hereby transferred to the following accounts in the state treasury, the creation of which is hereby authorized:

          (1) Capitol building construction fund moneys, to the capitol building construction account;

          (2) Cemetery fund moneys, to the cemetery account;

          (3) Feed and fertilizer fund moneys, to the feed and fertilizer account;

          (4) Forest development fund moneys, to the forest development account;

          (5) Harbor improvement fund moneys, to the harbor improvement account;

          (6) Millersylvania Park current fund moneys, to the Millersylvania Park current account;

          (7) Puget Sound pilotage fund moneys, to the Puget Sound pilotage account;

          (8) Real estate commission fund moneys, to the real estate commission account;

          (9) Reclamation revolving fund moneys, to the reclamation revolving account;

          (10) University of Washington building fund moneys, to the University of Washington building account;

          (11) State College of Washington building fund moneys, to the Washington  State University building account;

          (12) All earnings of investments of balances in the capitol building construction account, the cemetery account, the feed and fertilizer account, the harbor improvement account, the Millersylvania Park current account, the Puget Sound pilotage account, the real estate commission account, and the reclamation revolving account shall be credited to the general fund; and

          (13) Except as provided in RCW 43.84.090 and section 1 of this act, all earnings of investments of balances in the forest development account, the University of Washington building account, and the Washington State University building account shall be credited to these respective accounts.