WSR 00-03-040

PROPOSED RULES

OFFICE OF THE

STATE TREASURER

[ Filed January 13, 2000, 1:17 p.m. ]

Original Notice.

Exempt from preproposal statement of inquiry under RCW 34.05.310(4).

Title of Rule: Chapter 210-01 WAC, Local government investment pool (LGIP).

Purpose: To align rule with RCW 43.250.060 and to provide added clarity on the rule that requires reimbursement for the administration and recovery of costs associated with the operation of the local government investment pool.

Statutory Authority for Adoption: RCW 43.250.090.

Statute Being Implemented: Chapter 43.250 RCW.

Summary: To align rule with RCW 43.250.060 and to provide added clarity on the rule that requires reimbursement for the administration and recovery of costs associated with the operation of the local government investment pool.

Reasons Supporting Proposal: To align rule with RCW 43.250.060 and make rule more clear regarding the reimbursement for the administration of the LGIP.

Name of Agency Personnel Responsible for Drafting: Cristin E. Wilson, P.O. Box 40200, (360) 902-9010; Implementation and Enforcement: Douglas D. Extine, P.O. Box 40200, (360) 902-9012.

Name of Proponent: Washington State Treasurer, governmental.

Rule is not necessitated by federal law, federal or state court decision.

Explanation of Rule, its Purpose, and Anticipated Effects: The rules govern the operation of the local government investment pool (LGIP). The rules specify who can participate in this public funds investment account and sets forth the reporting requirements and operational procedures. The rules give direction to LGIP members and allows the state treasurer to maintain the viability and success of the LGIP's investment program.

Proposal does not change existing rules.

No small business economic impact statement has been prepared under chapter 19.85 RCW. The proposed rule does not regulate or have an economic impact on any small business. The rule impacts only participants of the LGIP.

Section 201, chapter 403, Laws of 1995, does not apply to this rule adoption. The agency does not elect to have section 201, chapter 403, Laws of 1995, apply to this rule adoption.

Hearing Location: Office of the State Treasurer, 416 14th Avenue S.W., Second Floor, Room 240, Olympia, WA 98504, on March 2, 2000, at 1 p.m.

Assistance for Persons with Disabilities: Contact Cristin Wilson by February 17, 2000, TDD (360) 902-8963, or (360) 902-9010.

Submit Written Comments to: cristin@tre.wa.gov, fax (360) 902-9044, by February 17, 2000.

Date of Intended Adoption: March 2, 2000.

January 13, 2000

Douglas D. Extine

Deputy Treasurer


AMENDATORY SECTION(Amending WSR 96-18-029, filed 8/28/96)

WAC 210-01-120
Administrative ((fees)) deductions.

As authorized in RCW 43.250.060, the ((The)) state treasurer will ((charge a fee)) require reimbursement for the administration and recovery of costs associated with the operation of the local government investment pool. ((This fee will be set in a manner that will allow the state treasurer to recover costs associated with the pool. The fee)) The deduction for the amount to reimburse the office of the state treasurer will be based on the average daily balance of the funds deposited in the pool. Each participant will ((pay a proportionate share of the pool's expenses)) reimburse based upon its share of the total pool's assets. The ((fee)) deduction will be expressed as a percentage of the average daily funds on deposit in the pool for a specified period. ((This fee will be charged against)) This reimbursement will be deducted from each participants earnings prior to the credit of those earnings. The administrative ((fee)) deduction will be adjusted to reflect actual experience.

[Statutory Authority: RCW 43.250.090, 43.250.010, [43.250].020 and [43.250].040. 96-18-029, 210-01-120, filed 8/28/96, effective 9/28/96. Statutory Authority: 1986 c 294. 86-14-002 (Resolution No. 639), 210-01-120, filed 6/19/86.]

Reviser's note: RCW 34.05.395 requires the use of underlining and deletion marks to indicate amendments to existing rules. The rule published above varies from its predecessor in certain respects not indicated by the use of these markings.

Washington State Code Reviser's Office