WSR 17-16-159 PROPOSED RULES OFFICE OF INSURANCE COMMISSIONER [Insurance Commissioner Matter No. R 2017-03—Filed August 1, 2017, 4:33 p.m.]
Original Notice.
Preproposal statement of inquiry was filed as WSR 17-12-064.
Title of Rule and Other Identifying Information: Interest rate pursuant to RCW 87.03.810.
Hearing Location(s): Office of the Insurance Commissioner, 302 Sid Snyder Avenue S.W., Suite 200, Olympia, WA 98504, on September 5, 2017, at 11:00 a.m.
Date of Intended Adoption: September 5, 2017.
Submit Written Comments to: Jim Freeburg, P.O. Box 40258, Olympia, WA 98504, email rulescoordinator@oic.wa.gov, fax (360) 586-3109, by September 5, 2017.
Assistance for Persons with Disabilities: Contact Lorie Villaflores by September 1, 2017, TTY (360) 586-0241 or (360) 725-7087.
Purpose of the Proposal and Its Anticipated Effects, Including Any Changes in Existing Rules: RCW 87.03.810 sets forth a process for the Washington state department of transportation (WSDOT) to acquire land from irrigation districts for highway purposes. The statute references interest rate tables issued by the office of the insurance commissioner. The rule sets forth the interest rate to be used by WSDOT for purposes of this section – the local government investment pool daily yield.
Reasons Supporting Proposal: The local government investment pool daily yield has been agreed upon by both parties as the proper interest rate to be used in this scenario.
Statute Being Implemented: RCW 87.03.810.
Rule is not necessitated by federal law, federal or state court decision.
Name of Proponent: Mike Kreidler, governmental.
Name of Agency Personnel Responsible for Drafting: Jim Freeburg, P.O. Box 40260 [40258], Olympia, WA 98504, (360) 725-7170; Implementation: John Haworth, P.O. Box 40255, Olympia, WA 98504, (360) 725-7223; and Enforcement: AnnaLisa Gellermann, P.O. Box 40255, Olympia, WA 98504, (360) 725-7037.
No small business economic impact statement has been prepared under chapter 19.85 RCW. This rule proposal is exempt under RCW 19.85.025(3) because these rules only relate to internal governmental operations that are not subject to violation by a nongovernment party, as described in RCW 34.05.328 (5)(b)(ii).
A cost-benefit analysis is not required under RCW 34.05.328. Per RCW 34.05.328 (5)(b)(ii), these rules only relate to internal governmental operations that are not subject to violation by a nongovernment party.
August 1, 2017
Mike Kreidler
Insurance Commissioner
SUBCHAPTER B: ALTERNATIVE USES OF INTEREST RATE TABLES
NEW SECTION
WAC 284-74-700 Acquiring irrigation district lands.
The local government investment pool (LGIP) daily yield, as calculated by the state treasurer, is the proper interest rate to be used as the annual rate of interest for the purpose of calculating a lump sum payment to irrigation districts for lands acquired by the Washington state department of transportation per RCW 87.03.810. The last published daily yield prior to the official transfer of property should be used for the calculation. The last published daily yield means the day prior to the day that the deed is recorded.
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