1089-S AMH REV H2133.1

SHB 1089 - H COMM AMD

By Committee on Revenue

    On page 2, after line 23, insert the following:

    "Sec. 2.  RCW 43.79A.040 and 1991 sp.s. c 13 s 82 are each amended to read as follows:

    (1) Money in the treasurer's trust fund may be deposited, invested and reinvested by the state treasurer in accordance with RCW 43.84.080 in the same manner and to the same extent as if the money were in the state treasury.

    (2) All income received from investment of the treasurer's trust fund shall be set aside in an account in the treasury trust fund to be known as the investment income account.  Monthly, the state treasurer shall distribute the earnings credited to the investment income account to the state general fund except:

    (a) The following accounts and funds shall receive their proportionate share of earnings based upon each account's or fund's average daily balance for the period:  The American Indian scholarship endowment fund, the air operating permit account, the energy account, the game farm alternative account, and the self-insurance revolving fund.  However, the earnings to be distributed shall first be reduced by the allocation to the state treasurer's service ((account [fund])) fund pursuant to RCW 43.08.190.

    (b) The following accounts and funds shall receive eighty percent of their proportionate share of earnings based upon each account's or fund's average daily balance for the period:  The advanced right of way revolving fund, the federal narcotics asset forfeitures account, the ferry system account, the ferry system insurance claim reserve account, the ferry system operation and maintenance account, the ferry system revenue account, the ferry system revenue bond account, the high occupancy vehicle account, and the local rail service assistance account.

    (3) In conformance with Article II, section 37 of the state Constitution, no trust accounts or funds shall be allocated earnings without the specific affirmative directive of this section."

    Renumber the remaining sections consecutively and correct internal references accordingly.

EFFECT:  Adds the air operating permit account to the list of treasurer's trust funds that are exempt from deposit of investment income into the general fund.

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