5930

AN ACT Relating to providing for the construction of transportation-related tourism and outdoor recreation facilities; adding a new section to chapter 47.80 RCW; adding a new chapter to Title 43 RCW; and making an appropriation.

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

NEW SECTION. Sec. 1. The legislature finds that the former mainstays of the Washington coastal economy, old growth timber and commercial fishing, have declined and local coastal governments and other coastal organizations are making a concerted push for enhanced tourism a major element in the plan for regional economic diversity. The legislature further finds that the Washington coast, because of its beautiful, flat, sandy beaches and scenic wild, rocky headlands contains some of the truly spectacular coastline in the United States, and further that transportation-related improvements are essential to attract increasing numbers of tourists to enjoy its scenic grandeur and the outdoor recreational opportunities it provides.

NEW SECTION. Sec. 2. The sum of twenty million dollars, or as much thereof as may be necessary, is appropriated for the biennium ending June 30, 1995, from the motor vehicle fund, to the department of transportation for the purposes of spending within the coastal region bounded on the south by Ilwaco to Forks on the north, inclusive of the area in between the boundaries, on such tourism-related transportation improvements as pedestrian and bicycle traffic, providing passing lanes, slow vehicle pullouts, rest stops at scenic areas, historic and cultural sites, scenic and other signage, modern sanitary facilities at regularly spaced intervals, and scenic byways, paths, and loops to facilitate tourism and outdoor recreation activities in the region. Two million dollars of the appropriation must be allocated to regional transportation planning organizations in the affected area to assist in project planning activities.

NEW SECTION. Sec. 3. For the purpose of providing funds for the accelerated construction of the priority projects under section 2, chapter . . ., Laws of 1993 (section 2 of this act), the state finance committee is authorized to issue general obligation bonds of the state of Washington in the sum of twenty million dollars, or so much thereof as may be required, to finance these projects and all costs incidental thereto. Bonds authorized in this section may be sold at such price as the state finance committee shall determine. No bonds authorized in this section may be offered for sale without prior legislative appropriation of the net proceeds of the sale of the bonds. However, if funds are available in the motor vehicle fund in an amount greater than is necessary to pay current demands, the funds may be used to finance these priority projects until such a time as bonds are sold, as provided by law, at which time the motor vehicle fund must be reimbursed. The funds identified in this section are in addition to the funds identified in the Washington department of transportation improvement program.

NEW SECTION. Sec. 4. The proceeds from the sale of the bonds authorized in section 3 of this act shall be deposited in the coastal transportation improvements account hereby created in the state treasury and shall be used exclusively for the purposes specified in section 3 of this act and for the payment of expenses incurred in the issuance and sale of the bonds. These proceeds shall be administered by the department of transportation, subject to legislative appropriation.

NEW SECTION. Sec. 5. The state general obligation bond retirement fund shall be used for the payment of the principal of and interest on the bonds authorized in section 3 of this act.

The state finance committee shall, on or before June 30th of each year, certify to the state treasurer the amount needed in the ensuing twelve months to meet the bond retirement and interest requirements. Not less than thirty days prior to the date on which any interest or principal and interest payment is due, the state treasurer shall withdraw from any general state revenues received in the state treasury and deposit in the general obligation bond retirement fund an amount equal to the amount certified by the state finance committee to be due on the payment date.

Bonds issued under section 3 of this act shall state that they are a general obligation of the state of Washington, shall pledge the full faith and credit of the state to the payment of the principal thereof and the interest thereon, and shall contain an unconditional promise to pay the principal and interest as the same shall become due.

The owner and holder of each of the bonds or the trustee for the owner and holder of any of the bonds may by mandamus or other appropriate proceeding require the transfer and payment of funds as directed in this section.

NEW SECTION. Sec. 6. The legislature may provide additional means for raising moneys for the payment of the principal of and interest on the bonds authorized in section 3 of this act, and section 5 of this act shall not be deemed to provide an exclusive method for the payment.

NEW SECTION. Sec. 7. The bonds authorized in section 3 of this act shall be a legal investment for all state funds or funds under state control and for all funds of any other public body.

NEW SECTION. Sec. 8. A new section is added to chapter 47.80 RCW to read as follows:

Regional transportation planning organizations in the coastal region shall take the lead in planning and project programming for the Pacific coastal parkway, a regional transportation issue of state-wide interest. Projects for inclusion must be compatible with the coastal Pacific parkway plan and coastal highway 101 planning activities of Oregon and California.

NEW SECTION. Sec. 9. Sections 1 and 3 through 7 of this act shall constitute a new chapter in Title 43 RCW.