_______________________________________________
HOUSE
BILL 1473
_______________________________________________
Passed
Legislature - 1997 Regular Session
State
of Washington 55th Legislature 1997 Regular Session
By
Read
first time 01/28/97. Referred to Committee on Capital Budget.
Providing supplemental appropriation authority for the
development loan fund.
AN
ACT Relating to providing supplemental appropriation authority for the
development loan fund; amending 1995 2nd sp.s. c 16 s 108 (uncodified);
creating a new section; making an appropriation; and declaring an emergency.
BE IT
ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
NEW
SECTION. Sec. 1. The
legislature finds that the development loan fund is a revolving loan fund
capitalized primarily with federal funds. The fund, administered by the
department of community, trade, and economic development, provides low-interest
loans to businesses in economically distressed areas and other parts of the
state. During the 1995-97 biennium, the department provided three million six
hundred thousand dollars in loans, thereby exhausting its 1995-97 appropriation
authority six months prior to the end of the biennium. However, due to early
repayment of several loans, the account has an estimated fund balance of
approximately one million seven hundred thousand dollars. In order to make the
fund balance available for issuance of new loans prior to the end of the
biennium, it is necessary to provide a supplemental appropriation.
Sec.
2. 1995
2nd sp.s. c 16 s 108 (uncodified) is amended to read as follows:
FOR
THE DEPARTMENT OF COMMUNITY, TRADE, AND ECONOMIC DEVELOPMENT
Development
loan fund (88-2-002)
Reappropriation:
St
Bldg Constr Acct‑-State.......... $ 2,000,000
Wa
St Dev Loan Acct‑-Federal........ $ 186,654
-------------
Subtotal
Reappropriation.... $ 2,186,654
Appropriation:
Wa
St Dev Loan Acct‑-Federal........ $ ((3,500,000))
4,200,000
Prior
Biennia (Expenditures)........ $ 5,932,935
Future
Biennia (Projected Costs).... $ 20,000,000
-------------
TOTAL................. $ ((31,619,589))
32,319,589
NEW
SECTION. Sec. 3. This
act is necessary for the immediate preservation of the public peace, health, or
safety, or support of the state government and its existing public
institutions, and takes effect immediately.
Passed the House March 11, 1997.
Passed the Senate April 11, 1997.
Approved by the Governor
April 24, 1997.
Filed
in Office of Secretary of State April 24, 1997.
