_______________________________________________
SUBSTITUTE
SENATE BILL 5518
_______________________________________________
AS
AMENDED BY THE HOUSE
Passed
Legislature - 2000 Regular Session
State of Washington 56th
Legislature 1999 Regular Session
By
Read first time 02/26/1999.
Establishing
a youth athletic facility account to help fund community outdoor athletic
facilities.
AN
ACT Relating to community outdoor athletic facilities; amending RCW 43.99N.060;
and adding a new section to chapter 43.99N RCW.
BE IT ENACTED BY THE
LEGISLATURE OF THE STATE OF WASHINGTON:
Sec.
1. RCW
43.99N.060 and 1997 c 220 s 214 (Referendum Bill No. 48) are each amended to
read as follows:
(1)
The stadium and exhibition center account is created in the custody of the
state treasurer. All receipts from the taxes imposed under RCW 82.14.0494 and
distributions under RCW 67.70.240(5) shall be deposited into the account. Only
the director of the office of financial management or the director's designee
may authorize expenditures from the account. The account is subject to
allotment procedures under chapter 43.88 RCW. An appropriation is not required
for expenditures from this account.
(2)
Until bonds are issued under RCW 43.99N.020, up to five million dollars per
year beginning January 1, 1999, shall be used for the purposes of subsection
(3)(b) of this section, all remaining moneys in the account shall be
transferred to the public stadium authority, created under RCW 36.102.020, to
be used for public stadium authority operations and development of the stadium
and exhibition center.
(3)
After bonds are issued under RCW 43.99N.020, all moneys in the stadium and
exhibition center account shall be used exclusively for the following purposes
in the following priority:
(a)
On or before June 30th of each year, the office of financial management shall
accumulate in the stadium and exhibition center account an amount at least
equal to the amount required in the next succeeding twelve months for the
payment of principal of and interest on the bonds issued under RCW 43.99N.020;
(b)
An additional reserve amount not in excess of the expected average annual
principal and interest requirements of bonds issued under RCW 43.99N.020 shall
be accumulated and maintained in the account, subject to withdrawal by the
state treasurer at any time if necessary to meet the requirements of (a) of
this subsection, and, following any withdrawal, reaccumulated from the first
tax revenues and other amounts deposited in the account after meeting the
requirements of (a) of this subsection; and
(c)
The balance, if any, shall be transferred to the youth athletic facility ((grant))
account under subsection (4) of this section.
Any
revenues derived from the taxes authorized by RCW 36.38.010(5) and 36.38.040 or
other amounts that if used as provided under (a) and (b) of this subsection
would cause the loss of any tax exemption under federal law for interest on
bonds issued under RCW 43.99N.020 shall be deposited in and used exclusively
for the purposes of the youth athletic facility ((grant)) account and
shall not be used, directly or indirectly, as a source of payment of principal
of or interest on bonds issued under RCW 43.99N.020, or to replace or reimburse
other funds used for that purpose.
(4)
Any moneys in the stadium and exhibition center account not required or
permitted to be used for the purposes described in subsection (3)(a) and (b) of
this section shall be deposited in the youth athletic facility ((grant))
account hereby created in the state treasury. Expenditures from the account
may be used only for purposes of grants or loans to cities, counties,
and qualified nonprofit organizations for ((youth)) community outdoor
athletic facilities. Only the director of the interagency committee for
outdoor recreation or the director's designee may authorize expenditures from
the account. The account is subject to allotment procedures under chapter
43.88 RCW, but an appropriation is not required for expenditures. The athletic
facility grants or loans may be used for acquiring, developing,
equipping, maintaining, and improving ((youth or)) community outdoor
athletic facilities. Funds shall be divided equally between the development of
new community outdoor athletic facilities, the improvement of existing community
outdoor athletic facilities, and the maintenance of existing community
outdoor athletic facilities. Cities, counties, and qualified nonprofit
organizations must submit proposals for grants or loans from the
account. To the extent that funds are available, cities, counties, and
qualified nonprofit organizations must meet eligibility criteria as established
by the director of the interagency committee for outdoor recreation. The
grants and loans shall be awarded on a competitive application process
and the amount of the grant or loan shall be in proportion to the
population of the city or county for where the ((youth)) community
outdoor athletic facility is located. Grants or loans awarded in
any one year need not be distributed in that year. The director of the
interagency committee for outdoor recreation may expend up to one and one-half
percent of the moneys deposited in the account created in this subsection for
administrative purposes.
NEW
SECTION. Sec. 2. A
new section is added to chapter 43.99N RCW to read as follows:
The
Washington state interagency committee for outdoor recreation, in consultation
with the community outdoor athletic fields advisory council, shall establish
the terms and conditions of repayment and interest, based on financial
considerations for any loans made under this section. Loans made under this
section shall be low or no interest.
