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SUBSTITUTE
SENATE BILL 5932
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Passed
Legislature - 2000 Regular Session
State of Washington 56th
Legislature 1999 Regular Session
By
Read first time 03/01/1999.
Changing
provisions relating to bond debt service payments from the community and
technical college capital projects account.
AN
ACT Relating to general obligation bond debt service payments from the
community and technical college projects account; amending RCW 28B.50.360;
repealing 1997 c 235 s 709 (uncodified); and declaring an emergency.
BE IT ENACTED BY THE
LEGISLATURE OF THE STATE OF WASHINGTON:
Sec.
1. RCW
28B.50.360 and 1997 c 42 s 1 are each amended to read as follows:
Within
thirty-five days from the date of start of each quarter all collected building
fees of each such community and technical college shall be paid into the state
treasury, and shall be credited as follows:
(1)
On or before June 30th of each year the college board if issuing bonds payable
out of building fees shall certify to the state treasurer the amounts required
in the ensuing twelve-month period to pay and secure the payment of the
principal of and interest on such bonds. The state treasurer shall thereupon
deposit the amounts so certified in the community and technical college capital
projects account. Such amounts of the funds deposited in the community and
technical college capital projects account as are necessary to pay and secure
the payment of the principal of and interest on the building bonds issued by
the college board as authorized by this chapter shall be exclusively devoted to
that purpose. If in any twelve-month period it shall appear that the amount
certified by the college board is insufficient to pay and secure the payment of
the principal of and interest on the outstanding building bonds, the state
treasurer shall notify the college board and such board shall adjust its
certificate so that all requirements of moneys to pay and secure the payment of
the principal and interest on all such bonds then outstanding shall be fully
met at all times.
(2)
The community and technical college capital projects account is hereby created
in the state treasury. The sums deposited in the capital projects account
shall be appropriated and expended exclusively to pay and secure the payment of
the principal of and interest on bonds payable out of the building fees and for
the construction, reconstruction, erection, equipping, maintenance, demolition
and major alteration of buildings and other capital assets owned by the state
board for community and technical colleges in the name of the state of
Washington, and the acquisition of sites, rights-of-way, easements,
improvements or appurtenances in relation thereto, and for the payment of
principal of and interest on any bonds issued for such purposes.
(((3)
Notwithstanding the provisions of subsections (1) and (2) of this section, at
such time as all outstanding building bonds of the college board payable from
the community and technical college capital projects account have been paid,
redeemed, and retired, or at such time as ample provision has been made by the
state for full payment, from some source other than the community and technical
college capital projects account, of the principal of and the interest on and
call premium, if applicable, of such bonds as they mature and/or upon their
call prior to their maturity, through refunding or otherwise, that portion of
all building fees of the community and technical colleges equal to the amount
required to pay yearly debt service on any general obligation bonds issued by
the state in accordance with Article VIII, section 1, Washington state
Constitution, for community and technical college purposes, shall be paid into
the general fund of the state treasury. The state finance committee shall
determine whether ample provision has been made for payment of such bonds
payable from the community and technical college capital projects account and
shall determine the amount required to pay yearly debt service on such general
obligation bonds of the state. Nothing in this subsection shall be construed
as obligating the legislature or the state to provide for payment of such
college building bonds from some source other than the community and technical
college capital projects account or as pledging the general credit of the state
to the payment of such bonds.))
NEW
SECTION. Sec. 2. 1997
c 235 s 709 (uncodified) is repealed.
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.
