CERTIFICATION OF ENROLLMENT

                  SUBSTITUTE SENATE BILL 6063

                   Chapter 288, Laws of 1999

                        56th Legislature

                      1999 Regular Session

EMERGENCY RESERVE FUND--INVESTMENTS

                    EFFECTIVE DATE:  7/1/99

Passed by the Senate March 17, 1999   YEAS 39   NAYS 7                BRAD OWEN President of the Senate Passed by the House April 12, 1999   YEAS 93   NAYS 0

CERTIFICATE I, Tony M. Cook, Secretary of the Senate of the State of Washington, do hereby certify that the attached is  SUBSTITUTE SENATE BILL 6063 as passed by the Senate and the House of Representatives on the dates hereon set forth.

CLYDE BALLARD Speaker of the       House of Representatives	TONY M. COOK                             Secretary
FRANK CHOPP Speaker of the       House of Representatives

Approved May 13, 1999 Place Style On Codes above, and Style Off Codes below.

FILED                        May 13, 1999 - 3:22 p.m.

GARY LOCKE Governor of the State of Washington

Secretary of State                  State of Washington

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                    SUBSTITUTE SENATE BILL 6063

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             Passed Legislature - 1999 Regular Session

State of Washington      56th Legislature     1999 Regular Session

By Senate Committee on Ways & Means (originally sponsored by Senators Loveland, West, Snyder and Oke)

Read first time 03/08/99.

Authorizing the state investment board to invest and reinvest moneys in the emergency reserve fund.  

    AN ACT Relating to the authority of the state investment board to invest and reinvest moneys in the emergency reserve fund; adding a new section to chapter 43.135 RCW; adding a new section to chapter 43.33A RCW; providing an effective date; and declaring an emergency.

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

NEW SECTION. Sec. 1.  A new section is added to chapter 43.135 RCW to read as follows:

    (1) The state investment board has the full power to invest, reinvest, manage, contract, sell, or exchange investment moneys in the emergency reserve fund.  All investment and operating costs associated with the investment of money shall be paid pursuant to RCW 43.33A.160 and 43.84.160.  With the exception of these expenses, the earnings from the investment of the money shall be retained by the fund.

    (2) All investments made by the state investment board shall be made with the exercise of that degree of judgment and care pursuant to RCW 43.33A.140 and the investment policies established by the state investment board.

    (3) As deemed appropriate by the state investment board, moneys in the fund may be commingled for investment with other funds subject to investment by the board.

NEW SECTION. Sec. 2.  A new section is added to chapter 43.33A RCW to read as follows:

    Pursuant to section 1 of this act, the state investment board shall invest moneys in the emergency reserve fund established in chapter 43.135 RCW with full power to establish investment policies for the fund.

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 July 1, 1999.

    Passed the Senate March 17, 1999.

    Passed the House April 12, 1999.

Approved by the Governor May 13, 1999.

    Filed in Office of Secretary of State May 13, 1999.