BILL REQ. #:  H-4299.2 

Read first time 01/23/2004.   Referred to Committee on Transportation.

     AN ACT Relating to use of bond proceeds in public-private initiative projects; amending RCW 47.46.130; and declaring an emergency.

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

Sec. 1   RCW 47.46.130 and 2002 c 114 s 10 are each amended to read as follows:
     (1) Proceeds of the sale of bonds issued by the state for projects constructed under this chapter must be deposited in the state treasury to the credit of a special account designated for those purposes. Those proceeds must be expended only for the purposes enumerated in this chapter, for payment of the expense incurred in the issuance and sale of any such bonds, and to repay the motor vehicle fund for any sums advanced to pay the cost of surveys, location, design, development, right-of-way, and other activities related to the financing and construction of the bridge and its approaches.
     (2) Notwithstanding subsection (1) of this section, the department may use any available or remaining bond authorization and bond proceeds authorized or issued for projects constructed under this chapter and not required for completion of the projects to be used for safety improvements within the same corridor and on the same state route as the toll facility. The special account must be reimbursed for the cost of the safety improvements within four years of the completion of the safety improvements.

NEW SECTION.  Sec. 2   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.