BILL REQ. #: Z-0435.1
State of Washington | 59th Legislature | 2005 Regular Session |
Read first time 01/18/2005. Referred to Committee on Capital Budget.
AN ACT Relating to making payments under certain bond authorization acts; and amending RCW 39.53.120, 43.99K.030, and 67.40.060.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
Sec. 1 RCW 39.53.120 and 1999 c 230 s 11 are each amended to read
as follows:
(1) Except as specifically provided in this chapter, refunding
bonds issued under this chapter shall be issued in accordance with the
provisions of law applicable to the type of bonds of the issuer to be
refunded, at the time of the issuance of either the refunding bonds or
the bonds to be refunded.
(2) For all refunding bonds previously or hereafter issued by the
state of Washington under this chapter, the state treasurer shall
transfer from the designated funds or accounts the amount necessary for
the payment of principal of and interest on the refunding bonds to the
applicable bond retirement account for such refunding bonds on each
date on which the interest or principal and interest payment is due on
such refunding bonds unless an earlier transfer date, as determined by
the state finance committee, is necessary or appropriate to the
financial framework of the refunding bonds.
Sec. 2 RCW 43.99K.030 and 1997 c 456 s 23 are each amended to
read as follows:
(1)(a) The debt-limit general fund bond retirement account shall be
used for the payment of the principal of and interest on the bonds
authorized in RCW 43.99K.020 (1), (2), and (3).
(b) The debt-limit reimbursable bond retirement account shall be
used for the payment of the principal of and interest on the bonds
authorized in RCW 43.99K.020(4).
(c) The nondebt-limit reimbursable bond retirement account shall be
used for the payment of the principal of and interest on the bonds
authorized in RCW 43.99K.020(5).
(2) The state finance committee shall, on or before June 30th of
each year, certify to the state treasurer the amount needed in the
ensuing twelve months to meet the bond retirement and interest
requirements. ((Not less than thirty days prior to the)) On each date
on which any interest or principal and interest payment is due, the
state treasurer shall withdraw from any general state revenues received
in the state treasury and deposit in the debt-limit general fund bond
retirement account, debt-limit reimbursable bond retirement account,
nondebt-limit reimbursable bond retirement account, as necessary, an
amount equal to the amount certified by the state finance committee to
be due on the payment date.
(3) On each date on which any interest or principal and interest
payment is due on bonds issued for the purposes of RCW 43.99K.020(4),
the state treasurer shall transfer from the public safety and education
account to the general fund of the state treasury the amount computed
in subsection (2) of this section for the bonds issued for the purposes
of RCW 43.99K.020(4).
(4) On each date on which any interest or principal and interest
payment is due on bonds issued for the purposes of RCW 43.99K.020(5),
the board of regents of the University of Washington shall cause to be
paid out of University of Washington nonappropriated local funds to the
state treasurer for deposit into the general fund of the state treasury
the amount computed in subsection (2) of this section for bonds issued
for the purposes of RCW 43.99K.020(5).
(5) Bonds issued under this section and RCW 43.99K.010 and
43.99K.020 shall state that they are a general obligation of the state
of Washington, shall pledge the full faith and credit of the state to
the payment of the principal thereof and the interest thereon, and
shall contain an unconditional promise to pay the principal and
interest as the same shall become due.
(6) The owner and holder of each of the bonds or the trustee for
the owner and holder of any of the bonds may by mandamus or other
appropriate proceeding require the transfer and payment of funds as
directed in this section.
Sec. 3 RCW 67.40.060 and 1997 c 456 s 25 are each amended to read
as follows:
The nondebt-limit proprietary appropriated bond retirement account
shall be used for the payment of the principal of and interest on the
bonds authorized in RCW 67.40.030.
The state finance committee shall, on or before June 30th of each
year, certify to the state treasurer the amount needed in the ensuing
twelve months to meet the bond retirement and interest requirements.
((Not less than thirty days prior to the)) On each date on which any
interest or principal and interest payment is due, the state treasurer
shall withdraw from any general state revenues received in the state
treasury and deposit in the nondebt-limit proprietary appropriated bond
retirement account an amount equal to the amount certified by the state
finance committee to be due on that payment date. On each date on
which any interest or principal and interest is due, the state
treasurer shall cause an identical amount to be paid out of the state
convention and trade center account, or state convention and trade
center operations account, from the proceeds of the special excise tax
imposed under RCW 67.40.090, operating revenues of the state convention
and trade center, and bond proceeds and earnings on the investment of
bond proceeds, for deposit in the general fund of the state treasury.
Any deficiency in such transfer shall be made up as soon as special
excise taxes are available for transfer and shall constitute a
continuing obligation of the state convention and trade center account
until all deficiencies are fully paid.
Bonds issued under RCW 67.40.030 shall state that they are a
general obligation of the state of Washington, shall pledge the full
faith and credit of the state to the payment of the principal thereof
and the interest thereon, and shall contain an unconditional promise to
pay the principal and interest as the same shall become due.
The owner and holder of each of the bonds or the trustee for the
owner and holder of any of the bonds may by mandamus or other
appropriate proceeding require the transfer and payment of funds as
directed in this section.
NEW SECTION. Sec. 4 If any provision of this act or its
application to any person or circumstance is held invalid, the
remainder of the act or the application of the provision to other
persons or circumstances is not affected.