BILL REQ. #: Z-0379.1
| State of Washington | 60th Legislature | 2007 Regular Session |
Read first time 01/11/2007. Referred to Committee on Capital Budget.
AN ACT Relating to state general obligation bonds and related accounts; adding a new chapter to Title 43 RCW; and declaring an emergency.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
NEW SECTION. Sec. 1 For the purpose of providing funds to
finance the projects described and authorized by the legislature in the
capital and operating appropriations acts for the 2005-2007 and
2007-2009 fiscal bienniums, and all costs incidental thereto, the state
finance committee is authorized to issue general obligation bonds of
the state of Washington in the sum of one billion nine hundred
forty-nine million dollars, or as much thereof as may be required, to
finance these projects and all costs incidental thereto. Bonds
authorized in this section may be sold at such price as the state
finance committee shall determine. No bonds authorized in this section
may be offered for sale without prior legislative appropriation of the
net proceeds of the sale of the bonds.
NEW SECTION. Sec. 2 The proceeds from the sale of the bonds
authorized in section 1 of this act shall be deposited in the state
building construction account created by RCW 43.83.020. The proceeds
shall be transferred as follows:
(1) One billion seven hundred thirty-nine million dollars to remain
in the state building construction account created by RCW 43.83.020;
(2) Twenty-seven million two hundred forty thousand dollars to the
outdoor recreation account created by RCW 79A.25.060;
(3) Twenty-seven million two hundred forty thousand dollars to the
habitat conservation account created by RCW 79A.15.020;
(4) Nine million seven hundred thousand dollars to the riparian
protection account created by RCW 79A.15.120;
(5) Five million eight hundred twenty thousand dollars to the
farmlands preservation account created by RCW 79A.15.130;
(6) One hundred forty million two hundred thousand dollars to the
state taxable building construction account. All receipts from taxable
bond issues are to be deposited into the account. If the state finance
committee deems it necessary to issue more than the amount specified in
this subsection (6) as taxable bonds in order to comply with federal
internal revenue service rules and regulations pertaining to the use of
nontaxable bond proceeds, the proceeds of such additional taxable bonds
shall be transferred to the state taxable building construction account
in lieu of any transfer otherwise provided by this section. The state
treasurer shall submit written notice to the director of financial
management if it is determined that any such additional transfer to the
state taxable building construction account is necessary. Moneys in
the account may be spent only after appropriation.
These proceeds shall be used exclusively for the purposes specified
in this section and for the payment of expenses incurred in the
issuance and sale of the bonds issued for the purposes of this section,
and shall be administered by the office of financial management subject
to legislative appropriation.
NEW SECTION. Sec. 3 (1) 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 section 2 (1), (2), (3), (4),
(5), and (6) of this act.
(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 on the bonds authorized in section 2 (1), (2), (3), (4),
(5), and (6) of this act.
(3) On each date on which any interest or principal and interest
payment is due on bonds issued for the purposes of section 2 (1), (2),
(3), (4), (5), and (6) of this act 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 an
amount equal to the amount certified by the state finance committee to
be due on the payment date.
NEW SECTION. Sec. 4 (1) Bonds issued under sections 1 through 3
of this act 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.
(2) 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. 5 The legislature may provide additional means
for raising moneys for the payment of the principal of and interest on
the bonds authorized in section 1 of this act, and sections 2 and 3 of
this act shall not be deemed to provide an exclusive method for the
payment.
NEW SECTION. Sec. 6 Sections 1 through 5 of this act constitute
a new chapter in Title
NEW SECTION. Sec. 7 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.
NEW SECTION. Sec. 8 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.