BILL REQ. #:  Z-0865.1 

Read first time 01/16/08.   Referred to Committee on Capital Budget.

     AN ACT Relating to state general obligation bonds for affordable housing programs; and amending RCW 43.99T.020.

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

Sec. 1   RCW 43.99T.020 and 2007 c 521 s 2 are each amended to read as follows:
     The proceeds from the sale of the bonds authorized in RCW 43.99T.010 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 six hundred ((ninety-three)) fifty-three million dollars to remain in the state building construction account created by RCW 43.83.020;
     (2) Thirty-six million dollars to the outdoor recreation account created by RCW 79A.25.060;
     (3) Thirty-six million dollars to the habitat conservation account created by RCW 79A.15.020;
     (4) Nineteen million dollars to the riparian protection account created by RCW 79A.15.120;
     (5) Nine million dollars to the farmlands preservation account created by RCW 79A.15.130;
     (6) One hundred ((forty)) eighty million 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.