| Passed by the House March 8, 2008 Yeas 93 FRANK CHOPP ________________________________________ Speaker of the House of Representatives Passed by the Senate March 6, 2008 Yeas 45 BRAD OWEN ________________________________________ President of the Senate | I, Barbara Baker, Chief Clerk of the House of Representatives of the State of Washington, do hereby certify that the attached is SUBSTITUTE HOUSE BILL 2746 as passed by the House of Representatives and the Senate on the dates hereon set forth. BARBARA BAKER ________________________________________ Chief Clerk | |
| Approved March 25, 2008, 11:13 a.m. CHRISTINE GREGOIRE ________________________________________ Governor of the State of Washington | March 25, 2008 Secretary of State State of Washington |
| State of Washington | 60th Legislature | 2008 Regular Session |
READ FIRST TIME 02/06/08.
AN ACT Relating to the purchasing of fuel; adding new sections to chapter 35.58 RCW; adding a new section to chapter 47.60 RCW; and creating a new section.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
NEW SECTION. Sec. 1 The legislature finds and declares that
units of state and local government purchasing large amounts of fuel in
the regular course of performing their function should have substantial
flexibility in acquiring fuel to obtain predictability and control of
fuel costs, and to maximize the use of renewable fuels. The
legislature hereby declares its intent to allow certain units of
government that regularly purchase large amounts of fuel to explore and
implement strategies that are designed to reduce the overall cost of
fuel and mitigate the impact of market fluctuations and pressure on
both short-term and long-term fuel costs.
NEW SECTION. Sec. 2 A new section is added to chapter 35.58 RCW
to read as follows:
(1) In performing the metropolitan transportation function,
metropolitan municipal corporations and counties that have assumed the
rights, powers, functions, and obligations of metropolitan municipal
corporations under chapter 36.56 RCW may explore and implement
strategies designed to reduce the overall cost of fuel and mitigate the
impact of market fluctuations and pressure on both short-term and long-term fuel costs. These strategies may include, but are not limited to,
futures contracts, hedging, swap transactions, option contracts,
costless collars, and long-term storage.
(2) Metropolitan municipal corporations and counties that have
assumed the rights, powers, functions, and obligations of metropolitan
municipal corporations under chapter 36.56 RCW that choose to implement
the strategies authorized in this section must submit periodic reports
to the transportation committees of the legislature on the status of
any such implemented strategies. Each report must include a
description of each contract established to mitigate fuel costs, the
amounts of fuel covered by the contracts, the cost mitigation results,
and any related recommendations. The first report must be submitted
within one year of implementation.
NEW SECTION. Sec. 3 A new section is added to chapter 35.58 RCW
to read as follows:
If metropolitan municipal corporations and counties that have
assumed the rights, powers, functions, and obligations of metropolitan
municipal corporations under chapter 36.56 RCW choose to implement the
strategies authorized in section 2 of this act, the state is not liable
for any financial losses that may be incurred as the result of
participating in such strategies.
NEW SECTION. Sec. 4 A new section is added to chapter 47.60 RCW
to read as follows:
In performing the function of operating its ferry system, the
department may, subject to the availability of amounts appropriated for
this specific purpose and after consultation with the department of
general administration's office of state procurement, explore and
implement strategies designed to reduce the overall cost of fuel and
mitigate the impact of market fluctuations and pressure on both short-term and long-term fuel costs. These strategies may include, but are
not limited to, futures contracts, hedging, swap transactions, option
contracts, costless collars, and long-term storage. The department
shall periodically submit a report to the transportation committees of
the legislature and the office of state procurement on the status of
any such implemented strategies, including cost mitigation results, a
description of each contract established to mitigate fuel costs, the
amounts of fuel covered by the contracts, the cost mitigation results,
and any related recommendations. The first report must be submitted
within one year of implementation.