On page 1, line 9, after "established" strike "and maintained in the state treasury." and insert "as publicly owned depository, public body corporate and politic, with perpetual corporate succession, constituting an instrumentality of the state of Washington exercising essential governmental functions. The public works revolving trust account is authorized to:

(1) Sue and be sued in its own name, and plead and be impleaded;

(2) Adopt and alter an official seal;

(3) Make and enforce bylaws and regulations for the conduct of its business and for the use of its services and facilities;

(4) Make and execute all manner of contracts, agreements, and instruments and financing documents with public and private parties as the public works revolving trust account deems necessary, useful, or convenient to accomplish its purposes;

(5) Receive funds from state, local, or tribal governments, invest those moneys in lawful funds, including without limitation investments in loans made by the public works revolving trust account to borrowers;

(6) Open and maintain accounts in qualified public depositaries; in the federal reserve bank of San Francisco, in the national cooperative bank, in a federal home loan bank, or in any other federal financing entity, and otherwise provide for the investment of any funds not required for immediate disbursement and provide for the selection of investments. The public works revolving trust account may participate in and use the federal reserve banks payments systems and account services;

(7) Accept gifts or grants from the United States, or from any governmental unit or person, firm, or corporation, carry out the terms or provisions or make agreements with respect to the gifts or grants, and do all things necessary, useful, desirable, or convenient in connection with procuring, accepting, or disposing of the gifts or grants;

(8) Apply for and accept grants, loans, advances, and contributions from any source of money, property, labor, or other things of value, to be held, used, and applied as the public works revolving trust account deems necessary, useful, or convenient to accomplish its purposes; and

(9) Borrow money and issue its bonds consistent with this chapter and provide for and secure their payment, provide for the rights of bond owners and purchasers, and hold and dispose of any of its bonds."