S-1117 _______________________________________________
SENATE BILL NO. 5437
_______________________________________________
State of Washington 50th Legislature 1987 Regular Session
By Senators McDermott, Bluechel, Rinehart and McDonald
Read first time 1/29/87 and referred to Committee on Ways & Means.
AN ACT Relating to the University of Washington; and amending RCW 28B.20.392.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
Sec. 1. Section 28B.20.392, chapter 223, Laws of 1969 ex. sess. and RCW 28B.20.392 are each amended to read as follows:
In addition
to the powers conferred under the deeds of conveyance and under existing law
the board is authorized, and shall have the power ((subject to RCW
28B.20.380,‑-)):
(1) To
acquire by purchase, to sublease or to otherwise acquire, from the lessees of
the university tract the unexpired portion of the leasehold interest in said
tract prior to the date of its stipulated expiration and to pay, or make
provision for payment, to the holder of the leasehold such amount as may be
agreed upon between the board and the holder of such leasehold interest((,));
and
(2) Upon
and after either such acquisition or the expiration of the leasehold((‑-)):
(a) To
operate and manage or lease, in whole or in part, the university tract, such
operation and management or leasing to be accomplished, at the discretion of
the board, either((‑-)):
(i) Directly
by the board((,)); or
(ii) Through
an agent or agents appointed for that purpose((,)); or
(iii) Through the medium of a corporation or corporations created for that purpose; and
(b) Either
directly or by contract, at fixed price or upon cost-plus-a-fixed-fee basis((,‑-)):
(i) To
construct new buildings on((,)); or
(ii) To
raze, reconstruct, alter, remodel or add to existing buildings on((,));
or
(iii) To
otherwise improve((,));
the university tract, and to lease or to acquire, by purchase or gift, land and rights necessary or convenient for the maximum utilization and development of the said tract; and
(3) If
the unexpired portion of the leasehold interest in the university tract is not
acquired prior to the date of its stipulated expiration, in the meantime((‑-)):
(a) To enter into agreements to lease the university tract, in whole or in part, for any period beginning on or after November 1, 1954, either with or without concurrent action by the holder of the unexpired portion of the leasehold interest in said tract; and
(b) To
exercise any of the powers enumerated in ((subdivision)) subsection
(2)(b) of this section, upon agreement with the holder of the unexpired portion
of the leasehold interest in the university tract for its improvement prior to
the expiration of such leasehold term; and
(4) To
borrow money required for the accomplishment of any object or purpose specified
in ((subdivisions)) subsection (1), (2), or (3) of this
section or for capital purposes for the university and to issue ((warrants
or)) revenue bonds therefor((,)) in the same manner and
subject to the same terms as local governments may issue revenue bonds under
chapter 39.46 RCW, and to provide for ((amortization thereof and to pay
said warrants or)) the payment of such revenue bonds((, at or
prior to maturity,)) out of the income derived from operating, managing and
leasing the university tract in the manner set forth in chapter 39.46 RCW;
and
(5) (a) To
receive all rental and other income from the university tract((,));
and
(b) To
designate depositaries thereof((,)); and
(c) To
hold and invest and to pay or discharge out of the same (i) all expenses of
operation, management, maintenance, repair and upkeep of said tract and (ii)
any ((obligations incurred)) revenue bonds issued in conformity
with the powers granted under the provisions of ((subdivision)) subsection
(4) of this section; and
(d) To apply the net proceeds therefrom to the use of the University of Washington: PROVIDED, That until the acquisition or expiration of the leasehold interest in the said tract the rental therefrom shall be applied as provided in RCW 43.79.090.