Date of Adoption: April 20, 2004.
Purpose: Removes minimum matching fund requirements.
Citation of Existing Rules Affected by this Order: Amending WAC 399-30-060.
Statutory Authority for Adoption: RCW 43.155.040(4).
Adopted under notice filed as WSR 04-05-024 on February 10, 2004.
Number of Sections Adopted in Order to Comply with Federal Statute: New 0, Amended 0, Repealed 0; Federal Rules or Standards: New 0, Amended 0, Repealed 0; or Recently Enacted State Statutes: New 0, Amended 0, Repealed 0.
Number of Sections Adopted at Request of a Nongovernmental Entity: New 0, Amended 0, Repealed 0.
Number of Sections Adopted on the Agency's Own Initiative: New 0, Amended 1, Repealed 0.
Number of Sections Adopted in Order to Clarify, Streamline, or Reform Agency Procedures: New 0, Amended 1, Repealed 0.
Number of Sections Adopted Using Negotiated Rule Making:
Pilot Rule Making:
or Other Alternative Rule Making:
Effective Date of Rule: Thirty-one days after filing.
April 20, 2004
Program Resources Manager
(2) After the legislature has appropriated funds from the public works assistance account for a specific list of public works projects, the loan funds will be disbursed to the applicant local government through a contract. The contract will offer terms and conditions as the board determines are reasonable, based on the following standards:
(a) The amount loaned to a local government must not
exceed ninety percent of eligible proposed project costs.
(b) (a) The local government's financial participation funds must be from locally generated revenues or federal or state shared revenues that can be allocated at the discretion of the local government.
(c) (b) The interest rates, and local share requirements
and loan limits for loans will be determined annually by the
board. (d) (c) Loans must not exceed twenty years, or the useful
life of the improvements, whichever is shorter.
(3) The local government and the department must execute a final contract before any funds are disbursed.
(4) The local government must complete a scope of work form for a loan or financing guarantee and return it to the department within ninety days after the department offers a loan or financing guarantee.
(5) The local government must execute any loan or financing guarantee contracts offered within ninety days after the department offers the contract.
(6) The local government must begin work on a public works project prior to October 1 of the year in which the loan or financing guarantee is offered.
(7) The local government must complete work on the public works project within the time specified in the loan agreement, unless a written request for extension is approved by the board.
(8) The board or department will not reimburse local governments for any funds spent on public works projects financed through the public works assistance account before a contract agreement has been formally executed. Funds spent before the contract is executed may be used toward local participation requirements if they are for eligible activities under WAC 399-30-030 and are consistent with the executed loan agreement.
[Statutory Authority: RCW 43.155.040 (4) and (5). 98-24-010, § 399-30-060, filed 11/19/98, effective 12/20/98. Statutory Authority: RCW 43.155.040(4). 92-03-052, § 399-30-060, filed 1/13/92, effective 2/13/92. Statutory Authority: RCW 43.155.040. 88-23-095 (Order 88-08, Resolution No. 86-12), § 399-30-060, filed 11/22/88; 86-18-009 (Resolution No. 86-12), § 399-30-060, filed 8/21/86. Statutory Authority: 1985 c 446 § 10. 85-24-072 (Order 85-17), § 399-30-060, filed 12/4/85.]
Reviser's note: The typographical errors in the above section occurred in the copy filed by the agency and appear in the Register pursuant to the requirements of RCW 34.08.040.