Chapter 43.99U RCW

FLOOD HAZARD MITIGATIONBOND ISSUE

Sections

43.99U.010Flood hazard mitigationBond issue.
43.99U.020Conditions and limitations.
43.99U.030Retirement of bonds.
43.99U.040Pledge and promiseRemedies.
43.99U.050Payment of principal and interestAdditional means for raising money authorized.
43.99U.060Bonds legal investment for public funds.
43.99U.902Effective date2008 c 179.


Flood hazard mitigationBond issue.

For the purpose of providing state funds for federally matched flood hazard mitigation and other projects throughout the Chehalis river basin, the state finance committee is authorized to issue general obligation bonds of the state of Washington in the sum of fifty million dollars, or as much thereof as may be required, to finance the projects and all costs incidental thereto. Bonds authorized in this section may be sold at such price as the state finance committee shall determine. No bonds authorized in this section may be offered for sale without prior legislative appropriation of the net proceeds of the sale of the bonds.



Conditions and limitations.

The proceeds from the sale of the bonds authorized in RCW 43.99U.010 shall be deposited in the state building construction account created by RCW 43.83.020. If the state finance committee deems it necessary to issue 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 taxable bonds shall be transferred to the state taxable building construction account in lieu of any deposits 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 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 RCW 43.99U.010 and for the payment of expenses incurred in the issuance and sale of the bonds. These proceeds shall be administered by the office of financial management subject to legislative appropriation.



Retirement of bonds.

(1) The debt-limit general fund bond retirement account shall be used for the payment of the principal of and interest on the bonds authorized in RCW 43.99U.010.
(2) The state finance committee shall, on or before June 30th of each year, certify to the state treasurer the amount needed in the ensuing twelve months to meet the bond retirement and interest requirements. On each date on which any interest or principal and interest payment is due the state treasurer shall withdraw from any general state revenues received in the state treasury and deposit in the debt-limit general fund bond retirement account an amount equal to the amount certified by the state finance committee to be due on the payment date.



Pledge and promiseRemedies.

(1) Bonds issued under RCW 43.99U.010 shall state that they are a general obligation of the state of Washington, shall pledge the full faith and credit of the state to the payment of the principal thereof and the interest thereon, and shall contain an unconditional promise to pay the principal and interest as the same shall become due.
(2) The owner and holder of each of the bonds or the trustee for the owner and holder of any of the bonds may by mandamus or other appropriate proceeding require the transfer and payment of funds as directed in this section.



Payment of principal and interestAdditional means for raising money authorized.

The legislature may provide additional means for raising moneys for the payment of the principal of and interest on the bonds authorized in RCW 43.99U.010, and RCW 43.99U.030 shall not be deemed to provide an exclusive method for the payment.



Bonds legal investment for public funds.

The bonds authorized in RCW 43.99U.010 shall be a legal investment for all state funds or funds under state control and for all funds of any other public body.



Effective date2008 c 179.

See RCW 28A.527.902.