28B.14C.060 - Institutions of higher education refunding bond retirement fund of 1977 -- Created -- Use. - Washington Statutes

Institutions of higher education refunding bond retirement fund of 1977 — Created — Use.

There is hereby created in the state treasury the institutions of higher education refunding bond retirement fund of 1977, which fund shall be devoted to the payment of principal of, interest on and redemption premium, if any, on the bonds authorized to be issued pursuant to this chapter.

     The state finance committee shall, on or before June 30 of each year, certify to the state treasurer the amount needed in the next succeeding twelve months to pay the installments of principal of and interest on the refunding bonds coming due in such period. The state treasurer shall, not less than thirty days prior to the due date of each installment, withdraw from any general state revenues received in the state treasury an amount equal to the amount certified by the state finance committee as being required to pay such installment; shall deposit such amount in the institutions of higher education refunding bond retirement fund of 1977; and shall apply in a timely manner the funds so deposited to the payment of the installment due on the bonds.

[1991 sp.s. c 13 § 80; 1977 ex.s. c 354 § 6.]

Notes: Effective dates -- Severability -- 1991 sp.s. c 13: See notes following RCW 18.08.240.