43.331.100 - Issuance of taxable bonds -- Transfer of proceeds -- Notice. - Washington Statutes

Issuance of taxable bonds — Transfer of proceeds — Notice. (Effective December 2, 2010, if Referendum Bill No. 52 is approved by the voters at the November general election.)

If the state finance committee deems it necessary to issue any portion of the bonds authorized in this chapter as 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 must be transferred to the state taxable building construction account in lieu of any deposits otherwise provided by RCW 43.331.090. The state treasurer must 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. For purposes of this section, "nontaxable bond proceeds" includes proceeds from bonds issued as tax exempt bonds and proceeds from taxable bonds eligible for direct federal subsidy under federal internal revenue service rules.

[2010 1st sp.s. c 35 § 405.]

Notes: Intent -- Short title -- Contingent effective date -- 2010 1st sp.s. c 35: See notes following RCW 43.331.010.

Intent -- 2010 1st sp.s. c 35: See note following RCW 43.331.040.