43.340.120 - Tobacco securitization trust account. - Washington Statutes

Tobacco securitization trust account.

The state treasurer shall deposit the proceeds of the sale of revenue under this chapter into the tobacco securitization trust account hereby created and held in the custody of the state treasurer. Moneys in the tobacco securitization trust account shall be subject to such appropriations and transfers as may be provided by law and shall be used for capital expenditures, debt service on outstanding bonds of the state, or for other purposes as permitted by law. The sales agreement under this chapter shall provide for the state to allocate the use of proceeds of the bonds issued by the authority to enable interest on all or a portion of the bonds to be excluded from income for federal tax law purposes.

[2002 c 365 § 13.]