47.46.070 - Use of state bonds on certain projects. - Washington Statutes

Use of state bonds on certain projects.

(1) To the extent that the legislature specifically appropriates funding for a project developed under this chapter using the proceeds of bonds issued by the state, an agreement for the design or construction of the project entered into by the secretary must incorporate provisions that are consistent with the use of the state financing provided by the appropriation.

     (2) The secretary shall amend existing agreements or execute new agreements to comply with subsection (1) of this section.

     (3) If the secretary is unable to reach agreement with other parties on contractual provisions providing for state financing, the secretary shall not enter into an agreement, or shall take no action with respect to an agreement, or shall exercise termination provisions, whichever option in the secretary's determination will result in the lowest net cost to the state.

[2002 c 114 § 4.]

Notes: Finding -- Intent -- 2002 c 114: See RCW 47.46.011.

Captions not law -- 2002 c 114: See note following RCW 47.46.011.