90.50.040 - Water pollution control facilities bond redemption fund -- Bonds payable from sales tax revenues -- Remedies of bondholders. - Washington Statutes

Water pollution control facilities bond redemption fund — Bonds payable from sales tax revenues — Remedies of bondholders.

The water pollution control facilities bond redemption fund is hereby created in the state treasury, which fund shall be exclusively devoted to the payment of interest on and retirement of the bonds authorized by this chapter. 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 bond retirement and interest requirements and on July 1st of each year the state treasurer shall deposit such amount in said water pollution control facilities redemption fund from moneys transmitted to the state treasurer by the department of revenue and certified by the department of revenue to be sales tax collections and such amount certified by the state finance committee to the state treasurer shall be a prior charge against all retail sales tax revenues of the state of Washington, except that portion thereof heretofore pledged for the payment of bond principal and interest.

     The owner and holder of each of said bonds or the trustee for any of the bonds may by mandamus or other appropriate proceeding require and compel the transfer and payment of funds as directed herein.

[1975 1st ex.s. c 278 § 214; 1967 c 106 § 4.]

Notes: Construction -- Severability -- 1975 1st ex.s. c 278: See notes following RCW 11.08.160.