(1) Except as provided in RCW 28B.10.022, the state may not enter into any financing contract
for itself if the aggregate principal amount payable thereunder
is greater than an amount to be established from time to time by
the state finance committee or participate in a program providing
for the issuance of certificates of participation, including any
contract for credit enhancement, without the prior approval of
the state finance committee. Except as provided in RCW 28B.10.022, the state finance committee shall approve the form of
all financing contracts or a standard format for all financing
contracts. The state finance committee also may:
(a) Consolidate existing or potential financing contracts
into master financing contracts with respect to property acquired
by one or more agencies, departments, instrumentalities of the
state, the state board for community and technical colleges, or a
state institution of higher learning; or to be acquired by an
other agency;
(b) Approve programs providing for the issuance of
certificates of participation in master financing contracts for
the state or for other agencies;
(c) Enter into agreements with trustees relating to master
financing contracts; and
(d) Make appropriate rules for the performance of its duties
under this chapter.
(2) In the performance of its duties under this chapter, the
state finance committee may consult with representatives from the
department of general administration, the office of financial
management, and the department of information services.
(3) With the approval of the state finance committee, the
state also may enter into agreements with trustees relating to
financing contracts and the issuance of certificates of
participation.
(4) Except for financing contracts for real property used
for the purposes described under chapter 28B.140 RCW, the state
may not enter into any financing contract for real property of
the state without prior approval of the legislature.
(5) The state may not enter into any financing contract on
behalf of an other agency without the approval of such a
financing contract by the governing body of the other agency.
[2003 c 6 § 2; 2002 c 151 § 6; 1998 c 291 § 5; 1989 c 356 § 4.]
NOTES:
Application -- 1998 c 291: See note following RCW 39.94.050.