(1) Funds held in public
depositaries not as demand deposits, as provided in RCW 43.86A.020 and this section, shall be available for a time
certificate of deposit investment program according to the
following formula: The state treasurer shall apportion to all
participating depositaries an amount equal to five percent of the
three year average mean of general state revenues as certified in
accordance with Article VIII, section 1(b) of the state
Constitution, or fifty percent of the total surplus treasury
investment availability, whichever is less. Within thirty days
after certification, those funds determined to be available
according to this formula for the time certificate of deposit
investment program shall be deposited in qualified public
depositaries. These deposits shall be allocated among the
participating depositaries on a basis to be determined by the
state treasurer.
(2) Of all funds available under this section, the state
treasurer may use up to one hundred seventy-five million dollars
per year for the purposes of RCW 43.86A.060(2)(c) (i) and (iii)
and up to fifteen million dollars per year for the purposes of
RCW 43.86A.060(2)(c)(ii). The amounts made available to these
public depositaries shall be equal to the amounts of outstanding
loans made under RCW 43.86A.060.
(3) The formula so devised shall be a matter of public
record giving consideration to, but not limited to deposits,
assets, loans, capital structure, investments or some combination
of these factors. However, if in the judgment of the state
treasurer the amount of allocation for certificates of deposit as
determined by this section will impair the cash flow needs of the
state treasury, the state treasurer may adjust the amount of the
allocation accordingly.
[2009 c 384 § 2; 2008 c 187 § 2; 2007 c 500 § 1; 2005 c 302 § 2; 1993 c 512 § 33; 1982 c 74 § 1; 1973 c 123 § 3.]
NOTES:
Intent -- 2005 c 302: "The legislature intends that funds provided under the linked deposit program shall be used to create jobs and economic opportunity as well as to remedy the problem of a lack of access to capital by minority and women's business enterprises." [2005 c 302 § 1.]