The distressed county public facilities construction loan account is created in the state treasury. All funds provided under RCW 82.14.200 shall be deposited in the account. Moneys in the account may be spent only after appropriation. Moneys in the account shall only be used to provide financial assistance under this chapter to distressed counties that have experienced extraordinary costs due to the location of a major new business facility or the substantial expansion of an existing business facility in the county.

     For purposes of this section, the term "distressed counties" includes any county in which the average level of unemployment for the three years before the year in which an application for financial assistance is filed exceeds the average state employment for those years by twenty percent.

[1998 c 321 § 9 (Referendum Bill No. 49, approved November 3, 1998).]

NOTES:

     Purpose -- Severability -- 1998 c 321: See notes following RCW 82.14.045.

     Effective dates -- Application -- 1998 c 321 §§ 1-21, 44, and 45: See note following RCW 82.14.045.

     Referral to electorate -- 1998 c 321 §§ 1-21 and 44-46: See note following RCW 82.14.045.