(1) The transportation innovative partnership account
is established in the custody of the state treasurer separate and
distinct from the state general fund. Interest earned by the
transportation innovative partnership account must be credited to
the account. The account is subject to allotment procedures
under chapter 43.88 RCW.
(2) The following moneys must be deposited into the
transportation innovative partnership account:
(a) Proceeds from bonds or other financing instruments
issued under RCW 47.29.250;
(b) Revenues received from any transportation project
developed under this chapter or developed under the general
powers granted to the department; and
(c) Any other moneys that are by donation, grant, contract,
law, or other means transferred, allocated, or appropriated to
the account.
(3) Moneys in the transportation innovative partnership
account may only be expended upon evidence of approval by the
Washington state legislature, either upon appropriation of
supporting state funds or by other statutory direction.
(4) The state treasurer shall serve as a fiduciary for the
purpose of carrying out this chapter and implementing all or
portions of any transportation project financed under this
chapter.
(5) Moneys in the transportation innovative partnership
account that were derived from revenue subject to Article II,
section 40 (Amendment 18) of the Washington state Constitution,
may be used only for purposes authorized by that provision of the
state Constitution.
(6) The state treasurer shall establish separate subaccounts
within the transportation innovative partnership account for each
transportation project that is initiated under this chapter or
under the general powers granted to the department. Except as
provided in subsection (5) of this section, the state may pledge
moneys in the transportation innovative partnership account to
secure revenue bonds or any other debt obligations relating to
the project for which the account is established.
[2005 c 317 § 23.]