(1) The department shall maintain a life-cycle cost model on capital assets such that:

     (a) Available industry standards are used for estimating the life of an asset, and department-adopted standard life cycles derived from the experience of similar public and private entities are used when industry standards are not available;

     (b) Standard estimated life is adjusted for asset condition when inspections are made;

     (c) It does not include utilities or other systems that are not replaced on a standard life cycle; and

     (d) It does not include assets not yet built.

     (2) All assets in the life-cycle cost model must be inspected and updated in the life-cycle cost model for asset condition at least every three years.

     (3) The life-cycle cost model shall be used when estimating future terminal and vessel preservation needs.

     (4) The life-cycle cost model shall be the basis for developing the budget request for terminal and vessel preservation funding.

[2008 c 124 § 4; 2007 c 512 § 10.]

NOTES:

     Finding -- Intent -- 2007 c 512: See note following RCW 47.06.140.