There is hereby created in the motor
vehicle fund the Puget Sound capital construction account. All
moneys hereafter deposited in said account shall be used by the
department of transportation for:
(1) Reimbursing the motor vehicle fund for all transfers
therefrom made in accordance with RCW 47.60.620; and
(2) Improving the Washington state ferry system including,
but not limited to, vessel acquisition, vessel construction,
major and minor vessel improvements, terminal construction and
improvements, and reconstruction or replacement of, and
improvements to, the Hood Canal bridge, reimbursement of the
motor vehicle fund for any state funds, other than insurance
proceeds, expended therefrom for reconstruction or replacement of
and improvements to the Hood Canal bridge, pursuant to proper
appropriations: PROVIDED, That any funds accruing to the Puget
Sound capital construction account after June 30, 1979, which are
not required to reimburse the motor vehicle fund pursuant to RCW 47.60.620 as such obligations come due nor are required for
capital improvements of the Washington state ferries pursuant to
appropriations therefor shall from time to time as shall be
determined by the department of transportation be transferred by
the state treasurer to the Puget Sound ferry operations account
in the motor vehicle fund.
(3) The department may pledge any moneys in the Puget Sound
capital construction account or to be deposited in that account
to guarantee the payment of principal or interest on bonds issued
to refund the outstanding 1955 Washington state ferry system
refunding bonds and the 1957 ferry and Hood Canal bridge revenue
bonds.
The department may further pledge moneys in the Puget Sound
capital construction account to meet any sinking fund
requirements or reserves established by the department with
respect to any bond issues provided for in this section.
To the extent of any pledge authorized in this section, the
department shall use the first moneys available in the Puget
Sound capital construction account to meet such obligations as
they arise, and shall maintain a balance of not less than one
million dollars in the account for this purpose.
(4) The treasurer shall never transfer any moneys from the
Puget Sound capital construction account for use by the
department for state highway purposes so long as there is due and
unpaid any obligations for payment of principal, interest,
sinking funds, or reserves as required by any pledge of the Puget
Sound capital construction account. Whenever the department has
pledged any moneys in the account for the purposes authorized in
this section, the state agrees to continue to deposit in the
Puget Sound capital construction account the motor vehicle fuel
taxes and special fuel taxes as provided in RCW 82.36.020 and 82.38.290 and further agrees that, so long as there exists any
outstanding obligations pursuant to such pledge, to continue to
impose such taxes.
(5) Funds in the Puget Sound capital construction account of
the motor vehicle fund that are not required by the department
for payment of principal or interest on bond issues or for any of
the other purposes authorized in this chapter may be invested by
the department in bonds and obligations of the nature eligible
for the investment of current state funds as provided in RCW 43.84.080.
[1986 c 66 § 9; 1979 c 27 § 3; 1977 ex.s. c 360 § 10; 1970 ex.s. c 85 § 2.]
NOTES:
Transfer of funds -- 1986 c 66: "Moneys in the Puget Sound reserve account and ferry improvement fund on July 1, 1987, shall be transferred to the Puget Sound capital construction account." [1986 c 66 § 13.]
Effective date -- 1986 c 66: See note following RCW 47.60.400.
Severability -- 1979 c 27: "If any provision of this act or its application to any person or circumstance is held invalid, the remainder of the act or the application of the provision to other persons or circumstances is not affected." [1979 c 27 § 10.]
Severability -- 1977 ex.s. c 360: See note following RCW 47.60.560.
Effective date -- 1970 ex.s. c 85: See note following RCW 47.60.500.