(1)
Whenever a county, city, or other municipal corporation acquires
or constructs a facility to be used in whole or in part for
off-street parking of motor vehicles which is in the immediate
vicinity of an existing or planned ferry terminal, the department
may enter into an agreement with the local governmental body
providing for the use in part or at specified times of the
facility as a holding area for traffic waiting to board a ferry
or for parking by ferry patrons.
(2) As a part of an agreement authorized by subsection (1)
of this section, the department, subject to the limitations
contained in RCW 47.60.505, may pledge any moneys in the Puget
Sound capital construction account in the motor vehicle fund, or
to be deposited in the account, to guarantee the payment of
principal and interest on bonds issued by a county, city, or
other municipal corporation to finance the acquisition or
construction of the parking facility. In making the pledge, the
department shall reserve the right to issue its own bonds for the
purpose of paying the costs of acquiring ferry vessels with the
provision that the bonds shall rank on parity with the bonds
authorized by this section as a lien upon moneys in or to be
deposited in the Puget Sound capital construction account.
The department shall also reserve the right to pledge moneys
in the Puget Sound capital construction account to guarantee
subsequent bonds issued by any county, city, or other municipal
corporation to finance parking facilities as authorized in
subsection (1) of this section with the provision that the
subsequent bonds shall rank on parity with prior bonds guaranteed
pursuant to this section as a lien upon moneys in or to be
deposited in the Puget Sound capital construction account. To
the extent of any pledge herein authorized, the department shall
use the first moneys available in the Puget Sound capital
construction account to meet the obligations as they arise.
[1986 c 66 § 10; 1984 c 7 § 335; 1975-'76 2nd ex.s. c 69 § 1.]
NOTES:
Effective date -- 1986 c 66: See note following RCW 47.60.400.
Severability -- 1984 c 7: See note following RCW 47.01.141.