Within thirty-five days from the date of collection thereof all
building fees of each regional university and The Evergreen State
College shall be paid into the state treasury and these together
with such normal school fund revenues as provided in RCW 28B.35.751 as are received by the state treasury shall be
credited as follows:
(1) On or before June 30th of each year the board of
trustees of each regional university and The Evergreen State
College, if issuing bonds payable out of its building fees and
above described normal school fund revenues, shall certify to the
state treasurer the amounts required in the ensuing twelve months
to pay and secure the payment of the principal of and interest on
such bonds. The amounts so certified by each regional university
and The Evergreen State College shall be a prior lien and charge
against all building fees and above described normal school fund
revenues of such institution. The state treasurer shall
thereupon deposit the amounts so certified in the Eastern
Washington University capital projects account, the Central
Washington University capital projects account, the Western
Washington University capital projects account, or The Evergreen
State College capital projects account respectively, which
accounts are hereby created in the state treasury. The amounts
deposited in the respective capital projects accounts shall be
used to pay and secure the payment of the principal of and
interest on the building bonds issued by such regional
universities and The Evergreen State College as authorized by
law. If in any twelve month period it shall appear that the
amount certified by any such board of trustees is insufficient to
pay and secure the payment of the principal of and interest on
the outstanding building and above described normal school fund
revenue bonds of its institution, the state treasurer shall
notify the board of trustees and such board shall adjust its
certificate so that all requirements of moneys to pay and secure
the payment of the principal of and interest on all such bonds
then outstanding shall be fully met at all times.
(2) All normal school fund revenue pursuant to RCW 28B.35.751 shall be deposited in the Eastern Washington
University capital projects account, the Central Washington
University capital projects account, the Western Washington
University capital projects account, or The Evergreen State
College capital projects account respectively, which accounts are
hereby created in the state treasury. The sums deposited in the
respective capital projects accounts shall be appropriated and
expended to pay and secure the payment of the principal of and
interest on bonds payable out of the building fees and normal
school revenue and for the construction, reconstruction,
erection, equipping, maintenance, demolition and major alteration
of buildings and other capital assets, and the acquisition of
sites, rights-of-way, easements, improvements or appurtenances in
relation thereto except for any sums transferred therefrom as
authorized by law. During the 2011-2013 biennium, sums in the
respective capital accounts shall also be used for routine
facility maintenance and utility costs.
(3) Funds available in the respective capital projects
accounts may also be used for certificates of participation under
chapter 39.94 RCW.
[2011 1st sp.s. c 48 § 7024. Prior: 2009 c 499 § 5; 2009 c 497 § 6021; 1991 sp.s. c 13 § 49; prior: 1985 c 390 § 47; 1985 c 57 § 15; 1977 ex.s. c 169 § 79; 1969 ex.s. c 223 § 28B.40.370; prior: 1967 c 47 §§ 11, 14; 1965 c 76 § 2; 1961 ex.s. c 14 § 5; 1961 ex.s. c 13 § 4. Formerly RCW 28B.40.370;28.81.085 ; 28.81.540.]
NOTES:
Effective date -- 2011 1st sp.s. c 48: See note following RCW 39.35B.050.
Effective date -- 2009 c 497: See note following RCW 28B.15.210.
Effective dates -- Severability -- 1991 sp.s. c 13: See notes following RCW 18.08.240.
Effective date -- 1985 c 57: See note following RCW 18.04.105.
Severability -- Nomenclature -- Savings -- 1977 ex.s. c 169: See notes following RCW 28B.10.016.