(1) Except as provided in RCW 28B.10.022, the state may not enter into any financing contract
for itself if the aggregate principal amount payable thereunder
is greater than an amount to be established from time to time by
the state finance committee or participate in a program providing
for the issuance of certificates of participation, including any
contract for credit enhancement, without the prior approval of
the state finance committee. Except as provided in RCW 28B.10.022, the state finance committee shall approve the form of
all financing contracts or a standard format for all financing
contracts. The state finance committee also may:
(a) Consolidate existing or potential financing contracts
into master financing contracts with respect to property acquired
by one or more agencies, departments, instrumentalities of the
state, the state board for community and technical colleges, or a
state institution of higher learning; or to be acquired by
another agency;
(b) Approve programs providing for the issuance of
certificates of participation in master financing contracts for
the state or for other agencies;
(c) Enter into agreements with trustees relating to master
financing contracts; and
(d) Make appropriate rules for the performance of its duties
under this chapter.
(2) In the performance of its duties under this chapter, the
state finance committee may consult with representatives from the
department of general administration, the office of financial
management, and the office of the chief information officer.
(3) With the approval of the state finance committee, the
state also may enter into agreements with trustees relating to
financing contracts and the issuance of certificates of
participation.
(4) Except for financing contracts for real property used
for the purposes described under chapter 28B.140 RCW, the state
may not enter into any financing contract for real property of
the state without prior approval of the legislature. For the
purposes of this requirement, a financing contract must be
treated as used for real property if it is being entered into by
the state for the acquisition of land; the acquisition of an
existing building; the construction of a new building; or a major
remodeling, renovation, rehabilitation, or rebuilding of an
existing building. Prior approval of the legislature is not
required under this chapter for a financing contract entered into
by the state under this chapter for energy conservation
improvements to existing buildings where such improvements
include: (a) Fixtures and equipment that are not part of a major
remodeling, renovation, rehabilitation, or rebuilding of the
building, or (b) other improvements to the building that are
being performed for the primary purpose of energy conservation.
Such energy conservation improvements must be determined eligible
for financing under this chapter by the office of financial
management in accordance with financing guidelines established by
the state treasurer, and are to be treated as personal property
for the purposes of this chapter.
(5) The state may not enter into any financing contract on
behalf of another agency without the approval of such a financing
contract by the governing body of the other agency.
[2011 1st sp.s. c 43 § 726; 2011 c 151 § 7. Prior: 2010 1st sp.s. c 36 § 6015; 2010 1st sp.s. c 35 § 406; 2003 c 6 § 2; 2002 c 151 § 6; 1998 c 291 § 5; 1989 c 356 § 4.]
NOTES:
Reviser's note: This section was reenacted by 2011 c 151 § 7 and amended by 2011 1st sp.s. c 43 § 726, each without reference to the other. Both amendments are incorporated in the publication of this section under RCW 1.12.025(2). For rule of construction, see RCW 1.12.025(1).
Effective date -- Purpose -- 2011 1st sp.s. c 43: See notes following RCW 43.19.003.
Effective date -- 2010 1st sp.s. c 36: See note following RCW 43.155.050.
Contingent effective date -- 2010 1st sp.s. c 35: See note following RCW 43.331.040.
Application -- 1998 c 291: See note following RCW 39.94.050.