§ 43.99E.045. Retirement of bonds from public water supply facilities bond redemption fund -- Remedies of bondholders--Debt-limit general fund bond retirement account
The public water supply facilities bond redemption fund is created in the state treasury. This fund shall be exclusively devoted to the payment of interest on and retirement of the bonds authorized by this chapter. The state finance committee shall, on or before June 30th of each year, certify to the state treasurer the amount needed in the ensuing twelve months to meet the bond retirement and interest requirements. Not less than thirty days prior to the date on which any interest or principal and interest payment is due, the state treasurer shall withdraw from any general state revenues received in the state treasury and deposit in the public water supply facilities bond redemption fund an amount equal to the amount certified by the state finance committee to be due on the payment date. The owner and holder of each of the bonds or the trustee for the owner and holder of any of the bonds may by mandamus or other appropriate proceeding require the transfer and payment of funds as directed in this section.
If a debt-limit general fund bond retirement account is created in the state treasury by chapter 456, Laws of 1997 and becomes effective prior to the issuance of any of the bonds authorized by this chapter, the debt-limit general fund bond retirement account shall be used for the purposes of this chapter in lieu of the public water supply facilities bond redemption fund.
[1997 c 456 § 13; 1979 ex.s. c 234 § 8.]
Notes:
Severability -- 1997 c 456: See RCW 43.99L.900.
Effective date -- 1997 c 456 § § 9-43: See RCW 43.99M.901.
Referral to electorate -- 1979 ex.s. c 234: See note following RCW 43.99E.010.
State general obligation bond retirement fund: RCW 43.83.160. Sections: Previous 43.99E.005 43.99E.010 43.99E.015 43.99E.020 43.99E.025 43.99E.030 43.99E.035 43.99E.040 43.99E.045 43.99E.050 43.99E.055 43.99E.900 Next
Last modified: April 7, 2009