§ 28B.56.100. Community college capital improvements bond redemption fund of 1972 -- Created -- Tax receipts -- Use of funds -- Use of debt-limit general fund bond retirement account
The community college capital improvements bond redemption fund of 1972 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 30 of each year, certify to the state treasurer the amount needed in the ensuing twelve months to meet bond retirement and interest requirements, and on July 1 of each year, the state treasurer shall deposit such amount in the community college capital improvements bond redemption fund of 1972 from moneys transmitted to the state treasurer by the department of revenue and certified by the department of revenue to be retail sales tax collections. Such amount certified by the state finance committee to the state treasurer shall be a prior charge against all retail sales tax revenues of the state of Washington, except that portion thereof heretofore pledged for the payment of bond principal and interest.
The owner and holder of each of the bonds or the trustee for any of the bonds may by mandamus or other appropriate proceeding require the transfer and payment of funds as directed herein.
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 community college capital improvements bonds redemption fund of 1972.
[1997 c 456 § 10; 1972 ex.s. c 133 § 10.]
Notes:
Severability -- 1997 c 456: See RCW 43.99L.900.
Effective date -- 1997 c 456 § § 9-43: See RCW 43.99M.901.
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Last modified: April 7, 2009