Revised Code of Washington
Chapter 43.99N - Stadium and Exhibition Center Bond Issue (Referendum 48).
43.99N.030 - Escrow agreement, account—Distributions.

RCW 43.99N.030
Escrow agreement, account—Distributions.

On or before August 1, 1997: (1) The state treasurer and a team affiliate or an entity that has an option to become a team affiliate shall enter into an escrow agreement creating an escrow account; and (2) the team affiliate or the entity that has an option to become a team affiliate shall deposit the sum of fifty million dollars into the escrow account as a credit against the obligation of the team affiliate in RCW 43.99N.020(2)(b)(ii).
The escrow agreement shall provide that the fifty million dollar deposit shall be invested by the state treasurer and shall earn interest. If the stadium and exhibition center project proceeds, then the interest on amounts in the escrow account shall be for the benefit of the state, and all amounts in the escrow account, including all principal and interest, shall be distributed to the stadium and exhibition center account. The escrow agreement shall provide for appropriate adjustments based on amounts previously and subsequently raised by the team affiliate under RCW 43.99N.020(2)(b)(ii) and amounts previously and subsequently raised by the public stadium authority under RCW 36.102.060(15). If the stadium and exhibition center project does not proceed, all principal and the interest in the escrow account shall be distributed to the team affiliate or the entity that has an option to become a team affiliate.

[ 1997 c 220 § 211 (Referendum Bill No. 48, approved June 17, 1997).]

Structure Revised Code of Washington

Revised Code of Washington

Title 43 - State Government—Executive

Chapter 43.99N - Stadium and Exhibition Center Bond Issue (Referendum 48).

43.99N.010 - Definitions.

43.99N.020 - General obligation bonds—Certifications by public stadium authority—Obligations of team affiliate.

43.99N.030 - Escrow agreement, account—Distributions.

43.99N.040 - Stadium and exhibition center construction account.

43.99N.050 - Payment of principal and interest from nondebt-limit reimbursable bond retirement account—Transfers of certified amounts—Bonds as general obligation, full faith and credit, promise to pay—Insufficiency in stadium and exhibition center ac...

43.99N.060 - Stadium and exhibition center account—Youth athletic facility account—Community outdoor athletic facility loans and grants.

43.99N.070 - Sections null and void if certification not made by office of financial management—Conditions.

43.99N.080 - Additional means for raising moneys authorized.

43.99N.090 - Bonds as legal investment.

43.99N.100 - Total public share—State contribution limited.

43.99N.120 - Loans—Terms and conditions of repayment and interest.

43.99N.130 - Bond authorization expiration.

43.99N.800 - Referendum only measure for taxes for stadium and exhibition center—Limiting legislation upon failure to approve—1997 c 220.

43.99N.801 - Legislation as opportunity for voter's decision—Not indication of legislators' personal vote on referendum proposal—1997 c 220.

43.99N.802 - Contingency—Null and void—Team affiliate's agreement for reimbursement for election—1997 c 220.

43.99N.803 - Referendum—Submittal—Explanatory statement—Voters' pamphlet—Voting procedures—Canvassing and certification—Reimbursement of counties for costs—No other elections on stadium and exhibition center—1997 c 220.