RCW 47.56.150
Toll bridges—Bond proceeds and toll revenues, disposition of—Construction fund—Disbursement—Investment.
The proceeds from the sale of all bonds authorized under the provisions of this chapter shall be paid to the state treasurer for the credit of the department and be deposited as demand deposits forthwith in such depositary or depositaries as may be authorized by law to receive deposits of state funds to the credit of a fund to be designated as the construction fund of the particular toll bridge or toll bridges for which such bonds were issued and sold, which fund shall not be a state fund and shall at all times be kept segregated and set apart from all other funds and in trust for the purposes herein set out. Such proceeds shall be paid out or disbursed solely for the construction of such toll bridge or toll bridges, the acquisition of the necessary lands and easements therefor and the payment of interest on such bonds during the period of actual construction and for a period of six months thereafter, only as the need therefor shall arise. The department may agree with the purchaser of the bonds upon any conditions or limitations restricting the disbursement of such funds that may be deemed advisable, for the purpose of assuring the proper application of such funds. All moneys in such fund and not required to meet current construction costs of the toll bridge or toll bridges for which such bonds were issued and sold, and all funds constituting surplus revenues that are not immediately needed for the particular object or purpose to which they must be applied or are pledged shall be invested in bonds and obligations of the nature eligible for investment of surplus state moneys: PROVIDED, That the department may provide in the proceedings authorizing the issuance of these bonds that the investment of such moneys shall be made only in particular bonds and obligations within the classifications eligible for such investment, and such provisions shall thereupon be binding upon the department and all officials having anything to do with the investment. Any surplus which may exist in the construction fund shall be applied to the retirement of bonds issued for the construction of such toll bridge or toll bridges by purchase or call. If these bonds cannot be purchased at a price satisfactory to the department and are not by their terms callable prior to maturity, the surplus shall be paid into the fund applicable to the payment of principal and interest of the bonds and shall be used for that purpose. The proceedings authorizing the issuance of bonds may provide limitations and conditions upon the time and manner of applying the surplus to the purchase and call of outstanding bonds and the terms upon which they shall be purchased or called. Such limitations and conditions shall be followed and observed in the application and use of the surplus. All bonds so retired by purchase or call shall be immediately canceled.
[ 1984 c 7 § 257; 1961 c 13 § 47.56.150. Prior: 1937 c 173 § 14, part; RRS § 6524-14, part.]
Structure Revised Code of Washington
Title 47 - Public Highways and Transportation
Chapter 47.56 - State Toll Bridges, Tunnels, and Ferries.
47.56.030 - Powers and duties regarding toll facilities—Purchasing.
47.56.031 - Approval of tolls.
47.56.032 - Authority of department and commission relating to state ferries.
47.56.040 - Toll bridges authorized—Investigations.
47.56.042 - State boundary bridges—Investigations—Agreements with counties or states.
47.56.050 - Purchase of bridges and ferries authorized—Provisions applicable.
47.56.060 - Toll bridges—General powers of department and officials—Financial statements.
47.56.070 - Toll facilities authorized—Provisions applicable.
47.56.076 - Regional transportation investment district—Vehicle tolls authorized.
47.56.077 - Concessions to operate private business on toll road prohibited.
47.56.078 - Transportation benefit district—Vehicle tolls authorized.
47.56.090 - Authority to acquire right-of-way in constructing a toll bridge.
47.56.100 - Toll bridges—Right-of-way across state highways and political subdivisions—Compensation.
47.56.110 - Toll bridges—Resolution of necessity in acquiring right-of-way—Effect of.
47.56.120 - Toll bridges—Construction directed—Costs.
47.56.130 - Toll bridges—Bonds—Cooperative funds from state and federal government.
47.56.140 - Toll bridges, bonds—Form, contents, manner of sale—Interim bonds.
47.56.160 - Toll bridges—Toll revenue fund.
47.56.165 - Tacoma Narrows toll bridge account.
47.56.167 - Toll collection account.
47.56.170 - Toll bridges—Transfer of funds for bond payments—Surplus funds.
47.56.180 - Toll bridges—Payments made by warrants on vouchers—Interest on deposits.
47.56.190 - Toll bridges—Agreement on deposit of funds.
47.56.200 - Toll bridges—Use of bond proceeds and revenue for expenses.
47.56.210 - Toll bridges—Remedies of bond holders.
47.56.220 - Toll bridges—Limitations on other service—Protection of outstanding bonds.
47.56.230 - Toll bridges—Insurance or indemnity bonds authorized.
47.56.240 - Toll bridges—Fixing of toll rates authorized—Lien of bonds on revenue.
47.56.245 - Toll charges retained until costs paid.
47.56.247 - Credit permits for vehicular passage.
47.56.248 - Credit permits for vehicular passage—Cash deposit or bond—Revocation of permit.
47.56.250 - Contributions by the state or political subdivision—Bonds—Repayment.
47.56.254 - Sale of unneeded property—Authorized—Rules.
47.56.255 - Sale of unneeded property—Certification to governor—Execution, delivery of deed.
47.56.256 - Franchises for utility, railway, urban public transportation purposes.
47.56.257 - Deposit of moneys received under RCW 47.56.253 through 47.56.256.
47.56.258 - Notification requirements.
47.56.270 - 1950 Tacoma Narrows bridge part of primary highways.
47.56.271 - 1950 Tacoma Narrows bridge toll-free—Exception.
47.56.366 - Hood Canal bridge—Public sport fishing—Disclaimer of liability.
47.56.401 - High occupancy toll lanes defined.
47.56.600 - Naches Pass tunnel—Design.
47.56.711 - Spokane river bridges.
47.56.725 - County ferries—Deficit reimbursements—Capital improvement funds.
47.56.730 - "No Smoking" areas on ferries—Establishment directed.
47.56.770 - Refunding bonds—Authorized.
47.56.772 - Refunding bonds—Liquidation of existing bond funds.
47.56.773 - Refunding bonds—Repayment to Puget Sound capital construction account.
47.56.774 - Various bond issues—Charge against fuel tax revenues.
47.56.790 - Interstate 90 floating bridge tolls—Federal authorization—Report.
47.56.796 - Toll rates—Legislative approval—Adjustments—Reports.
47.56.820 - Imposition of tolls on eligible toll facilities—Who may authorize, revenue expenditures.
47.56.830 - Policy guidelines for eligible toll facility proposals.
47.56.840 - Tolling advisory committee.
47.56.855 - Report to legislature on toll rate increases and decreases by transportation commission.
47.56.864 - Alaskan Way viaduct replacement project account—Deposits—Use and transfer of funds.
47.56.875 - State route No. 520 corridor account—Deposits—Use and transfer of funds.
47.56.876 - State route number 520 civil penalties account.
47.56.884 - Interstate 405 and state route number 167 express toll lanes account.
47.56.888 - Interstate 405 and state route number 167 corridors—Performance—Reevaluation of options.
47.56.895 - Puget Sound Gateway facility—Toll rates.