RCW 47.56.771
Refunding bonds—General obligation—Signatures, negotiability—Payment of principal and interest—Pledge of excise taxes.
(1) The refunding bonds authorized under RCW 47.56.770 must be general obligation bonds of the state of Washington and must be issued in a total principal amount not to exceed fifteen million dollars. The exact amount of refunding bonds to be issued must be determined by the state finance committee after calculating the amount of money deposited with the trustee for the bonds to be refunded which can be used to redeem or defease outstanding toll bridge authority, ferry, and Hood Canal bridge revenue bonds after the setting aside of sufficient money from that fund to pay the first interest installment on the refunding bonds. The refunding bonds must be serial in form maturing at such time, in such amounts, having such denomination or denominations, redemption privileges, and having such terms and conditions as determined by the state finance committee. The last maturity date of the refunding bonds may not be later than January 1, 2002.
(2) The refunding bonds must be signed by the governor and the state treasurer under the seal of the state, which signatures must be made manually or in printed facsimile. The bonds must be registered in the name of the owner in accordance with chapter 39.46 RCW. The refunding bonds must distinctly state that they are a general obligation of the state of Washington, must pledge the full faith and credit of the state, and must contain an unconditional promise to pay the principal thereof and the interest thereon when due. The refunding bonds must be fully negotiable instruments.
(3) The principal and interest on the refunding bonds must be first payable in the manner provided in this section from the proceeds of state excise taxes on fuels imposed by chapter 82.38 RCW.
(4) The principal of and interest on the refunding bonds must be paid first from the state excise taxes on motor vehicle and special fuels deposited in the ferry bond retirement fund. There is hereby pledged the proceeds of state excise taxes on motor vehicle and special fuels imposed under chapter 82.38 RCW to pay the refunding bonds and interest thereon, and the legislature hereby agrees to continue to impose the same excise taxes on motor vehicle and special fuels in amounts sufficient to pay, when due, the principal and interest on the refunding bonds. Not less than fifteen days prior to the date any interest or principal and interest payments are due, the state finance committee must certify to the state treasurer such amount of additional money as may be required for debt service, and the treasurer must thereupon transfer from the motor vehicle fund such amount from the proceeds of such excise taxes into the ferry bond retirement fund. Any proceeds of such excise taxes required for these purposes must first be taken from that portion of the motor vehicle fund which results from the imposition of the excise taxes on motor vehicle and special fuels and which is distributed to the Puget Sound capital construction account. If the proceeds from excise taxes distributed to the state are ever insufficient to meet the required payments on principal or interest on the refunding bonds when due, the amount required to make the payments on the principal or interest must next be taken from that portion of the motor vehicle fund which results from the imposition of excise taxes on motor vehicle and special fuels and which is distributed to the state, counties, cities, and towns pursuant to RCW 46.68.090. Any payments of the principal or interest taken from the motor vehicle or special fuel tax revenues which are distributable to the counties, cities, and towns must be repaid from the first money distributed to the state not required for redemption of the refunding bonds or interest thereon. The legislature covenants that it will at all times provide sufficient revenues from the imposition of such excise taxes to pay the principal and interest due on the refunding bonds.
[ 2013 c 225 § 634; 1999 c 269 § 14; 1995 c 274 § 17; 1993 c 4 § 3.]
NOTES:
Effective date—2013 c 225: See note following RCW 82.38.010.
Effective date—1999 c 269: See note following RCW 36.78.070.
Legislative declaration—Effective date—1993 c 4: See notes following RCW 47.56.770.
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.