(1) Money in the treasurer's trust fund may be deposited, invested, and reinvested by the state treasurer in accordance with RCW 43.84.080
in the same manner and to the same extent as if the money were in the state treasury, and may be commingled with moneys in the state treasury for cash management and cash balance purposes.
(2) All income received from investment of the treasurer's trust fund must be set aside in an account in the treasury trust fund to be known as the investment income account.
(3) The investment income account may be utilized for the payment of purchased banking services on behalf of treasurer's trust funds including, but not limited to, depository, safekeeping, and disbursement functions for the state treasurer or affected state agencies. The investment income account is subject in all respects to chapter 43.88
RCW, but no appropriation is required for payments to financial institutions. Payments must occur prior to distribution of earnings set forth in subsection (4) of this section.
(4)(a) Monthly, the state treasurer must distribute the earnings credited to the investment income account to the state general fund except under (b), (c), and (d) of this subsection.
(b) The following accounts and funds must receive their proportionate share of earnings based upon each account's or fund's average daily balance for the period: The 24/7 sobriety account, the Washington promise scholarship account, the Washington advanced college tuition payment program account, the Washington college savings program account, the accessible communities account, the Washington achieving a better life experience program account, the community and technical college innovation account, the agricultural local fund, the American Indian scholarship endowment fund, the foster care scholarship endowment fund, the foster care endowed scholarship trust fund, the contract harvesting revolving account, the Washington state combined fund drive account, the commemorative works account, the county enhanced 911 excise tax account, the toll collection account, the developmental disabilities endowment trust fund, the energy account, the fair fund, the family leave insurance account, the food animal veterinarian conditional scholarship account, the fruit and vegetable inspection account, the future teachers conditional scholarship account, the game farm alternative account, the GET ready for math and science scholarship account, the Washington global health technologies and product development account, the grain inspection revolving fund, the industrial insurance rainy day fund, the juvenile accountability incentive account, the law enforcement officers' and firefighters' plan 2 expense fund, the local tourism promotion account, the multiagency permitting team account, the pilotage account, the produce railcar pool account, the regional transportation investment district account, the rural rehabilitation account, the Washington sexual assault kit account, the stadium and exhibition center account, the youth athletic facility account, the self-insurance revolving fund, the children's trust fund, the Washington horse racing commission Washington bred owners' bonus fund and breeder awards account, the Washington horse racing commission class C purse fund account, the individual development account program account, the Washington horse racing commission operating account, the life sciences discovery fund, the Washington state heritage center account, the reduced cigarette ignition propensity account, the center for childhood deafness and hearing loss account, the school for the blind account, the Millersylvania park trust fund, the public employees' and retirees' insurance reserve fund, and the radiation perpetual maintenance fund.
(c) The following accounts and funds must receive eighty percent of their proportionate share of earnings based upon each account's or fund's average daily balance for the period: The advanced right-of-way revolving fund, the advanced environmental mitigation revolving account, the federal narcotics asset forfeitures account, the high occupancy vehicle account, the local rail service assistance account, and the miscellaneous transportation programs account.
(d) Any state agency that has independent authority over accounts or funds not statutorily required to be held in the custody of the state treasurer that deposits funds into a fund or account in the custody of the state treasurer pursuant to an agreement with the office of the state treasurer shall receive its proportionate share of earnings based upon each account's or fund's average daily balance for the period.
(5) In conformance with Article II, section 37 of the state Constitution, no trust accounts or funds shall be allocated earnings without the specific affirmative directive of this section.
Reviser's note: This section was amended by 2016 c 39 § 7, 2016 c 69 § 21, 2016 c 173 § 10, and by 2016 c 203 § 2, each without reference to the other. All amendments are incorporated in the publication of this section under RCW 1.12.025(2). For rule of construction, see RCW 1.12.025(1). Finding—Intent—2016 c 173:
See note following RCW 43.43.545
Residual balance of funds—Effective date—2013 c 251:
See notes following RCW 41.06.280
Effective date—2012 c 198:
See note following RCW 70.94.6532
Finding—Effective date—2011 1st sp.s. c 37:
See notes following RCW 51.32.090
Finding—Intent—2011 c 274:
See note following RCW 28B.50.515
Effective dates—2010 1st sp.s. c 19:
See note following RCW 82.14B.010
Effective date—2010 1st sp.s. c 9:
See note following RCW 28A.650.035
Intent—2010 c 222:
See note following RCW 43.08.150
Findings—2010 c 215:
See note following RCW 50.40.071
Effective date—2009 c 87 § 4:
"Section 4 of this act takes effect August 1, 2009." [ 2009 c 87 § 5.
Effective date—2008 c 128 §§ 17-20:
See note following RCW 88.16.061
Effective date—2008 c 122 §§ 23 and 24:
See note following RCW 47.56.167
Contingency—2007 c 523:
See note following RCW 43.07.128
Findings—2006 c 311:
See note following RCW 36.120.020
Effective date—2004 c 246:
See note following RCW 67.16.270
Findings—Severability—2003 c 313:
See notes following RCW 79.15.500
Effective date—2002 c 322:
See note following RCW 15.17.240
Effective date—Severability—2000 c 79:
See notes following RCW 48.04.010
Intent—Captions not law—1999 c 384:
See notes following RCW 43.330.431
Findings—Intent—Rules adoption—Severability—Effective date—1997 c 368:
See notes following RCW 82.08.810
Referendum—Other legislation limited—Legislators' personal intent not indicated—Reimbursements for election—Voters' pamphlet, election requirements—1997 c 220:
See RCW 36.102.800
Intent—1997 c 140:
See note following RCW 47.12.330
Effective date—1997 c 94:
See note following RCW 47.04.210
Findings—Purpose—Severability—Part headings not law—1996 c 253:
See notes following RCW 28B.109.010
Effective date—1995 c 394:
See note following RCW 43.84.092
Effective date—1995 c 365:
"This act is necessary for the immediate preservation of the public peace, health, or safety, or support of the state government and its existing public institutions, and shall take effect June 1, 1995." [ 1995 c 365 § 2.
Effective date—Application—1993 sp.s. c 8:
See note following RCW 43.84.092
Finding—Severability—Effective date—1993 c 500:
See notes following RCW 43.41.180
Effective dates—Severability—1991 sp.s. c 13:
See notes following RCW 18.08.240