State general obligation bond retirement fund created — Trust fund for retirement of state general obligation bonds — Use of designated bond retirement accounts.
The state general obligation bond retirement fund is hereby created in the state treasury. This fund shall be used for the payment of principal of, redemption premium, if any, and interest on general obligation bonds of the state that are required to be paid either directly or indirectly from any general state revenues and that are issued pursuant to statutory authority which statute designates the general obligation bond retirement fund for this purpose. This fund shall be deemed a trust fund for this purpose.
If bond retirement accounts are created in the state treasury by chapter 456, Laws of 1997 and become effective prior to the issuance of any of the bonds that would otherwise be subject to payment from the state general obligation bond retirement fund under this section, the bond retirement accounts designated by the statutes authorizing the bond issuance shall be used for the purposes of this chapter in lieu of the state general obligation bond retirement fund.
[1997 c 456 § 29; 1979 ex.s. c 230 § 6.]
| Severability -- 1997 c 456: See RCW 43.99L.900.|
Effective date -- 1997 c 456 §§ 9-43: See RCW 43.99M.901.