WSR 17-18-099 PERMANENT RULES OFFICE OF INSURANCE COMMISSIONER [Insurance Commissioner Matter No. R 2017-03—Filed September 6, 2017, 10:22 a.m., effective October 7, 2017] Effective Date of Rule: Thirty-one days after filing. Purpose: Interest rate pursuant to RCW 87.03.810. RCW 87.03.810 sets forth a process for the Washington state department of transportation (WSDOT) to make payments to acquire land from irrigation districts for highway purposes. The statute references interest rate tables issued by the office of the insurance commissioner. The rule sets forth the interest rate to be used by WSDOT for purposes of this section. Citation of Rules Affected by this Order: New WAC 284-74-700. Adopted under notice filed as WSR 17-16-159 on August 1, 2017. Number of Sections Adopted in Order to Comply with Federal Statute: New 0, Amended 0, Repealed 0; Federal Rules or Standards: New 0, Amended 0, Repealed 0; or Recently Enacted State Statutes: New 0, Amended 0, Repealed 0. Number of Sections Adopted at the Request of a Nongovernmental Entity: New 0, Amended 0, Repealed 0. Number of Sections Adopted on the Agency's own Initiative: New 0, Amended 0, Repealed 0. Number of Sections Adopted in Order to Clarify, Streamline, or Reform Agency Procedures: New 1, Amended 0, Repealed 0. Number of Sections Adopted using Negotiated Rule Making: New 0, Amended 0, Repealed 0; Pilot Rule Making: New 0, Amended 0, Repealed 0; or Other Alternative Rule Making: New 1, Amended 0, Repealed 0. Date Adopted: September 6, 2017. Mike Kreidler Insurance Commissioner
SUBCHAPTER B: ALTERNATIVE USES OF INTEREST RATE TABLES
NEW SECTION
WAC 284-74-700 Acquiring irrigation district lands.
The local government investment pool (LGIP) daily yield, as calculated by the state treasurer, is the proper interest rate to be used as the annual rate of interest for the purpose of calculating a lump sum payment to irrigation districts for lands acquired by the Washington state department of transportation per RCW 87.03.810. The last published daily yield prior to the official transfer of property should be used for the calculation. The last published daily yield means the day prior to the day that the deed is recorded.
|