2005 Washington Revised Code RCW 67.40.040: Deposit of proceeds in state convention and trade center account and appropriate subaccounts — Credit against future borrowings — Use.

(1) The proceeds from the sale of the bonds authorized in RCW 67.40.030, proceeds of the taxes imposed under RCW 67.40.090 and 67.40.130, and all other moneys received by the state convention and trade center from any public or private source which are intended to fund the acquisition, design, construction, expansion, exterior cleanup and repair of the Eagles building, conversion of various retail and other space to meeting rooms, purchase of the land and building known as the McKay Parcel, development of low-income housing, or renovation of the center, and those expenditures authorized under RCW 67.40.170 shall be deposited in the state convention and trade center account hereby created in the state treasury and in such subaccounts as are deemed appropriate by the directors of the corporation.

     (2) Moneys in the account, including unanticipated revenues under RCW 43.79.270, shall be used exclusively for the following purposes in the following priority:

     (a) For reimbursement of the state general fund under RCW 67.40.060;

     (b) After appropriation by statute:

     (i) For payment of expenses incurred in the issuance and sale of the bonds issued under RCW 67.40.030;

     (ii) For expenditures authorized in RCW 67.40.170;

     (iii) For acquisition, design, and construction of the state convention and trade center; and

     (iv) For reimbursement of any expenditures from the state general fund in support of the state convention and trade center; and

     (c) For transfer to the state convention and trade center operations account.

     (3) The corporation shall identify with specificity those facilities of the state convention and trade center that are to be financed with proceeds of general obligation bonds, the interest on which is intended to be excluded from gross income for federal income tax purposes. The corporation shall not permit the extent or manner of private business use of those bond-financed facilities to be inconsistent with treatment of such bonds as governmental bonds under applicable provisions of the Internal Revenue Code of 1986, as amended.

     (4) In order to ensure consistent treatment of bonds authorized under RCW 67.40.030 with applicable provisions of the Internal Revenue Code of 1986, as amended, and notwithstanding RCW 43.84.092, investment earnings on bond proceeds deposited in the state convention and trade center account in the state treasury shall be retained in the account, and shall be expended by the corporation for the purposes authorized under chapter 386, Laws of 1995 and in a manner consistent with applicable provisions of the Internal Revenue Code of 1986, as amended.

     (5) During the 2005-2007 fiscal biennium, the legislature may transfer from the state convention and trade center account to the state general fund such amounts as reflect the excess fund balance of the account.

[2005 c 518 § 936; 2003 1st sp.s. c 25 § 929; 1995 c 386 § 13; 1991 sp.s. c 13 § 11; 1990 c 181 § 2; 1988 ex.s. c 1 § 4; 1987 1st ex.s. c 8 § 4; 1985 c 57 § 66; 1983 2nd ex.s. c 1 § 4; 1982 c 34 § 4.]

Severability -- Effective date -- 2005 c 518: See notes following RCW 28A.305.210.      Severability -- Effective date -- 2003 1st sp.s. c 25: See notes following RCW 19.28.351.      Severability -- Effective date -- 1995 c 386: See notes following RCW 67.40.130.      Effective dates -- Severability -- 1991 sp.s. c 13: See notes following RCW 18.08.240.      Severability -- 1987 1st ex.s. c 8: See note following RCW 67.40.020.      Effective date -- 1985 c 57: See note following RCW 18.04.105.