Concerning state general obligation bonds and related accounts (Honeyford, Frockt)

SUMMARY OF SUBSTITUTE BILL: (original bill not considered by committee)

“The Committee is authorized to issue up to $2,586,858,000 in state general obligation bonds to finance projects in the 2017-19 Capital Budget and to pay expenses incurred in the issuance and sale of the bonds. Proceeds from the sale of the bonds must be deposited into the State Building Construction Account. The State Treasurer must withdraw from general state revenues the amounts necessary to make the principal and interest payments on the bonds and must deposit these amounts into the Debt Limit General Fund Bond Retirement Account.

Bond authority in statute, for which there is no more appropriation authority, are repealed. These include:
• chapter 14, Laws of 1989, 1st ex. sess.—1989-91 Biennium;
• chapter 18, Laws of 2003, 1st sp. sess.—Gardener-Evans;
• section 101, chapter 167, Laws of 2006—Correctional Facilities;
• section 301, chapter 167, Laws of 2006—Hood Canal aquatic rehabilitation program; and
• section 401, chapter 167, Laws of 2006—Rehabilitation of Puget Sound.”

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