28A.525.218 - 1984 bond issue for construction, modernization of school plant facilities -- State general obligation bond fund utilized for payment of principal and interest -- Committee's and tre

1984 bond issue for construction, modernization of school plant facilities — State general obligation bond fund utilized for payment of principal and interest — Committee's and treasurer's duties — Form and condition of bonds.

The state general obligation bond retirement fund shall be used for the payment of the principal of and interest on the bonds authorized in RCW 28A.525.212. The state finance committee may provide that a special account be created in such fund to facilitate payment of such principal and interest.

     The state finance committee shall, on or before June 30th of each year, certify to the state treasurer the amount required for principal and interest on such bonds in accordance with the provisions of the bond proceedings. The state treasurer shall withdraw from any general state revenues received in the state treasury and deposit in the general obligation bond retirement fund, or a special account in such fund, such amounts and at such times as are required by the bond proceedings. On each date on which any interest or principal and interest is due, the state treasurer shall cause an identical amount to be transferred to the general fund of the state treasury from that portion of the common school construction fund derived from the interest on the permanent common school fund. The transfers from the common school construction fund shall be subject to all pledges, liens, and encumbrances heretofore granted or created on the portion of the fund derived from interest on the permanent common school fund. Any deficiency in such transfer shall be made up as soon as moneys are available for transfer and shall constitute a continuing obligation of that portion of the common school construction fund derived from the interest on the permanent common school fund until all deficiencies are fully paid.

     Bonds issued under RCW 28A.525.212 shall state that they are a general obligation of the state of Washington, shall pledge the full faith and credit of the state to the payment of the principal thereof and the interest thereon, and shall contain an unconditional promise to pay the principal and interest as the same shall become due.

     The owner and holder of each of the bonds or the trustee for the owner and holder of any of the bonds may by mandamus or other appropriate proceeding require the transfer and payment of funds as directed in this section.

[1990 c 33 § 468; 1985 ex.s. c 3 § 2; 1984 c 266 § 5. Formerly RCW 28A.47.844.]

Notes: Severability -- 1984 c 266: See note following RCW 28A.525.210.