28B.106.040 - Higher education bond retirement fund of 1988 -- Creation -- Use -- Use of debt-limit general fund bond retirement account.

Higher education bond retirement fund of 1988 — Creation — Use — Use of debt-limit general fund bond retirement account.

The state higher education bond retirement fund of 1988 is hereby created in the state treasury, and shall be used for the payment of principal and interest on the college savings bonds.

     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 state higher education bond retirement fund of 1988, such amounts and at such times as are required by the bond proceedings. If directed by the state finance committee by resolution, the state higher education bond retirement fund of 1988, or any portion thereof, may be deposited in trust with any qualified public depository.

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

     If a debt-limit general fund bond retirement account is created in the state treasury by chapter 456, Laws of 1997 and becomes effective prior to the issuance of any of the bonds authorized by this chapter, the debt-limit general fund bond retirement account shall be used for the purposes of this chapter in lieu of the state higher education bond retirement fund of 1988.

[1997 c 456 § 11; 1988 c 125 § 12.]

Notes: Severability -- 1997 c 456: See RCW 43.99L.900.

Effective date -- 1997 c 456 §§ 9-43: See RCW 43.99M.901.