28B.59.070 - Moneys to be transferred from community college account to state general fund -- Limitation.

Moneys to be transferred from community college account to state general fund — Limitation.

On or before June 30th of each year, the college board shall accumulate in the community college capital projects account from building fees and other moneys deposited therein, an amount at least equal to the amount required in the next succeeding twelve months for the payment of principal of and interest on the bonds issued pursuant to this chapter. On July 1st of each such year, the state treasurer shall withdraw said sum from the community college capital projects account and deposit said sum in the state general fund: PROVIDED, That withdrawal of building fees from the community college capital projects account for deposit into the general fund pursuant to the provisions of this section shall be made only after provision has first been made for the payment in full of the principal of and interest on all outstanding building, limited obligation bonds of the college board coming due in the twelve months next succeeding July 1st of each such year, and for any reserve account deposits necessary for such outstanding bonds in the same period.

[1985 c 390 § 68; 1975-'76 2nd ex.s. c 107 § 7.]

Notes: Severability -- 1975-'76 2nd ex.s. c 107: See note following RCW 28B.59.010.