28B.59D.060 - Transfer of account moneys to general fund -- College board and treasurer's duties.

Transfer of account moneys to general fund — College board and treasurer's duties.

(1) 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, to the extent the fees and moneys are available, 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 under RCW 28B.59D.010 through 28B.59D.070. Not less than thirty days prior to the date on which any interest or principal and interest payment is due, the state treasurer shall withdraw this amount, to the extent available, from the community college capital projects account and deposit it in the state general fund.

     (2) The state treasurer shall make withdrawals from the community college capital projects account for deposit in the general fund of amounts equal to debt service payments on state general obligation bonds issued for community college purposes pursuant to Title 28B RCW only to the extent that funds are or become actually available in the account from time to time. Any unpaid debt service payments shall be a continuing obligation against the community college capital projects account until paid. Beginning with the 1979-1981 biennium, the *state board for community college education need not accumulate any specific amount in the community college capital projects account for purposes of these withdrawals by the state treasurer.

[1985 c 390 § 72; 1981 c 237 § 6.]

Notes: *Reviser's note: The state board for community college education was renamed the state board for community and technical colleges by 1991 c 238 § 30.

Severability -- 1981 c 237: See note following RCW 28B.59D.010.