Statutes > Washington Statutes > Title 43 - State government — executive > 43.31 - Department of commerce. > 43.31.962 - Retirement of bonds from cultural facilities bond redemption fund of 1979 -- Retirement of bonds from state general obligation bond retirement fund -- Remedies of bondholders.

43.31.962 - Retirement of bonds from cultural facilities bond redemption fund of 1979 -- Retirement of bonds from state general obligation bond retirement fund -- Remedies of bondholders.

Retirement of bonds from cultural facilities bond redemption fund of 1979 — Retirement of bonds from state general obligation bond retirement fund — Remedies of bondholders.

The cultural facilities bond redemption fund of 1979, hereby created in the state treasury, shall be used for the purpose of the payment of interest on and retirement of the bonds and notes authorized to be issued by RCW 43.31.956 and *43.31.958. The state finance committee, on or before June 30th of each year, shall certify to the state treasurer the amount needed in the ensuing twelve months to meet bond retirement and interest requirements. Not less than thirty days prior to the date on which any such interest or principal and interest payment is due, the state treasurer shall withdraw from any general state revenues received in the state treasury an amount equal to the amount certified by the state finance committee to be due on such payment date and deposit the same in the cultural facilities bond redemption fund of 1979.

     If a state general obligation bond retirement fund is created in the state treasury by chapter 230, Laws of 1979 1st ex. sess. and becomes effective by statute prior to the issuance of any of the bonds authorized by RCW 43.31.956 through 43.31.964, the state general obligation bond retirement fund shall be used for purposes of RCW 43.31.956 through 43.31.964 in lieu of the cultural facilities bond redemption fund of 1979, and the cultural facilities bond redemption fund of 1979 shall cease to exist.

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

[1979 ex.s. c 260 § 4.]

Notes: *Reviser's note: RCW 43.31.958 was repealed by 1991 sp.s. c 13 § 122, effective July 1, 1991.

Severability -- 1979 ex.s. c 260: See note following RCW 43.31.956.

State general obligation bond retirement fund: RCW 43.83.160.