43.79A.040 - Management -- Income -- Investment income account -- Distribution.

Management — Income — Investment income account — Distribution. (Effective until October 1, 2010.)

(1) Money in the treasurer's trust fund may be deposited, invested, and reinvested by the state treasurer in accordance with RCW 43.84.080 in the same manner and to the same extent as if the money were in the state treasury, and may be commingled with moneys in the state treasury for cash management and cash balance purposes.

     (2) All income received from investment of the treasurer's trust fund shall be set aside in an account in the treasury trust fund to be known as the investment income account.

     (3) The investment income account may be utilized for the payment of purchased banking services on behalf of treasurer's trust funds including, but not limited to, depository, safekeeping, and disbursement functions for the state treasurer or affected state agencies. The investment income account is subject in all respects to chapter 43.88 RCW, but no appropriation is required for payments to financial institutions. Payments shall occur prior to distribution of earnings set forth in subsection (4) of this section.

     (4)(a) Monthly, the state treasurer shall distribute the earnings credited to the investment income account to the state general fund except under (b), (c), and (d) of this subsection.

     (b) The following accounts and funds shall receive their proportionate share of earnings based upon each account's or fund's average daily balance for the period: The Washington promise scholarship account, the college savings program account, the Washington advanced college tuition payment program account, the accessible communities account, the agricultural local fund, the American Indian scholarship endowment fund, the foster care scholarship endowment fund, the foster care endowed scholarship trust fund, the students with dependents grant account, the basic health plan self-insurance reserve account, the contract harvesting revolving account, the Washington state combined fund drive account, the commemorative works account, the Washington international exchange scholarship endowment fund, the toll collection account, the developmental disabilities endowment trust fund, the energy account, the fair fund, the family leave insurance account, the food animal veterinarian conditional scholarship account, the fruit and vegetable inspection account, the future teachers conditional scholarship account, the game farm alternative account, the GET ready for math and science scholarship account, the Washington global health technologies and product development account, the grain inspection revolving fund, the juvenile accountability incentive account, the law enforcement officers' and firefighters' plan 2 expense fund, the local tourism promotion account, the pilotage account, the produce railcar pool account, the regional transportation investment district account, the rural rehabilitation account, the stadium and exhibition center account, the youth athletic facility account, the self-insurance revolving fund, the sulfur dioxide abatement account, the children's trust fund, the Washington horse racing commission Washington bred owners' bonus fund and breeder awards account, the Washington horse racing commission class C purse fund account, the individual development account program account, the Washington horse racing commission operating account (earnings from the Washington horse racing commission operating account must be credited to the Washington horse racing commission class C purse fund account), the life sciences discovery fund, the Washington state heritage center account, the reduced cigarette ignition propensity account, and the reading achievement account.

     (c) The following accounts and funds shall receive eighty percent of their proportionate share of earnings based upon each account's or fund's average daily balance for the period: The advanced right-of-way revolving fund, the advanced environmental mitigation revolving account, the federal narcotics asset forfeitures account, the high occupancy vehicle account, the local rail service assistance account, and the miscellaneous transportation programs account.

     (d) Any state agency that has independent authority over accounts or funds not statutorily required to be held in the custody of the state treasurer that deposits funds into a fund or account in the custody of the state treasurer pursuant to an agreement with the office of the state treasurer shall receive its proportionate share of earnings based upon each account's or fund's average daily balance for the period.

     (5) In conformance with Article II, section 37 of the state Constitution, no trust accounts or funds shall be allocated earnings without the specific affirmative directive of this section.

[2010 1st sp.s. c 13 § 4; 2010 1st sp.s. c 9 § 6; 2010 c 222 § 4; 2010 c 215 § 7; 2009 c 87 § 4. Prior: 2008 c 239 § 9; 2008 c 208 § 9; 2008 c 128 § 20; 2008 c 122 § 24; prior: 2007 c 523 § 5; 2007 c 357 § 21; 2007 c 214 § 14; prior: 2006 c 311 § 21; 2006 c 120 § 2; prior: 2005 c 424 § 18; 2005 c 402 § 8; 2005 c 215 § 10; 2005 c 16 § 2; prior: 2004 c 246 § 8; 2004 c 58 § 10; prior: 2003 c 403 § 9; 2003 c 313 § 10; 2003 c 191 § 7; 2003 c 148 § 15; 2003 c 92 § 8; 2003 c 19 § 12; prior: 2002 c 322 § 5; 2002 c 204 § 7; 2002 c 61 § 6; prior: 2001 c 201 § 4; 2001 c 184 § 4; 2000 c 79 § 45; prior: 1999 c 384 § 8; 1999 c 182 § 2; 1998 c 268 § 1; prior: 1997 c 368 § 8; 1997 c 289 § 13; 1997 c 220 § 221 (Referendum Bill No. 48, approved June 17, 1997); 1997 c 140 § 6; 1997 c 94 § 3; 1996 c 253 § 409; prior: 1995 c 394 § 2; 1995 c 365 § 1; prior: 1993 sp.s. c 8 § 2; 1993 c 500 § 5; 1991 sp.s. c 13 § 82; 1973 1st ex.s. c 15 § 4.]

Notes: Reviser's note: This section was amended by 2010 c 215 § 7, 2010 c 222 § 4, 2010 1st sp.s. c 9 § 6, and by 2010 1st sp.s. 13 § 4, each without reference to the other. All amendments are incorporated in the publication of this section under RCW 1.12.025(2). For rule of construction, see RCW 1.12.025(1).

Effective date -- 2010 1st sp.s. c 9: See note following RCW 43.105.805.

Intent -- 2010 c 222: See note following RCW 43.08.150.

Findings -- 2010 c 215: See note following RCW 50.40.071.

Effective date -- 2009 c 87 § 4: "Section 4 of this act takes effect August 1, 2009." [2009 c 87 § 5.]

Effective date -- 2008 c 239: See RCW 19.305.900.

Findings -- Intent -- 2008 c 208: See RCW 28B.121.005.

Effective date -- 2008 c 128 §§ 17-20: See note following RCW 88.16.061.

Effective date -- 2008 c 122 §§ 23 and 24: See note following RCW 47.56.167.

Contingency -- 2007 c 523: See note following RCW 43.07.128.

Findings -- 2006 c 311: See note following RCW 36.120.020.

Captions not law -- Liberal construction -- Severability -- Effective dates -- 2005 c 424: See RCW 43.350.900 through 43.350.903.

SEED act -- Findings -- Purpose -- Short title -- 2005 c 402: See RCW 43.31.450 and 43.31.485.

Effective date -- 2004 c 246: See note following RCW 67.16.270.

Intent -- 2003 c 403: See RCW 70.210.010.

Findings -- Severability -- 2003 c 313: See notes following RCW 79.15.500.

Severability -- Effective date -- 2003 c 92: See RCW 41.26.905 and 41.26.906.

Finding -- Intent -- Short title -- Captions not law -- 2003 c 19: See RCW 28B.133.005, 28B.133.900, and 28B.133.901.

Effective date -- 2002 c 322: See note following RCW 15.17.240.

Effective date -- 2002 c 204: See RCW 28B.119.900.

Effective date -- Severability -- 2000 c 79: See notes following RCW 48.04.010.

Intent -- Captions not law -- 1999 c 384: See notes following RCW 43.70.731.

Findings -- Intent -- Rules adoption -- Severability -- Effective date -- 1997 c 368: See notes following RCW 82.08.810.

Referendum -- Other legislation limited -- Legislators' personal intent not indicated -- Reimbursements for election -- Voters' pamphlet, election requirements -- 1997 c 220: See RCW 36.102.800 through 36.102.803.

Part headings not law -- Severability -- 1997 c 220: See RCW 36.102.900 and 36.102.901.

Intent -- 1997 c 140: See note following RCW 47.12.330.

Effective date -- 1997 c 94: See note following RCW 47.04.210.

Findings -- Purpose -- Severability -- Part headings not law -- 1996 c 253: See notes following RCW 28B.109.010.

Effective date -- 1995 c 394: See note following RCW 43.84.092.

Effective date -- 1995 c 365: "This act is necessary for the immediate preservation of the public peace, health, or safety, or support of the state government and its existing public institutions, and shall take effect June 1, 1995." [1995 c 365 § 2.]

Effective date -- Application -- 1993 sp.s. c 8: See note following RCW 43.84.092.

Finding -- Severability -- Effective date -- 1993 c 500: See notes following RCW 43.41.180.

Effective dates -- Severability -- 1991 sp.s. c 13: See notes following RCW 18.08.240.

RCW 43.79A.040

Management — Income — Investment income account — Distribution. (Effective October 1, 2010.)

(1) Money in the treasurer's trust fund may be deposited, invested, and reinvested by the state treasurer in accordance with RCW 43.84.080 in the same manner and to the same extent as if the money were in the state treasury, and may be commingled with moneys in the state treasury for cash management and cash balance purposes.

     (2) All income received from investment of the treasurer's trust fund must be set aside in an account in the treasury trust fund to be known as the investment income account.

     (3) The investment income account may be utilized for the payment of purchased banking services on behalf of treasurer's trust funds including, but not limited to, depository, safekeeping, and disbursement functions for the state treasurer or affected state agencies. The investment income account is subject in all respects to chapter 43.88 RCW, but no appropriation is required for payments to financial institutions. Payments must occur prior to distribution of earnings set forth in subsection (4) of this section.

     (4)(a) Monthly, the state treasurer must distribute the earnings credited to the investment income account to the state general fund except under (b), (c), and (d) of this subsection.

     (b) The following accounts and funds must receive their proportionate share of earnings based upon each account's or fund's average daily balance for the period: The Washington promise scholarship account, the college savings program account, the Washington advanced college tuition payment program account, the accessible communities account, the agricultural local fund, the American Indian scholarship endowment fund, the foster care scholarship endowment fund, the foster care endowed scholarship trust fund, the students with dependents grant account, the basic health plan self-insurance reserve account, the contract harvesting revolving account, the Washington state combined fund drive account, the commemorative works account, the county enhanced 911 excise tax account, the Washington international exchange scholarship endowment fund, the toll collection account, the developmental disabilities endowment trust fund, the energy account, the fair fund, the family leave insurance account, the food animal veterinarian conditional scholarship account, the fruit and vegetable inspection account, the future teachers conditional scholarship account, the game farm alternative account, the GET ready for math and science scholarship account, the Washington global health technologies and product development account, the grain inspection revolving fund, the juvenile accountability incentive account, the law enforcement officers' and firefighters' plan 2 expense fund, the local tourism promotion account, the pilotage account, the produce railcar pool account, the regional transportation investment district account, the rural rehabilitation account, the stadium and exhibition center account, the youth athletic facility account, the self-insurance revolving fund, the sulfur dioxide abatement account, the children's trust fund, the Washington horse racing commission Washington bred owners' bonus fund and breeder awards account, the Washington horse racing commission class C purse fund account, the individual development account program account, the Washington horse racing commission operating account (earnings from the Washington horse racing commission operating account must be credited to the Washington horse racing commission class C purse fund account), the life sciences discovery fund, the Washington state heritage center account, the reduced cigarette ignition propensity account, and the reading achievement account.

     (c) The following accounts and funds must receive eighty percent of their proportionate share of earnings based upon each account's or fund's average daily balance for the period: The advanced right-of-way revolving fund, the advanced environmental mitigation revolving account, the federal narcotics asset forfeitures account, the high occupancy vehicle account, the local rail service assistance account, and the miscellaneous transportation programs account.

     (d) Any state agency that has independent authority over accounts or funds not statutorily required to be held in the custody of the state treasurer that deposits funds into a fund or account in the custody of the state treasurer pursuant to an agreement with the office of the state treasurer shall receive its proportionate share of earnings based upon each account's or fund's average daily balance for the period.

     (5) In conformance with Article II, section 37 of the state Constitution, no trust accounts or funds shall be allocated earnings without the specific affirmative directive of this section.

[2010 1st sp.s. c 19 § 22; 2010 1st sp.s. c 13 § 4; 2010 1st sp.s. c 9 § 6; 2010 c 222 § 4; 2010 c 215 § 7; 2009 c 87 § 4. Prior: 2008 c 239 § 9; 2008 c 208 § 9; 2008 c 128 § 20; 2008 c 122 § 24; prior: 2007 c 523 § 5; 2007 c 357 § 21; 2007 c 214 § 14; prior: 2006 c 311 § 21; 2006 c 120 § 2; prior: 2005 c 424 § 18; 2005 c 402 § 8; 2005 c 215 § 10; 2005 c 16 § 2; prior: 2004 c 246 § 8; 2004 c 58 § 10; prior: 2003 c 403 § 9; 2003 c 313 § 10; 2003 c 191 § 7; 2003 c 148 § 15; 2003 c 92 § 8; 2003 c 19 § 12; prior: 2002 c 322 § 5; 2002 c 204 § 7; 2002 c 61 § 6; prior: 2001 c 201 § 4; 2001 c 184 § 4; 2000 c 79 § 45; prior: 1999 c 384 § 8; 1999 c 182 § 2; 1998 c 268 § 1; prior: 1997 c 368 § 8; 1997 c 289 § 13; 1997 c 220 § 221 (Referendum Bill No. 48, approved June 17, 1997); 1997 c 140 § 6; 1997 c 94 § 3; 1996 c 253 § 409; prior: 1995 c 394 § 2; 1995 c 365 § 1; prior: 1993 sp.s. c 8 § 2; 1993 c 500 § 5; 1991 sp.s. c 13 § 82; 1973 1st ex.s. c 15 § 4.]

Notes: Reviser's note: This section was amended by 2010 c 215 § 7, 2010 c 222 § 4, 2010 1st sp.s. c 9 § 6, 2010 1st sp.s. c 13 § 4, and by 2010 1st sp.s. c 19 § 22, each without reference to the other. All amendments are incorporated in the publication of this section under RCW 1.12.025(2). For rule of construction, see RCW 1.12.025(1).

Effective dates -- 2010 1st sp.s. c 19: See note following RCW 82.14B.010.

Effective date -- 2010 1st sp.s. c 9: See note following RCW 43.105.805.

Intent -- 2010 c 222: See note following RCW 43.08.150.

Findings -- 2010 c 215: See note following RCW 50.40.071.

Effective date -- 2009 c 87 § 4: "Section 4 of this act takes effect August 1, 2009." [2009 c 87 § 5.]

Effective date -- 2008 c 239: See RCW 19.305.900.

Findings -- Intent -- 2008 c 208: See RCW 28B.121.005.

Effective date -- 2008 c 128 §§ 17-20: See note following RCW 88.16.061.

Effective date -- 2008 c 122 §§ 23 and 24: See note following RCW 47.56.167.

Contingency -- 2007 c 523: See note following RCW 43.07.128.

Findings -- 2006 c 311: See note following RCW 36.120.020.

Captions not law -- Liberal construction -- Severability -- Effective dates -- 2005 c 424: See RCW 43.350.900 through 43.350.903.

SEED act -- Findings -- Purpose -- Short title -- 2005 c 402: See RCW 43.31.450 and 43.31.485.

Effective date -- 2004 c 246: See note following RCW 67.16.270.

Intent -- 2003 c 403: See RCW 70.210.010.

Findings -- Severability -- 2003 c 313: See notes following RCW 79.15.500.

Severability -- Effective date -- 2003 c 92: See RCW 41.26.905 and 41.26.906.

Finding -- Intent -- Short title -- Captions not law -- 2003 c 19: See RCW 28B.133.005, 28B.133.900, and 28B.133.901.

Effective date -- 2002 c 322: See note following RCW 15.17.240.

Effective date -- 2002 c 204: See RCW 28B.119.900.

Effective date -- Severability -- 2000 c 79: See notes following RCW 48.04.010.

Intent -- Captions not law -- 1999 c 384: See notes following RCW 43.70.731.

Findings -- Intent -- Rules adoption -- Severability -- Effective date -- 1997 c 368: See notes following RCW 82.08.810.

Referendum -- Other legislation limited -- Legislators' personal intent not indicated -- Reimbursements for election -- Voters' pamphlet, election requirements -- 1997 c 220: See RCW 36.102.800 through 36.102.803.

Part headings not law -- Severability -- 1997 c 220: See RCW 36.102.900 and 36.102.901.

Intent -- 1997 c 140: See note following RCW 47.12.330.

Effective date -- 1997 c 94: See note following RCW 47.04.210.

Findings -- Purpose -- Severability -- Part headings not law -- 1996 c 253: See notes following RCW 28B.109.010.

Effective date -- 1995 c 394: See note following RCW 43.84.092.

Effective date -- 1995 c 365: "This act is necessary for the immediate preservation of the public peace, health, or safety, or support of the state government and its existing public institutions, and shall take effect June 1, 1995." [1995 c 365 § 2.]

Effective date -- Application -- 1993 sp.s. c 8: See note following RCW 43.84.092.

Finding -- Severability -- Effective date -- 1993 c 500: See notes following RCW 43.41.180.

Effective dates -- Severability -- 1991 sp.s. c 13: See notes following RCW 18.08.240.