43.99L.040 - Retirement of bonds -- Reimbursement of general fund from debt-limit reimbursable bond retirement account.

Retirement of bonds — Reimbursement of general fund from debt-limit reimbursable bond retirement account.

(1) The debt-limit reimbursable bond retirement account shall be used for the payment of the principal of and interest on the bonds authorized in RCW 43.99L.020(2).

     (2) The state finance committee shall, on or before June 30th of each year, certify to the state treasurer the amount needed in the ensuing twelve months to meet the bond retirement and interest requirements on the bonds authorized in RCW 43.99L.020(2).

     (3) On each date on which any interest or principal and interest payment is due on bonds issued for the purpose of RCW 43.99L.020(2), the state treasurer shall transfer from the state general fund to the debt-limit reimbursable bond retirement account the amount computed in subsection (2) of this section for the bonds issued for the purpose of RCW 43.99L.020(2).

[2009 c 479 § 34; 1997 c 456 § 4.]

Notes: Effective date -- 2009 c 479: See note following RCW 2.56.030.