wa-law.org > bill > 2023-24 > HB 1103 > Substitute Bill
The legislature finds that delays in the procurement process for acquiring additional ferry boat vessels have correspondingly delayed the time frame in which the proceeds of bonds issued for that purpose may be spent from the capital vessel replacement account. The legislature further finds that, absent timely legislative action, the state may incur internal revenue service arbitrage rebate liability as a result of an inability to expend the bond proceeds in a timely manner. It is the intent of the legislature to repurpose the use of the bond proceeds to allow the department of transportation to spend the funds within internal revenue service timelines.
FOR THE STATE TREASURER—ADMINISTRATIVE TRANSFERS
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 takes effect immediately.