wa-law.org > bill > 2023-24 > SB 5276 > Original Bill
The legislature finds that delays in the procurement of additional ferry boat vessels have correspondingly delayed the time frame in which the proceeds of bonds issued for that purpose may be spent. The legislature further finds that, absent timely legislative action, the state may be subject to internal revenue service arbitrage rebate penalties for failure to expend the bond proceeds in a timely manner. It is the intent of the legislature to repurpose the bond proceeds to allow the department of transportation to spend the funds within internal revenue service timelines.
FOR THE STATE TREASURER—ADMINISTRATIVE TRANSFERS