Section 37.10.087. Loans to bond construction funds.

     (a) (1) When a construction fund or account established to receive the proceeds of state general obligation bonds is temporarily exhausted, the commissioner of administration on recommendation of the state bond committee may temporarily transfer money from the general fund to the bond construction fund or account.
        (2) If the amount of the transfer exceeds 25 percent of the amount authorized for the general obligation bonds, the commissioner of administration shall obtain approval of the transfer from the Legislative Budget and Audit Committee before the transfer.
        (3) If a temporary transfer has already been made from the general fund to the bond construction fund or account, additional transfers may be made, but the total amount of the outstanding transfers not returned to the general fund under (d) of this section may not exceed 25 percent of the amount authorized for the general obligation bonds without approval from the Legislative Budget and Audit Committee.
   (b) Transfers under (a) of this section may be made only when the commissioner of revenue determines and certifies to the state bond committee that there is in the general fund an amount sufficient to meet current cash expenditure needs of the state.
   (c) The amount transferred to a construction fund or account under (a) of this section may not exceed anticipated receipts from the unsold general obligation bonds to be issued and the federal programs receipts estimated to be received for the general obligation bond construction program financed from the construction fund or account.
   (d) Money transferred from the general fund under (a) of this section shall be returned to the general fund within 15 months after the transfer.
   (e) The commissioner of administration shall notify the Legislative Budget and Audit Committee in writing of a transfer of money from the general fund under (a) of this section.

Notes

History

(Sec. 1 ch 126 SLA 1972; am Sec. 1 - 3 ch 90 SLA 2014)