Washington 2023-2024 Regular Session Status: In Committee Bipartisan · 1 R · 1 D cosponsors

SB 5201 — Concerning state general obligation bonds and related accounts.

Last action — Senate Rules "X" file.

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  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed Senate
  4. 4
    Passed House
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 2023-2024 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Bill Text

What changed in the latest version

176 added · 171 removed

Plain-language change summary

The amended version of SB 5201 increases the total amount of general obligation bonds the state can issue from approximately $3.98 billion to about $4.17 billion. Additionally, it expands the funding scope to cover projects for future fiscal biennia, not just those for the 2021-2023 and 2023-2025 periods. This change is significant because it allows for more funding flexibility and planning for infrastructure and services over a longer term, ensuring that the state can address ongoing needs more effectively.

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S-2268.3 SUBSTITUTE SENATE BILL 5201 State of Washington 68th Legislature 2023 Regular Session By Senate Ways & Means (originally sponsored by Senators Mullet, Schoesler, and Nguyen;
Z-0223.1 SENATE BILL 5201 State of Washington 68th Legislature 2023 Regular Session By Senators Mullet, Schoesler, and Nguyen;
by request of Office of Financial Management) READ FIRST TIME 03/24/23.
by request of Office of Financial Management Prefiled 01/06/23.
Read first time 01/09/23.
Referred to Committee on Ways & Means.
amending RCW 43.99U.010, 28A.527.010, 28A.527.020, 43.99V.010, 43.100A.316, and 43.100A.311;
amending RCW 43.99U.010, 28A.527.010, 28A.527.020, and 43.99V.010;
For the purpose of providing funds to finance the projects described and authorized by the legislature in the omnibus capital and operating appropriations acts for the 2021-2023 and 2023-2025 fiscal biennia and future biennia, and all costs incidental thereto, the state finance committee is authorized to issue general obligation bonds of the state of Washington in the sum of $4,166,571,000, or as much thereof as may be required, to finance these projects and all costs incidental thereto.
For the purpose of providing funds to finance the projects described and authorized by the legislature in the omnibus capital and operating appropriations acts for the 2021-2023 and 2023-2025 fiscal biennia, and all costs incidental thereto, the state finance committee is authorized to issue general obligation bonds of the state of Washington in the sum of $3,977,065,000, or as much thereof as may be required, to finance these projects and all costs incidental thereto.
1 SSB 5201 NEW SECTION.
1 SB 5201 NEW SECTION.
(a) $3,788,571,000 to remain in the state building construction account created by RCW 43.83.020;
(a) $3,859,065,000 to remain in the state building construction account created by RCW 43.83.020;
(b) $378,000,000 to the state taxable building construction account.
(b) $118,000,000 to the state taxable building construction account.
2 SSB 5201 (b) The state treasurer shall transfer bond proceeds deposited in the state taxable building construction account into the Ruth Lecocq Kagi early learning facilities revolving account created by RCW 43.31.569 at various times and in various amounts necessary to support authorized expenditures from that account.
2 SB 5201 (b) The state treasurer shall transfer bond proceeds deposited in the state taxable building construction account into the Ruth Lecocq Kagi early learning facilities revolving account created by RCW 43.31.569 at various times and in various amounts necessary to support authorized expenditures from that account.
3 SSB 5201 sections 102 and 103 of this act shall not be deemed to provide an exclusive method for the payment.
3 SB 5201 sections 102 and 103 of this act shall not be deemed to provide an exclusive method for the payment.
PART II UNISSUED BOND EXPIRATIONS Sec.
PART II HOSPITAL BOND AUTHORIZATION NEW SECTION.
Sec.
For the purpose of providing funds to finance the construction of a new forensic hospital at western state hospital, and all costs incidental thereto, the state finance committee is authorized to issue general obligation bonds of the state of Washington in the sum of $895,000,000, or as much thereof as may be required, to finance this project and all costs incidental thereto.
Bonds authorized in this section may be sold at such price as the state finance committee shall determine.
No bonds authorized in this section may be offered for sale without prior legislative appropriation of the net proceeds of the sale of the bonds.
NEW SECTION.
Sec.
202.
(1) The proceeds from the sale of bonds authorized in section 201 of this act shall be deposited in the state building construction account created by RCW 43.83.020.
(2) The state treasurer, on behalf of the state finance committee, may, if it deems it necessary or advantageous, issue any of the amount specified in subsection (1) of this section as taxable bonds in order to comply with federal internal revenue service rules and regulations pertaining to the use of nontaxable bond proceeds or in order to reduce the total financing costs for bonds issued.
The proceeds of such taxable bonds shall be transferred to the state taxable building construction account in lieu of any transfer or deposit otherwise provided by this section.
The state treasurer, on behalf of the state finance committee, shall submit written notice to the director of the office of financial management if it is determined that any such transfer to the state taxable building construction account is necessary.
Moneys in the account may be spent only after appropriation.
(3) These proceeds shall be used exclusively for the purpose specified in section 201 of this act and for the payment of expenses incurred in the issuance and sale of the bonds issued for the purposes of section 201 of this act, and shall be administered by the office of financial management subject to legislative appropriation.
p.
4 SB 5201 NEW SECTION.
Sec.
203.
(1) The debt-limit general fund bond retirement account shall be used for the payment of the principal of and interest on the bonds authorized in section 201 of this act.
(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 12 months to meet the bond retirement and interest requirements on the bonds authorized in section 201 of this act.
(3) On each date on which any interest or principal and interest payment is due on bonds issued for the purpose of section 201 of this act the state treasurer shall withdraw from any general state revenues received in the state treasury and deposit in the debt-limit general fund bond retirement account an amount equal to the amount certified by the state finance committee to be due on the payment date.
NEW SECTION.
Sec.
204.
(1) Bonds issued under section 201 of this act shall state that they are a general obligation of the state of Washington, shall pledge the full faith and credit of the state to the payment of the principal thereof and the interest thereon, and shall contain an unconditional promise to pay the principal and interest as the same shall become due.
(2) The owner and holder of each of the bonds or the trustee for the owner and holder of any of the bonds may by mandamus or other appropriate proceeding require the transfer and payment of funds as directed in this section.
NEW SECTION.
Sec.
205.
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The legislature may provide additional means for raising moneys for the payment of the principal of and interest on the bonds authorized in section 201 of this act, and sections 202 and 203 of this act shall not be deemed to provide an exclusive method for the payment.
PART III UNISSUED BOND EXPIRATIONS Sec.
301.
(1) For the purpose of providing state funds for federally matched flood hazard mitigation and other projects throughout the Chehalis river basin, the state finance committee is authorized to issue general obligation bonds of the state of Washington in the sum of ((fifty million dollars)) $50,000,000, or as much thereof as may be required, to finance the projects and all costs incidental thereto.
(1) For the purpose of providing state funds for federally matched flood hazard mitigation and other projects throughout the Chehalis river basin, the state finance committee is authorized to p.
5 SB 5201 issue general obligation bonds of the state of Washington in the sum of ((fifty million dollars)) $50,000,000, or as much thereof as may be required, to finance the projects and all costs incidental thereto.
202.
302.
If the state finance committee deems it necessary to issue taxable bonds in order to comply with federal internal revenue p.
If the state finance committee deems it necessary to issue taxable bonds in order to comply with federal internal revenue service rules and regulations pertaining to the use of nontaxable bond proceeds, the proceeds of such taxable bonds shall be transferred to the state taxable building construction account in lieu of any deposits otherwise provided by this section.
4 SSB 5201 service rules and regulations pertaining to the use of nontaxable bond proceeds, the proceeds of such taxable bonds shall be transferred to the state taxable building construction account in lieu of any deposits otherwise provided by this section.
Sec.
p.
203.
6 SB 5201 Sec.
303.
This chapter is not intended to limit the legislature's ability to appropriate bond proceeds if the full amount authorized in this chapter has not been appropriated after one biennia ((, and the authorization to issue bonds contained in this chapter does not expire until the full authorization has been appropriated and issued)).
This chapter is not intended to limit the legislature's ability to appropriate bond proceeds if the full amount authorized in this chapter has not been appropriated after one biennia((, and the authorization to issue bonds contained in this chapter does not expire until the full authorization has been appropriated and issued)).
204.
304.
(1) For the purpose of providing funds to finance the school construction assistance grant program described and authorized by the legislature in the capital appropriations acts for the 2007-2009 and 2009-2011 fiscal biennia and future biennia, and all costs incidental thereto, the state finance committee is authorized to issue general obligation bonds of the state of Washington in the sum of ((one hundred thirty-three million dollars)) $133,000,000, or as much thereof as may be required, to finance these projects and all costs incidental thereto.
(1) For the purpose of providing funds to finance the school construction assistance grant program described and authorized by the legislature in the capital appropriations acts for the 2007-2009 and 2009-2011 fiscal biennia, and all costs incidental thereto, the state finance committee is authorized to issue general obligation bonds of the state of Washington in the sum of ((one hundred thirty-three million dollars)) $133,000,000, or as much thereof as may be required, to finance these projects and all costs incidental thereto.
p.
5 SSB 5201 PART III ADJUSTING CAPACITY FOR BONDS PREVIOUSLY AUTHORIZED BUT NOT YET ISSUED Sec.
301.
RCW 43.100A.316 and 2021 c 331 s 1 are each amended to read as follows:
For the purpose of providing funds to finance the projects described and authorized by the legislature in the omnibus capital and operating appropriations acts for the 2019-2021 and 2021-2023 fiscal biennia and future biennia, and all costs incidental thereto, the state finance committee is authorized to issue general obligation bonds of the state of Washington in the sum of $3,971,290,793, or as much thereof as may be required, to finance these projects and all costs incidental thereto.
Bonds authorized in this section may be sold at such price as the state finance committee shall determine.
No bonds authorized in this section may be offered for sale without prior legislative appropriation of the net proceeds of the sale of the bonds.
Sec.
302.
RCW 43.100A.311 and 2019 c 414 s 1 are each amended to read as follows:
For the purpose of providing funds to finance the projects described and authorized by the legislature in the omnibus capital and operating appropriations acts for the 2017-2019 and 2019-2021 fiscal biennia and future biennia, and all costs incidental thereto, the state finance committee is authorized to issue general obligation bonds of the state of Washington in the sum of three billion two hundred million nine hundred twenty-six thousand dollars, or as much thereof as may be required, to finance these projects and all costs incidental thereto.
Bonds authorized in this section may be sold at such price as the state finance committee shall determine.
No bonds authorized in this section may be offered for sale without prior legislative appropriation of the net proceeds of the sale of the bonds.
NEW SECTION.
Sec.
303.
A new section is added to chapter 43.100A RCW to read as follows:
The legislature acknowledges that legislation authorizing the issuance of general obligation bonds of the state requires the legislature to appropriate the proceeds of sale of the bonds before the bonds may be issued.
The legislature finds that the state has not p.
6 SSB 5201 fully expended all appropriations for capital projects that could have been supported by the issuance of state general obligation bonds, and that over time this under utilization of appropriation authority and the related bond issuance authority has resulted in a cumulative difference between the amount of general obligation bonds authorized and the amount of bonds actually issued.
This difference is reflected in LEAP Document No.
BOND-1-2023, which documents a cumulative amount of unused appropriation authority and related bond issuance authority.
The difference between the amount of bonds authorized and the amount of appropriations actually expended has not been reflected in the calculation of available debt capacity under the state debt limit, and has resulted in an understatement of available debt capacity of the state.
The legislature intends to address this understatement by making a one-time adjustment of $400,000,000 to the legislative balance sheet to reflect previously unused bond issuance authority enacted for the 2019-2021 and 2021-2023 fiscal biennia, and to utilize that bond issuance authority by authorizing appropriations for the 2023-2025 fiscal biennium that will be supported by that bond issuance authority.
Sections 101 through 105 of this act are each added to chapter 43.100A RCW.
Sections 101 through 105 and 201 through 205 of this act are each added to chapter 43.100A RCW.
NEW SECTION.
p.
7 SB 5201 NEW SECTION.
This act is necessary for the immediate preservation of the public peace, health, or safety, or support of p.
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.
7 SSB 5201 the state government and its existing public institutions, and takes effect immediately.
8 SSB 5201
8 SB 5201
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Action History

  1. Senate Rules "X" file.

  2. By resolution, reintroduced and retained in present status.

  3. Returned to Rules.

  4. Placed on second reading by Rules Committee.

  5. Passed to Rules Committee for second reading.

  6. WM - Majority; 1st substitute bill be substituted, do pass.

  7. Executive action taken in the Senate Committee on Ways & Means at 5:00 PM.

  8. Public hearing in the Senate Committee on Ways & Means at 4:00 PM.

  9. First reading, referred to Ways & Means.

  10. Prefiled for introduction.

Sponsors

Sponsorship breakdown

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1 sponsors · 2 co-sponsors · 148 not signed on

Sponsors (1)

  • Mullet

Co-sponsors (2)

Not signed on (148)

148 members have not signed on to this bill.

Show all 148 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

finance
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Frequently asked questions

Who sponsors SB 5201?
SB 5201 is sponsored by Mark Schoesler (Republican), Mullet, and Joe Nguyen (Democrat).
What is the current status of SB 5201?
This bill died with 2023-2024 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track SB 5201?
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