Title 210 WAC — State Treasurer's Office (Finance Committee)

Chapter 210-02 School bond guarantee program.

Wash. Admin. Code § 210-02-010 Definitions.

WAC 210-02-010

For purposes of this chapter, the following definitions shall apply:

"Act" means the Washington State School District Credit Enhancement Program Act, pursuant to chapter 39.98 RCW.

"Application" means a form maintained and provided by the office of the state treasurer requesting the state treasurer to issue a certificate of eligibility pursuant to RCW 39.98.040.

"Bond" means any voter-approved unlimited tax general obligation bonds issued by a school district holding a certificate of eligibility issued pursuant to the act, and any voter-approved unlimited tax general obligation bond issued by a school district holding a certificate of eligibility issued pursuant to the act to refund outstanding voter-approved unlimited tax general obligation bonds of that school district.

"Capital projects fund" means the fund created pursuant to RCW 28A.320.330.

"Certificate of eligibility" means a certificate issued by the state treasurer pursuant to RCW 39.98.040.

"County assessor" means each county assessor(s) in the county or counties in which the school district is located.

"County treasurer" means each treasurer of the county or counties in which the school district is located.

"Guarantee program" means the Washington state school district credit enhancement program established by the act.

"Nationally recognized bond counsel firm" means a bond counsel firm listed in the most recent publication of The Bond Buyer's Municipal Market Place or, if such publication is no longer issued or no longer contains a listing of bond counsel firms, then such substantially similar publication or resource as may be specified in writing by the deputy treasurer for debt management.

"Paying agent" means the paying agent selected, from time to time, for a bond issue pursuant to state law.

"School district" or "district" means any public school district eligible to seek voter approval for the issuance of unlimited tax general obligation bonds under the laws of the state.

"State" means the state of Washington.

History

• Statutory Authority: RCW 39.98.080 and 43.33.040. WSR 26-14-107, s 210-02-010, filed 7/1/26, effective 8/1/26. Statutory Authority: RCW 39.98.040. WSR 14-06-107, § 210-02-010, filed 3/5/14, effective 4/5/14. Statutory Authority: Chapter 39.98 RCW. WSR 00-11-023, § 210-02-010, filed 5/9/00, effective 6/9/00.

Wash. Admin. Code § 210-02-020 Application for certificate of eligibility.

WAC 210-02-020

School districts may apply for a certificate of eligibility by filing a completed application with the state treasurer. Such an application must be submitted to the state treasurer no less than 30 days prior to sale of bonds for which the guarantee, if eligible, would apply. Applications, and all other written communications pursuant to the guarantee program, shall be addressed to the School Bond Guarantee Program, Office of the State Treasurer, Legislative Building, 2nd Floor, P.O. Box 40200, Olympia, Washington 98504-0200. Each application shall include:

(1) A copy of the requesting district's ballot proposition resolution, showing details of the special election (including at least the date of approval, the principal amount of bonds authorized, and ballot title) at which the bonds were approved by the district's voters;

(2) A copy of the resolution passed by the school district's board of directors (which may be the same resolution as the district's ballot proposition resolution) authorizing the requesting district's application for a certificate of eligibility;

(3) A nonrefundable application processing fee of $100; and

(4) Any additional materials that may be required by the office of the state treasurer in support of the application for participation in the guarantee program.

In addition to the above requirements, any application that includes bonds to be refunded must also provide a copy of the ballot resolution(s) relating to each series of bonds to be refunded.

History

• Statutory Authority: RCW 39.98.080 and 43.33.040. WSR 26-14-107, s 210-02-020, filed 7/1/26, effective 8/1/26. Statutory Authority: RCW 39.98.040. WSR 14-06-107, § 210-02-020, filed 3/5/14, effective 4/5/14. Statutory Authority: Chapter 39.98 RCW. WSR 00-11-023, § 210-02-020, filed 5/9/00, effective 6/9/00.

Wash. Admin. Code § 210-02-030 Review of application for certificate of eligibility.

WAC 210-02-030

Upon receipt of an application for a certificate of eligibility, the state treasurer may request additional information from the school district, as well as from any other person or entity.

History

• Statutory Authority: RCW 39.98.080 and 43.33.040. WSR 26-14-107, s 210-02-030, filed 7/1/26, effective 8/1/26. Statutory Authority: RCW 39.98.040. WSR 14-06-107, § 210-02-030, filed 3/5/14, effective 4/5/14. Statutory Authority: Chapter 39.98 RCW. WSR 00-11-023, § 210-02-030, filed 5/9/00, effective 6/9/00.

Wash. Admin. Code § 210-02-040 Issuance of certificate of eligibility.

Upon determining that a school district is eligible to participate in the guarantee program, the state treasurer will issue a certificate of eligibility to the school district. The certificate of eligibility shall:

(1) Evidence the school district's immediate qualification for the guarantee program;

(2) Be valid for one year from the date of its issuance; and

(3) Be valid only for those bonds approved under the certified special election(s) specified by the school district in its application for a certificate of eligibility.

History

• Statutory Authority: RCW 39.98.040. WSR 14-06-107, § 210-02-040, filed 3/5/14, effective 4/5/14. Statutory Authority: Chapter 39.98 RCW. WSR 00-11-023, § 210-02-040, filed 5/9/00, effective 6/9/00.

Wash. Admin. Code § 210-02-050 Denial of eligibility/determination of ineligibility.

WAC 210-02-050

The state treasurer may deny a school district's application for a certificate of eligibility and issue a determination of ineligibility pursuant to RCW 39.98.040 if:

(1) The school district fails to meet the provisions outlined in the act or any of the requirements outlined in these rules; or

(2) The state has ever paid, pursuant to the guarantee program, any principal of or interest on any of the school district's bonds; and

(a) The associated payment obligation(s) of the district to the state are not satisfied; or

(b) The state treasurer and the state superintendent of public instruction have not both certified, in writing, that the school district is fiscally solvent.

The state treasurer may deny a district's application at their sole discretion.

History

• Statutory Authority: RCW 39.98.080 and 43.33.040. WSR 26-14-107, s 210-02-050, filed 7/1/26, effective 8/1/26. Statutory Authority: RCW 39.98.040. WSR 14-06-107, § 210-02-050, filed 3/5/14, effective 4/5/14. Statutory Authority: Chapter 39.98 RCW. WSR 00-11-023, § 210-02-050, filed 5/9/00, effective 6/9/00.

Wash. Admin. Code § 210-02-055 Determination of fiscal solvency.

WAC 210-02-055

"Fiscally solvent," when used for the purposes of any certification required by the act and these rules with respect to the financial condition of a school district, means that, in the reasonable professional opinion of the person making such determination after giving due consideration to:

(1) The principal and interest requirements of all outstanding voter-approved unlimited tax general obligation bonds of the school district and of all outstanding bonds issued to refund voter-approved unlimited tax general obligation bonds of the school district;

(2) The school district's past record of collecting voter-approved excess property taxes and reasonable expectations concerning future collections of voter-approved excess property taxes as required to meet those principal and interest requirements; and

(3) Such additional financial circumstances, if any, of the school district that such person considers to be material, it is reasonably expected that the school district will be able to satisfy all principal and interest requirements of bonds guaranteed and proposed to be guaranteed by the state under the guarantee program.

History

• Statutory Authority: RCW 39.98.080 and 43.33.040. WSR 26-14-107, s 210-02-055, filed 7/1/26, effective 8/1/26. Statutory Authority: RCW 39.98.040. WSR 14-06-107, § 210-02-055, filed 3/5/14, effective 4/5/14.

Wash. Admin. Code § 210-02-060 Information to be provided to the state treasurer before issuance of a final certificate.

WAC 210-02-060

The school district shall provide to the state treasurer a copy of the final official statement for the bonds to which the guarantee was applied promptly upon its publication. The school district shall also provide to the state treasurer at the time of closing:

(1) A copy of the bond resolution(s) as adopted by the board of directors of the school district, or a bond purchase agreement, that states all final terms of the bonds;

(2) A letter addressed to the state treasurer signed by the school district's nationally recognized bond counsel firm (a) stating that the state treasurer may rely upon such firm's approving legal opinion with respect to the bonds as if that opinion were addressed to the state treasurer; and (b) setting forth such approving legal opinion.

If all of the above documents have been completed, executed, and timely received by the state treasurer's office before the date of the bond closing, the state treasurer will provide a certificate evidencing the state's guarantee for use by the school district.

History

• Statutory Authority: RCW 39.98.080 and 43.33.040. WSR 26-14-107, s 210-02-060, filed 7/1/26, effective 8/1/26. Statutory Authority: RCW 39.98.040. WSR 14-06-107, § 210-02-060, filed 3/5/14, effective 4/5/14. Statutory Authority: Chapter 39.98 RCW. WSR 00-11-023, § 210-02-060, filed 5/9/00, effective 6/9/00.

Wash. Admin. Code § 210-02-080 Reference to guarantee in school district bond documents.

WAC 210-02-080

School districts that issue bonds under a certificate of eligibility shall evidence the state's guarantee of the school district's bonds in prose to be provided by the state treasurer and placed:

(1) On the cover of the school district's preliminary official statement(s) and official statement(s), or other offering document(s), for the applicable bond(s);

(2) On the face of the school district's applicable bond(s); and

(3) As an appendix within the official statement(s), or other offering document(s), for the applicable bond(s).

The state treasurer will provide, and any school district that has submitted an application must use, the description of the state's guarantee in the school district's offering document. The description must be used in its entirety and may not be modified or amended.

As a condition of participating in the program, the district agrees not to modify, amend, or omit the state's language. Further, the school district agrees to correct any modification, amendment, or omission through a "stickered" preliminary or final official statement or through a voluntary event notice.

It is incumbent upon each district to check the state treasurer's website for the most current description of the state's guarantee to be included in the school district's offering document.

History

• Statutory Authority: RCW 39.98.080 and 43.33.040. WSR 26-14-107, s 210-02-080, filed 7/1/26, effective 8/1/26. Statutory Authority: RCW 39.98.040. WSR 14-06-107, § 210-02-080, filed 3/5/14, effective 4/5/14. Statutory Authority: Chapter 39.98 RCW. WSR 00-11-023, § 210-02-080, filed 5/9/00, effective 6/9/00.

Wash. Admin. Code § 210-02-090 Ratings.

WAC 210-02-090

The office of the state treasurer will undertake to have the Washington school bond guarantee program rated by at least one of the following: Standard & Poor's, Moody's Ratings, Fitch Ratings, or Kroll Ratings. Any school district proposing to issue bonds under the guarantee program may:

(1) Engage, at its own expense, one or more of the rating agencies to apply the rating of the guarantee program to its bonds; and

(2) At its discretion, and at its own expense, choose to obtain an underlying rating on the bonds.

History

• Statutory Authority: RCW 39.98.080 and 43.33.040. WSR 26-14-107, s 210-02-090, filed 7/1/26, effective 8/1/26. Statutory Authority: RCW 39.98.040. WSR 14-06-107, § 210-02-090, filed 3/5/14, effective 4/5/14. Statutory Authority: Chapter 39.98 RCW. WSR 00-11-023, § 210-02-090, filed 5/9/00, effective 6/9/00.

Wash. Admin. Code § 210-02-115 Notification by district of insufficient funds.

WAC 210-02-115

At least seven business days before each scheduled debt service payment is due, a district that has issued bonds under a certificate of eligibility must confirm that sufficient funds will be available to make the scheduled debt service payment in full and on time. If the district determines that sufficient funds are not reasonably expected to be available to make the scheduled debt service payment in full and on time, the district must notify the office of the state treasurer at least seven business days prior to such scheduled debt service payment. Such notice shall be made to the office of the state treasurer as follows:

(1) By telephone: 360-902-9000; and

(2) By email: SchoolBondGuarantee@tre.wa.gov.

Failure to make this notification may result in a denial of future applications for eligibility.

History

• Statutory Authority: RCW 39.98.080 and 43.33.040. WSR 26-14-107, s 210-02-115, filed 7/1/26, effective 8/1/26. Statutory Authority: RCW 39.98.040. WSR 14-06-107, § 210-02-115, filed 3/5/14, effective 4/5/14.

Wash. Admin. Code § 210-02-120 County treasurer payment or notice to state treasurer of insufficient funds.

WAC 210-02-120

The county treasurer shall transfer the full amount of each debt service payment to the paying agent at least one business day in advance of the scheduled debt service payment. If a timely transfer of all required funds to the paying agent for a scheduled debt service payment on one or more guaranteed bonds is not reasonably expected to be made at least one business day prior to the scheduled debt service payment, the county treasurer shall immediately provide notice to the paying agent and to the state treasurer as follows:

(1) By telephone: 360-902-9000; and

(2) By email: SchoolBondGuarantee@tre.wa.gov.

History

• Statutory Authority: RCW 39.98.080 and 43.33.040. WSR 26-14-107, s 210-02-120, filed 7/1/26, effective 8/1/26. Statutory Authority: RCW 39.98.040. WSR 14-06-107, § 210-02-120, filed 3/5/14, effective 4/5/14. Statutory Authority: Chapter 39.98 RCW. WSR 00-11-023, § 210-02-120, filed 5/9/00, effective 6/9/00.

Wash. Admin. Code § 210-02-130 Paying agent notice to state treasurer of insufficient funds.

WAC 210-02-130

If sufficient funds are not transferred to the paying agent by or on behalf of a school district at least one business day prior to a scheduled debt service payment on guaranteed bonds of such school district, the paying agent shall immediately notify the state treasurer as follows:

(1) By telephone: 360-902-9000; and

(2) By email: SchoolBondGuarantee@tre.wa.gov.

History

• Statutory Authority: RCW 39.98.080 and 43.33.040. WSR 26-14-107, s 210-02-130, filed 7/1/26, effective 8/1/26. Statutory Authority: RCW 39.98.040. WSR 14-06-107, § 210-02-130, filed 3/5/14, effective 4/5/14. Statutory Authority: Chapter 39.98 RCW. WSR 00-11-023, § 210-02-130, filed 5/9/00, effective 6/9/00.

Wash. Admin. Code § 210-02-150 Repayment to the state by school districts.

Each school district is responsible for paying in full the principal of and interest on its bonds guaranteed by the state under the guarantee program. The state treasurer shall recover from the district any funds paid by the state on behalf of a school district under the guarantee program along with any interest or penalties by any means authorized pursuant to the act or any other method permitted by law.

History

• Statutory Authority: RCW 39.98.040. WSR 14-06-107, § 210-02-150, filed 3/5/14, effective 4/5/14. Statutory Authority: Chapter 39.98 RCW. WSR 00-11-023, § 210-02-150, filed 5/9/00, effective 6/9/00.

Wash. Admin. Code § 210-02-160 Interest on school district obligations to state.

WAC 210-02-160

The state treasurer may charge interest in connection with the recovery of funds under chapter 39.98 RCW. Any interest charged will be in a manner consistent with chapter 39.98 RCW. Interest will be determined after taking certain factors into account including, but not limited to: The circumstances surrounding any payment made by the state in connection with guaranteed bonds, the cost of funds or the opportunity cost of investments, penalty rates, and any fees, expenses, and costs associated with the recovery of funds.

History

• Statutory Authority: RCW 39.98.080 and 43.33.040. WSR 26-14-107, s 210-02-160, filed 7/1/26, effective 8/1/26. Statutory Authority: RCW 39.98.040. WSR 14-06-107, § 210-02-160, filed 3/5/14, effective 4/5/14. Statutory Authority: Chapter 39.98 RCW. WSR 00-11-023, § 210-02-160, filed 5/9/00, effective 6/9/00.

Wash. Admin. Code § 210-02-170 Penalty for state payment under guarantee program.

The state treasurer may, after taking into account the circumstances giving rise to the failure of the district to make payments on its bonds in a timely manner, impose a penalty consistent with RCW 39.98.060.

History

• Statutory Authority: RCW 39.98.040. WSR 14-06-107, § 210-02-170, filed 3/5/14, effective 4/5/14. Statutory Authority: Chapter 39.98 RCW. WSR 00-11-023, § 210-02-170, filed 5/9/00, effective 6/9/00.

Wash. Admin. Code § 210-02-180 Other costs.

WAC 210-02-180

The district shall pay the fees, expenses, and costs incurred by the state in recovering amounts paid under the guarantee.

History

• Statutory Authority: RCW 39.98.080 and 43.33.040. WSR 26-14-107, s 210-02-180, filed 7/1/26, effective 8/1/26. Statutory Authority: Chapter 39.98 RCW. WSR 00-11-023, § 210-02-180, filed 5/9/00, effective 6/9/00.

Wash. Admin. Code § 210-02-195 Failure to comply with this chapter.

Failure to comply with the provisions of this chapter may result in denial of a future application for eligibility under the guarantee program.

History

• Statutory Authority: RCW 39.98.040. WSR 14-06-107, § 210-02-195, filed 3/5/14, effective 4/5/14.

Wash. Admin. Code § 210-02-200 Exceptions.

WAC 210-02-200

The state treasurer may, in their sole discretion, waive any or all provisions of this chapter to the extent provided by law.

History

• Statutory Authority: RCW 39.98.080 and 43.33.040. WSR 26-14-107, s 210-02-200, filed 7/1/26, effective 8/1/26. Statutory Authority: RCW 39.98.040. WSR 14-06-107, § 210-02-200, filed 3/5/14, effective 4/5/14. Statutory Authority: Chapter 39.98 RCW. WSR 00-11-023, § 210-02-200, filed 5/9/00, effective 6/9/00.

Chapter 210-03 Financing contracts.

Wash. Admin. Code § 210-03-010 Authorization.

Chapter 39.94 RCW provides for financing of both real and personal property by state agencies and other agencies through the use of financing contracts. The state finance committee must approve all financing contracts issued on behalf of the state of Washington. Transactions may be financed with certificates of participation (COPs). Certificates of participation represent ownership interests, or participation, in the future stream of lease payments. Certificates of participation are issued on behalf of the state pursuant to a lease of financed assets that provide collateral to the lender. The state finance committee has delegated administrative responsibility for the lease/purchase program to the office of the state treasurer. The office of the state treasurer may pool financing requests in the name of the state of Washington to access municipal securities markets with lower, tax-exempt interest rates.

The office of the state treasurer classifies financing transactions as operating leases (true leases) or financing contracts based upon the criteria established by the Governmental Accounting Standards Board (based upon FASB 13). If any one of the following criteria is met, the lease is considered a financing contract subject to chapter 39.94 RCW:

(1) Present value of lease payments ˃ 90% of fair market value.

(2) Lease term ˃ 75% of useful life.

(3) Lease includes a bargain purchase option.

(4) Lease provides for transfer of ownership.

If a lease satisfies any one of the above criteria, it is a financing contract subject to chapter 39.94 RCW.

History

• Statutory Authority: RCW 39.94.040. WSR 01-11-062, § 210-03-010, filed 5/11/01, effective 6/11/01.

Wash. Admin. Code § 210-03-020 Definitions.

For purposes of this rule, the following definitions shall apply:

(1) "LOCAL" means local option capital asset lending program.

(2) "Program" means the administration of financing contracts and is referred to herein as the lease/purchase program, including state agency financing, and the LOCAL program.

(3) "COP" means certificates of participation.

History

• Statutory Authority: RCW 39.94.040. WSR 01-11-062, § 210-03-020, filed 5/11/01, effective 6/11/01.

Wash. Admin. Code § 210-03-030 Filing notice of intent.

A state agency or other agency may apply to the financing program by submitting a notice of intent on the approved form. State finance committee approved forms are available from the office of the state treasurer.

The signed notice of intent should be mailed to:

Office of the State Treasurer

Debt Management

P.O. Box 40200

Olympia WA 98504-0200

(1) For state agency participation, additional forms may be required, including, but not limited to, the following:

(a) Equipment financing forms provided by the office of the state treasurer:

(i) Notice of intent - Notifies the office of the state treasurer of dollar amounts, dates and contact person(s) for upcoming financings.

(ii) Certificate of authorized signers - This document is to be prepared on agency letterhead. An original certificate may be filed with the state treasurer so that photocopies may be submitted with future equipment financing transactions.

(iii) State agency financing addendum - Establishes the contractual obligations of the state agency in the transaction and confirms the intent of the agency to acquire equipment through installment purchase agreements and remit installment payments to the office of the state treasurer.

(iv) Personal property certificate - Describes the equipment, the vendor(s), and the amount to be financed and directions for disbursement.

(v) Certificate of insurance - This document is prepared by the office of risk management and sent directly to the state treasurer.

(b) Real estate financing forms provided by the office of the state treasurer:

(i) Notice of intent - Notifies the office of the state treasurer of dollar amounts, dates and contact person(s) for upcoming financings.

(ii) Real estate worksheet - To be completed by the state agency - This document provides information about the real property to be financed.

(iii) Certificate of authorized signers - This document is to be prepared on agency letterhead when someone other than the agency director will be signing on behalf of the state agency.

(iv) Financing contract real property - Agreement between the state agency and the nominal lessor that provides for the use of the land and facility in exchange for lease payments to be made by the agency. The office of the state treasurer appoints a nominal lessor.

(v) Site lease - State agency - Agreement between the state agency and the nominal lessor that provides for the lease of the land for a period that usually extends five years beyond the term of the financing lease. The site lease provides security for the financing lease.

(vi) Tax certificate - Information about compliance with IRS regulations to ensure the tax-exempt status of the financing. By signing the tax certificate, the agency acknowledges it has read, understands and will comply with the IRS regulations.

(2) For other agency participation, additional forms may be required, including, but not limited to, the following:

(a) Equipment financing forms provided by the office of the state treasurer:

(i) Notice of intent - Notifies the office of the state treasurer of dollar amounts, dates and contact person(s) for upcoming financings.

(ii) Credit form - Information to judge the agency's legal ability to incur the debt (assessment of debt capacity) and its ability to repay the debt (assessment of debt affordability).

(iii) Form of reimbursement resolution - Required if agency is planning to seek reimbursement through the LOCAL program.

(iv) Authorizing resolution or, for cities, authorizing ordinance - Authorizes the financing of the property through the LOCAL program and designates the number of individuals required to execute the financing with the office of the state treasurer.

(v) Certificate of authorizing resolution or ordinance - To certify a true copy of a resolution.

(vi) Certificate of authorized agency representatives - Designates the agency representatives authorized to execute the financing and states the number of signatures required.

(vii) Financing contract personal property - Local agency - Establishes the contractual obligations of the local agency in the transaction and confirms the intent of the agency to acquire equipment through installment purchase agreements and remit installment payments to the office of the state treasurer.

(viii) Personal property certificate - Describes the equipment, the vendor(s), and the amount to be financed and directions for disbursement.

(ix) Opinion of local agency counsel - Legal opinion on behalf of the local agency verifying its authority to enter into the contract. It is not the intent of this requirement to solicit a local counsel opinion on the financing documents.

(x) Tax certificate - Information about compliance with IRS regulations to ensure the tax-exempt status of the financing. By signing the tax certificate, the agency acknowledges it has read, understands and will comply with the IRS regulations.

(xi) Certificate of compliance with agency debt limits.

(b) Real estate financing forms provided by the office of the state treasurer:

(i) Notice of intent - Notifies the office of the state treasurer of upcoming financing dollar amounts, dates and contact person(s).

(ii) Real estate worksheet - Provides information about the real property to be financed.

(iii) Credit form - Provides the information needed to analyze the agency's legal ability to incur the debt (assessment of debt capacity) and its ability to repay the debt (assessment of debt affordability).

(iv) Form of reimbursement resolution - Required if agency is planning to seek reimbursement through the LOCAL program.

(v) Authorizing resolution or authorizing ordinance - Authorizes the financing of the property through the LOCAL program and designates the number of individual(s) required to execute the financing with the office of the state treasurer.

(vi) Certificate of authorizing resolution or ordinance - To certify a true copy of a resolution.

(vii) Certificate of authorized agency representatives - Designates the agency representatives authorized to execute the financing and states the number of signatures required.

(viii) Financing contract real property - Local agency - Agreement between the local agency and the nominal lessor that provides for the use of the land and facility in exchange for lease payments to be made by the agency. The office of the state treasurer appoints a nominal lessor.

(ix) Site lease - Local agency - Agreement between the local agency and the nominal lessor that provides for the lease of the land for a period that usually extends five years beyond the term of the financing lease. The site lease provides security for the financing lease.

(x) Opinion of local agency counsel - Legal opinion on behalf of the local agency verifying its authority to enter into the contract and that the agency has legally adopted the resolution(s). It is not the intent of this requirement to solicit a local counsel opinion on the financing documents.

(xi) Tax certificate - Information about compliance with IRS regulations to ensure the tax-exempt status of the financing. By signing the tax certificate, the agency acknowledges it has read, understands and will comply with the IRS regulations.

(xii) Certificate of compliance with agency debt limits

(c) Information to be provided by the local agency:

(i) Evidence of insurance - A local agency should contact its insurance agent to obtain a certificate of insurance on the property to be financed. At a minimum, hazard insurance for the amount of the financing (or guaranteed replacement) and a one million dollar liability policy are required. The local agency may be asked to list the fiscal agent and/or nominal lessor as additional insureds.

(ii) Title insurance - The agency should provide a copy of its title insurance policy for real property transactions. A new title policy may be ordered for the financing.

(iii) Evidence of incumbencyof governing body and elected officials - School districts obtain a certificate from their ESD identifying the district, names and terms of office of board members and superintendent; other districts obtain a certificate from county auditor, identifying the governing body, with names and terms of office; all districts should include copy of minutes showing election of current officers, and, in the case of cities, a certificate of the mayor, identifying the city clerk.

(2) The local government is responsible for completing all required documentation and providing it to the office of the state treasurer with original signatures by the cutoff date to be included in the next financing.

History

• Statutory Authority: RCW 39.94.040. WSR 01-11-062, § 210-03-030, filed 5/11/01, effective 6/11/01.

Wash. Admin. Code § 210-03-040 Review of notice of intent.

The office of the state treasurer staff will review the notice of intent for completeness, essentiality of equipment/real estate project, length of finance term, amount of financing, useful life of equipment and compliance with other financing requirements and tax laws.

History

• Statutory Authority: RCW 39.94.040. WSR 01-11-062, § 210-03-040, filed 5/11/01, effective 6/11/01.

Wash. Admin. Code § 210-03-050 State agency participation.

The state finance committee must approve all financing contracts. Agencies should submit a notice of intent to lease/purchase on the approved form at the time of the financing decision. The notice of intent to lease/purchase must be used to apply for financing of both equipment and/or real estate.

(1) All real estate projects must be specifically approved by the legislature. Authorization must exist in the current biennium in order to be eligible for financing.

(2) Equipment financing information shall be provided on approved forms designated by the office of the state treasurer and approved by the state finance committee.

(3) Financing requests must meet the minimum amount and the terms established by the state financing committee. The office of the state treasurer may alter the finance term requested by an agency and/or the structure of a transaction in order to improve the marketability of securities issues or when it otherwise believes it will be advantageous to do so for either the agency, the state, or the program.

History

• Statutory Authority: RCW 39.94.040. WSR 01-11-062, § 210-03-050, filed 5/11/01, effective 6/11/01.

Wash. Admin. Code § 210-03-060 Other agency participation.

The LOCAL program is available for personal and real property. All applicants must receive approval from the office of the state treasurer to finance through the LOCAL program. Applicants approved for participation will receive notification by the office of the state treasurer.

(1) The required forms shall be designated by the office of the state treasurer and approved by the state finance committee.

(2) Documents must be completed by the agency and signed by an authorized representative of the agency. Each financing document must have an original signature and be returned to the office of the state treasurer.

(3) After written approval for financing is received, a LOCAL participant may acquire and pay for the property. Approval for financing may be contingent on certain criteria being satisfied.

History

• Statutory Authority: RCW 39.94.040. WSR 01-11-062, § 210-03-060, filed 5/11/01, effective 6/11/01.

Wash. Admin. Code § 210-03-070 Financing participation deadlines.

(1) The office of the state treasurer may pool state agency equipment and LOCAL participants' requests for financing of equipment and real estate into regularly scheduled offerings of certificates of participation. Only applications that have completed information on the required forms will be included in the financing.

(2) Real estate projects for state agencies are financed on an individual basis provided there is a minimum of ninety days for document preparation.

History

• Statutory Authority: RCW 39.94.040. WSR 01-11-062, § 210-03-070, filed 5/11/01, effective 6/11/01.

Wash. Admin. Code § 210-03-080 Scheduled payments.

The state finance committee may designate a fiscal agent as trustee as provided in RCW 39.94.040. Payments may be directed to the fiscal agent as trustee on behalf of the state. Pursuant to RCW 39.94.030, all payments shall be made according to the terms and scheduled payments dates listed in the financing contract.

History

• Statutory Authority: RCW 39.94.040. WSR 01-11-062, § 210-03-080, filed 5/11/01, effective 6/11/01.

Chapter 210-06 Public records.

Wash. Admin. Code § 210-06-010 Purpose.

WAC 210-06-010

The purpose of this chapter is to provide rules for the state finance committee to ensure compliance with the provisions of chapter 42.56 RCW relating to public records.

History

• Statutory Authority: RCW 43.33.030, 43.33.040, 39.58.030, 39.58.040, 42.56.040, 42.56.070, and 42.56.100. WSR 26-15-004, s 210-06-010, filed 7/2/26, effective 8/2/26
• Order XII, § 210-06-010, filed 11/28/73.

Wash. Admin. Code § 210-06-030 Description of the state finance committee.

WAC 210-06-030

The state finance committee is the committee established by RCW 43.17.070 and chapter 43.33 RCW empowered to perform all duties prescribed by law with respect to the supervising, authorizing, and issuing state bonds, notes, or other evidence of indebtedness, establishing maximum aggregate principal amount for financing contracts, approving the form of all financing contracts, approving the execution of a contract with one or more firms to serve as state fiscal agent, and confirmation of the term of employment of the state investment board executive director. The state finance committee shall throughout this chapter, unless context clearly indicates otherwise, be referred to as the "committee."

History

• Statutory Authority: RCW 43.33.030, 43.33.040, 39.58.030, 39.58.040, 42.56.040, 42.56.070, and 42.56.100. WSR 26-15-004, s 210-06-030, filed 7/2/26, effective 8/2/26
• Order XII, § 210-06-030, filed 11/28/73.

Wash. Admin. Code § 210-06-040 Administrative operations.

WAC 210-06-040

(1) Pursuant to RCW 43.33.030, the office of the state treasurer provides administrative and clerical assistance for the committee.

(2) The administrative office of the state treasurer is in the Legislative Building, Olympia, Washington. Its contact information is:

Mail: Office of the State Treasurer

416 Sid Snyder Ave S.W., 2nd Floor, Room 230

P.O. Box 40200

Olympia, WA 98504-0200

Phone: 360-902-9000

Email: watreas@tre.wa.gov

(3) All communications with the committee including, but not limited to, the submission of materials pertaining to its operations and/or the administration or enforcement of chapter 42.56 RCW and these rules, or requests for copies of the committee's decisions and other matters, should be sent or directed to the administrative office of the state treasurer.

History

• Statutory Authority: RCW 43.33.030, 43.33.040, 39.58.030, 39.58.040, 42.56.040, 42.56.070, and 42.56.100. WSR 26-15-004, s 210-06-040, filed 7/2/26, effective 8/2/26
• Order XII, § 210-06-040, filed 11/28/73.

Wash. Admin. Code § 210-06-060 Public records officer.

WAC 210-06-060

(1) The committee designates the office of the state treasurer's public records officer, ex officio, as the committee's public records officer. The public records officer is responsible for implementing the committee's rules regarding release of public records, coordinating with the committee in this regard, and generally ensuring compliance by the staff with the public records disclosure requirements of chapter 42.56 RCW.

(2) The public records officer may choose one or more designees to carry out the responsibilities of this chapter including, but not limited to, processing and responding to public records requests.

History

• Statutory Authority: RCW 43.33.030, 43.33.040, 39.58.030, 39.58.040, 42.56.040, 42.56.070, and 42.56.100. WSR 26-15-004, s 210-06-060, filed 7/2/26, effective 8/2/26
• Order XII, § 210-06-060, filed 11/28/73.

Wash. Admin. Code § 210-06-070 Office hours.

WAC 210-06-070

The committee's public records are available for inspection and copying during the customary office hours of the office of the state treasurer. Absent an emergency or other unforeseen, exigent circumstances, records may be available at the administrative office of the state treasurer without an appointment from 10:00 a.m. to 2:00 p.m., or with an appointment from 9:00 a.m. to 4:00 p.m., Monday through Friday, excluding legal holidays. A scheduled appointment is strongly advised to provide time for the identification and retrieval of potentially responsive records prior to your arrival.

History

• Statutory Authority: RCW 43.33.030, 43.33.040, 39.58.030, 39.58.040, 42.56.040, 42.56.070, and 42.56.100. WSR 26-15-004, s 210-06-070, filed 7/2/26, effective 8/2/26
• Order XII, § 210-06-070, filed 11/28/73.

Wash. Admin. Code § 210-06-075 Records index.

WAC 210-06-075

(1) The committee has implemented an indexing system for the identification and location of records required to be indexed by RCW 42.56.070(5) and 34.05.220(2). In addition to the indexing system, the office of the state treasurer maintains and continually updates the committee's website at http://tre.wa.gov/our-office/boards-and-commissions/state-finance-committee, which includes state finance committee laws, bond sale documents, and other committee documents.

(2) The following records, if any, shall be indexed as follows:

(a) Orders, including final orders and adjudicative orders, as defined in RCW 34.05.010 will be indexed chronologically and include the issuance number and topic.

(b) Interpretive or policy statements as defined in RCW 34.05.010 will be indexed chronologically and include the issuance number and topic.

(c) Committee meeting notices, materials, and minutes will be indexed chronologically.

(d) Resolutions issued by the committee will be indexed by issuance number.

(e) Records relating to bond sales will be indexed chronologically.

(3) Location and availability. The index is posted on the office of the state treasurer's website at tre.wa.gov/public-records-index. The index is otherwise available to all persons under the same rules and on the same conditions as are applied to public records available for inspection.

(4) Revising and updating the records index. The office of the state treasurer will review the committee's index at least annually to ensure that it is current and complete.

History

• Statutory Authority: RCW 43.33.030, 43.33.040, 39.58.030, 39.58.040, 42.56.040, 42.56.070, and 42.56.100. WSR 26-15-004, s 210-06-075, filed 7/2/26, effective 8/2/26.

Wash. Admin. Code § 210-06-080 Requests for public records.

WAC 210-06-080

(1) This procedure for requesting public records ensures the office of the state treasurer can provide the fullest assistance to requestors; prevent unreasonable invasions of privacy; protect public records from damage or disorganization; and prevent excessive interference with essential functions of the committee or the office of the state treasurer.

(2) Submitting a request.

(a) Persons seeking public records of the committee are strongly encouraged to, before submitting a records request, first review the following websites, where many Washington state records are free for viewing and downloading at any time. If any of the web addresses below become inoperable, record seekers may contact the office of the state treasurer to learn any replacement addresses or about similar resources:

(i) Https://tre.wa.gov/public-records-index provides a list of records available on the office of the state treasurer's website, including data and information related to the state's investments and debt.

(ii) Https://tre.wa.gov/our-office/boards-and-commissions/state-finance-committee provides access to recent committee meeting documents and resolutions.

(iii) Https://data.wa.gov provides access to multiple datasets maintained by Washington agencies.

(b) Request for committee records under the provisions of the Public Records Act may be submitted to the office of the state treasurer in one of the following ways:

(i) Online:https://tre.wa.gov/public-records-requests. Requestors are strongly encouraged to submit requests through the office of the state treasurer's secure online Public Records Act portal, which allows requestors to also track the status of their request and easily receive documents of any type or size.

(ii) Email:publicdisclosure@tre.wa.gov

(iii) U.S. mail or delivery:

State Finance Committee

c/o Washington State Treasurer

Attn: Public Records Officer

416 Sid Snyder Avenue, S.W.

P.O. Box 40200

Olympia, WA 98504-0200

(iv) In person. A request may be submitted to staff at the administrative office of the state treasurer during customary office hours. A printed form will be provided to requestors submitting oral requests in person. The completed form will be directed to the public records officer to be processed as described in this chapter.

(c) Each request should include the following information:

(i) Name of requestor;

(ii) Address of requestor;

(iii) Direct contact information, including telephone number and email address, to allow for communication if clarification is required, and for notification when records are available for viewing or retrieval; and

(iv) A clear description identifying the public records requested, including dates of the records or transactions, if appropriate.

(d) Communications seeking committee records, but which are sent or provided to unauthorized locations, addresses, or staff may not be accepted as or processed as Public Records Act requests. The office of the state treasurer may process such communications as constituent correspondence or general requests for information, as appropriate. If seeking committee records, requestors are strongly encouraged to submit their request to the public records officer as directed in (b) and (c) of this subsection.

History

• Statutory Authority: RCW 43.33.030, 43.33.040, 39.58.030, 39.58.040, 42.56.040, 42.56.070, and 42.56.100. WSR 26-15-004, s 210-06-080, filed 7/2/26, effective 8/2/26
• Order XII, § 210-06-080, filed 11/28/73.

Wash. Admin. Code § 210-06-085 Processing public records requests.

WAC 210-06-085

(1) Upon receipt of a public records request, it will be recorded in the office of the state treasurer's public records tracking system and will be assigned a tracking number.

(2) The public records officer will evaluate the request to determine the availability and potential volume of requested records.

(3) Acknowledging receipt of request. Following the initial evaluation of the request under subsection (2) of this section, and within five business days of receipt of the request, the public records officer will do one or more of the following:

(a) Make the records available for inspection or retrieval, including:

(i) If copies are available via the internet, provide an internet address to specific records requested;

(ii) If copies will be provided without a fee or deposit for the copies, send the copies to the requestor;

(b) Acknowledge receipt of the request and provide a reasonable estimate of when records or an installment of records will be available, in which the estimate may be revised from time to time;

(c) Acknowledge receipt of the request and ask the requestor to provide clarification for a request that is unclear or unduly burdensome, providing, to the greatest extent practicable, the office of the state treasurer's interpretation of the request and a reasonable estimate of time to respond based on such interpretation;

(i) Clarification may be requested and provided by telephone and memorialized in writing;

(ii) If the requestor fails to respond to a request for clarification and the office of the state treasurer cannot reasonably interpret the request to be sufficient pursuant to chapter 42.56 RCW, the office of the state treasurer need not respond to it; or

(d) Deny the request.

(4) Providing records in installments. The public records officer may provide copies, or access for inspection and copying, in installments. If, within 30 days, the requestor fails to inspect or take delivery of the entire set of records or any one or more installments, the request will be deemed abandoned as described in subsection (5) of this section.

(5) Closing withdrawn or abandoned request. When a requestor either withdraws their request or fails to amend or clarify an unclear request, take delivery of or inspect the records, pay the deposit, pay the required fees for an installment, or make final payment for the requested copies, the public records officer may deem the request abandoned, administratively close the request, and notify the requestor of such closure.

History

• Statutory Authority: RCW 43.33.030, 43.33.040, 39.58.030, 39.58.040, 42.56.040, 42.56.070, and 42.56.100. WSR 26-15-004, s 210-06-085, filed 7/2/26, effective 8/2/26.

Wash. Admin. Code § 210-06-090 Copying fees—Payments.

WAC 210-06-090

(1) There is no fee to inspect public records. The committee may impose a charge for providing a copy of a public record.

(2) The committee does not calculate the actual costs for copying records because doing so would be unduly burdensome for the following reasons:

(a) The committee does not have the resources to conduct a study to determine all its actual copying costs;

(b) To conduct such a study would interfere with other essential committee and office of the state treasurer functions; and

(c) Through the 2017 legislative process, the public and requestors have commented on and been informed of authorized fees and costs, including for electronic records, provided in RCW 42.56.120 (2)(b) and (c), (3), and (4).

(3) The committee, through the office of the state treasurer, may:

(a) charge for copies of records pursuant to RCW 42.56.120 (2)(b) and (c);

(b) Charge for customized services pursuant to RCW 42.56.120(3);

(c) Charge other copy fees authorized by statutes outside of chapter 42.56 RCW pursuant to RCW 42.56.130; or

(d) Enter into an alternative fee agreement with the requestor under RCW 42.56.120(4).

(4) The charges for copying methods used by the committee are summarized in the fee schedule available on the office of the state treasurer's website at https://tre.wa.gov.

(5) Before producing public records, the public records officer may require the requestor to pay:

(a) The entire cost in advance of receiving records;

(b) An advance deposit of 10 percent of the estimated fees; or

(c) The payment of the costs of providing an installment before providing that installment.

(6) The public records officer will notify the requestor if fees will be charged and when payment is required.

(7) The committee will deem abandoned and administratively close a request as described in WAC 210-06-085(5) when a requestor fails by the payment date to pay in the manner prescribed.

(8) Payment should be made by check or money order to the office of the state treasurer. The office of the state treasurer prefers not to receive cash, and it is within the public records officer's discretion to determine the denomination of bills and coins that will be accepted.

History

• Statutory Authority: RCW 43.33.030, 43.33.040, 39.58.030, 39.58.040, 42.56.040, 42.56.070, and 42.56.100. WSR 26-15-004, s 210-06-090, filed 7/2/26, effective 8/2/26
• Order XII, § 210-06-090, filed 11/28/73.

Wash. Admin. Code § 210-06-100 Exemptions.

WAC 210-06-100

(1) Records exempt from disclosure. Some records are exempt from disclosure, in whole or in part. If the office of the state treasurer believes that a record is exempt from disclosure and should be withheld, the public records officer will state the specific exemption and provide a brief written explanation of why the record, or a portion of the record, is being withheld. If only a portion of a record is exempt from disclosure, but the remainder is not exempt, the public records officer will redact the exempt portions, provide the nonexempt portions, and indicate to the requestor why portions of the record are being redacted.

(2) Protecting the rights of others. If records to be produced in response to a request contain information that may affect the rights of others, the public records officer may, prior to providing the records, give notice to such others whose rights may be affected by the disclosure. The notice to potentially affected persons may include a copy of the request.

(3) List of individuals. The committee is prohibited by statute from disclosing a list of individuals for commercial purposes. The office of the state treasurer will require a commercial purpose declaration prior to disclosing a list of individuals. A copy of the commercial purpose declaration may be provided to individuals potentially affected by release of the record if such individuals are notified as described in subsection (2) of this section.

(a) For the purpose of this subsection, individuals means natural persons; provided, however, that a list that includes natural persons and entities or organizations is considered a list of individuals.

(b) For the purpose of this subsection, commercial purposes means activities of a requestor or their affiliates which are reasonably anticipated to result in the generation of revenue or be done for financial benefit.

History

• Statutory Authority: RCW 43.33.030, 43.33.040, 39.58.030, 39.58.040, 42.56.040, 42.56.070, and 42.56.100. WSR 26-15-004, s 210-06-100, filed 7/2/26, effective 8/2/26
• Order XII, § 210-06-100, filed 11/28/73.

Wash. Admin. Code § 210-06-110 Review of denials of public records requests.

WAC 210-06-110

(1) Requestors are encouraged to communicate with the public records officer regarding denials of public records requests.

(2) Petition for internal administrative review. Any person who objects to the denial or a partial denial of a request for a public record may petition for prompt review of such decision by submitting a written request for review to the public records officer at any of the methods of contact provided in this chapter. The written petition must specifically include the office-assigned request number and a copy of any written statement by the public records officer or other staff member which constituted or accompanied the denial.

(3) Consideration of petition for review. Immediately after receiving a written petition for review of a decision denying a public record, the public records officer or other staff member shall refer it to the committee's executive secretary, or the secretary's designee, who shall consider the matter and either affirm or reverse such denial, or call a special meeting of the committee as soon as practicable to review the denial. In any case, the petition shall be returned with a final decision within two business days following the receipt of the petition for review, or within such other time as the secretary or designee and the requestor mutually agree.

(4) Review by the office of the attorney general. Pursuant to RCW 42.56.530, if the committee denies a requestor access to a public record because it claims the record is exempt in whole or in part from disclosure, the requestor may request the office of the attorney general to review the matter. The attorney general has adopted a protocol for such requests in WAC 44-06-160.

(5) Judicial review. Requestors may obtain court review of denials of their public records requests pursuant to RCW 42.56.550.

History

• Statutory Authority: RCW 43.33.030, 43.33.040, 39.58.030, 39.58.040, 42.56.040, 42.56.070, and 42.56.100. WSR 26-15-004, s 210-06-110, filed 7/2/26, effective 8/2/26
• Order XII, § 210-06-110, filed 11/28/73.

Chapter 210-10 Local government investment pool.

Wash. Admin. Code § 210-10-010 Definitions.

Unless the context requires otherwise:

"Extended asset fund" means a subpool whose investments generally have a longer maturity than the money market fund and may be more restricted in the number of contributions and withdrawals than the money market fund.

"Financial institution" means a public depositary as defined in RCW 39.58.010.

"Financial officer" means the same as that term is defined in RCW 43.250.020.

"Funds" means the same as that term is defined in RCW 43.250.020.

"Government finance official" means the same as that term is defined in RCW 43.250.020.

"Local government investment pool" or "pool" means the aggregate of all funds from pool participants that are placed in the custody of the state treasurer for investment and reinvestment.

"Money market fund" means a subpool whose investments are primarily money market instruments.

"Net asset value" with respect to the assets of a subpool shall mean the value of the assets of that subpool reduced by its accrued liability.

"Pool participant" means any eligible governmental entity as that term is defined in RCW 43.250.020 that is invested in a subpool.

"Prospectus" means a written offer of an investment in the pool or in any subpool designated as a prospectus by the state treasurer.

"Subpool" means a subcomponent of the pool as may be established and designated by the state treasurer from time to time. Each subpool shall have its own name, assets, and liabilities as designated by the state treasurer. The state treasurer may designate separate investment policies, restrictions, objectives, and strategies for each subpool.

"Value" with respect to an asset shall mean (a) with respect to securities for which market quotations are readily available, the market value of such securities, and (b) with respect to other securities or assets, fair value as determined by the state treasurer. In determining fair value, the state treasurer may appoint and rely upon a pricing service. With respect to the money market fund, "value" shall mean the amortized cost of the money market fund's assets unless the state treasurer determines otherwise.

History

• Statutory Authority: RCW 43.250.060. WSR 13-03-043, § 210-10-010, filed 1/9/13, effective 2/9/13.

Wash. Admin. Code § 210-10-020 Requirements for participation in the pool.

(1) Before participating in the pool, all pool participants shall file with the state treasurer, any documentation required by the state treasurer. Such documentation shall, at a minimum, provide the following information:

(a) Name and address of the pool participant;

(b) A statement that the pool participant agrees to contribute or withdraw funds in the local government investment pool in accordance with the provisions of the Washington Administrative Code and the prospectus for the purpose of investment as stated therein; and

(c) The names and titles of the officials authorized to order the contribution or withdrawal of funds in the local government investment pool.

(2) It shall be the responsibility of pool participants to properly execute and file any required documentation with the state treasurer. The state treasurer shall not allow participation in the local government investment pool unless such documentation has been filed with the state treasurer.

History

• Statutory Authority: RCW 43.250.060. WSR 13-03-043, § 210-10-020, filed 1/9/13, effective 2/9/13.

Wash. Admin. Code § 210-10-030 State treasurer's liability.

The state treasurer shall not be liable for:

(1) Any loss, including loss of capital, resulting from investments in the pool and/or any subpool, as applicable, except as provided for in RCW 43.250.040;

(2) Any damages resulting from misfeasance, malfeasance, nonfeasance, or defalcation on the part of a government finance official, financial officer, or pool participant;

(3) Any loss, including loss of capital, that results from a pool participant's failure to comply with the provisions of the Washington Administrative Code or the prospectus; or

(4) Any loss, including loss of capital, resulting from a pool participant seeking, and being granted, a withdrawal due to necessity, from the extended asset fund.

History

• Statutory Authority: RCW 43.250.060. WSR 13-03-043, § 210-10-030, filed 1/9/13, effective 2/9/13.

Wash. Admin. Code § 210-10-040 Transaction limitation.

The state treasurer reserves the right at its sole discretion to set a minimum and/or maximum transaction amount from any subpool and to limit the number of transactions, whether contribution, withdrawal, or transfer, permitted in a day or other given period of time, or whether to pay withdrawal proceeds in kind or in cash. The state treasurer may establish thresholds and defer withdrawals in excess of those thresholds and pay them out on a deferred or delayed basis from any subpool. In addition, the state treasurer reserves the right at its sole discretion to reject any proposed contribution order, and in particular to reject any proposed contribution made by a pool participant engaged in behavior deemed by the state treasurer to be abusive.

History

• Statutory Authority: RCW 43.250.060. WSR 13-03-043, § 210-10-040, filed 1/9/13, effective 2/9/13.

Wash. Admin. Code § 210-10-050 Contribution procedures.

(1) Contribution procedures for the money market fund:

(a) All contributions will be effected by electronic funds transfer to an account in the money market fund designated by the state treasurer. It is the responsibility of each pool participant to pay any bank charges associated with such electronic transfers to the state treasurer.

(b) Funds transmitted by automated clearing house (ACH) will be held for a period of time as designated by the state treasurer in the prospectus.

(c) Failure to transmit funds by a pool participant after notification to the state treasurer of an intended transfer will result in penalties. Penalties for failure to timely transmit funds will be assessed to the account of the pool participant responsible. Reversal of an ACH transmission will constitute a failure to transmit funds.

(d) Contribution requests received in good order will receive the net asset value per unit of the money market fund next determined after the order is accepted by the state treasurer.

(2) Contribution procedures for the extended asset fund:

Direct investments into the extended asset fund are not permitted. Contributions to the extended asset fund may only be effected by means of a contribution from the money market fund. Contributions will take place monthly, on the 10th calendar day of the month (or on the next business day, if the 10th does not fall on a business day).

Pool participants must notify the state treasurer of any contribution on the business day prior to a permitted contribution date no later than the time on that day specified in the prospectus. The state treasurer may allow contributions with less than the required notice in its sole discretion.

Contributions to the extended asset fund will be effected by way of a corresponding withdrawal from the pool participant's specified money market fund account. On the contribution date, shares will be sold from the specified money market fund account at the net asset value determined as of the order acceptance date. Shares of the extended asset fund will be purchased using the extended asset fund's net asset value determined as of the order acceptance date.

History

• Statutory Authority: RCW 43.250.060. WSR 16-16-049, § 210-10-050, filed 7/27/16, effective 8/27/16
• WSR 13-03-043, § 210-10-050, filed 1/9/13, effective 2/9/13.

Wash. Admin. Code § 210-10-060 Contribution limits and earnings credit.

(1) Contribution limits and earnings credit for the money market fund:

To ensure same day credit, a pool participant must inform the state treasurer of any contribution over one million dollars, except for funds transmitted by ACH, no later than 9 a.m. on the same day the contribution is made. Contributions for one million dollars or less, other than those funds transmitted by ACH, can be requested at any time prior to 10 a.m. on the day of contribution.

For all other contributions over one million dollars that are requested prior to 10 a.m., a pool participant may receive same day credit at the sole discretion of the state treasurer. Contributions that receive same day credit will count, for earning rate purposes, as of the day in which the contribution was made. Contributions for which no notice is received prior to 10 a.m. will be credited as of the following business day.

Participants transmitting a contribution via ACH must notify the state treasurer no later than 2 p.m. the business day prior to the contribution date.

(2) Earnings credit:

Income earnings credit on funds contributed to a subpool will be credited to each subpool in the timing and manner described in the prospectus.

History

• Statutory Authority: RCW 43.250.060. WSR 16-16-049, § 210-10-060, filed 7/27/16, effective 8/27/16
• WSR 13-03-043, § 210-10-060, filed 1/9/13, effective 2/9/13.

Wash. Admin. Code § 210-10-070 Withdrawal procedures.

(1) Withdrawal procedures for the money market fund:

Each pool participant shall file with the state treasurer a letter designating the financial institution at which funds withdrawn from the money market fund shall be deposited. This letter shall contain the name of the financial institution, the location of the financial institution, the account name, and the account number to which funds will be deposited. This letter shall be signed by local officials authorized to receive and disburse funds, as described in WAC 210-10-020. Disbursements from the subpool will be effected by electronic funds transfer. Failure by the state treasurer to transmit funds to a pool participant after proper notification to the state treasurer to disburse funds to a pool participant may result in a bank overdraft in the pool participant's bank account. The state treasurer will reimburse a pool participant for such bank overdraft penalties charged to the pool participant's bank account.

In order to withdraw funds from the money market fund, a pool participant must notify the state treasurer of any withdrawal over one million dollars no later than 9 a.m. on the same day the withdrawal is made except for funds transmitted by ACH. Withdrawals for one million dollars or less, other than those funds transmitted by ACH, can be requested at any time prior to 10 a.m. on the day of withdrawal.

For all other withdrawals from the money market fund over one million dollars that are requested prior to 10 a.m., a pool participant may receive such withdrawal on the same day it is requested at the sole discretion of the state treasurer.

Participants requesting withdrawals via ACH must notify the state treasurer no later than 2 p.m. the business day prior to the requested withdrawal date. Funds contributed by ACH will not be available for withdrawal for a period of time as designated by the state treasurer in the prospectus.

Withdrawal requests with respect to the money market fund received in good order will receive the net asset value per unit of the money market fund next determined after the order is accepted by the state treasurer.

(2) Withdrawal procedures for the extended asset fund.

Withdrawal orders will be accepted on a quarterly basis and must be received two business days prior to the intended withdrawal date. Withdrawals will occur on the 10th calendar day of the months so designated in the prospectus. If the 10th is not a business day, the withdrawal will occur on the following business day. Other withdrawals may be permitted due to necessity, if the governing body of a pool participant sets forth, by resolution or other appropriate official action, that a withdrawal is necessary to meet the cash flow needs of the pool participant.

Withdrawals from the extended asset fund will be effected by way of a corresponding contribution into the pool participant's specified money market fund account. On the withdrawal date, shares will be sold from the specified extended asset fund account at the net asset value determined as of the next business day after the order acceptance date. Shares of the money market fund will be purchased using the money market fund's net asset value determined as of the next business day after the order acceptance date.

Pool participants must notify the state treasurer of any withdrawal two business days prior to a permitted withdrawal date no later than the time on that day specified in the prospectus. The state treasurer may allow withdrawals with less than the required notice in its sole discretion.

History

• Statutory Authority: RCW 43.250.060. WSR 16-16-049, § 210-10-070, filed 7/27/16, effective 8/27/16
• WSR 13-03-043, § 210-10-070, filed 1/9/13, effective 2/9/13.

Wash. Admin. Code § 210-10-080 Transfer procedures.

A pool participant may transfer funds from one money market fund account to another. To ensure same day credit, a pool participant must inform the state treasurer of any transfer no later than 10 a.m. on the same day the transfer is made. Contributions to the money market fund through ACH will not be available for transfer for a period of time as designated by the state treasurer in the prospectus.

History

• Statutory Authority: RCW 43.250.060. WSR 16-16-049, § 210-10-080, filed 7/27/16, effective 8/27/16
• WSR 13-03-043, § 210-10-080, filed 1/9/13, effective 2/9/13.

Wash. Admin. Code § 210-10-090 Reporting requirements.

The state treasurer will provide to each pool participant a monthly statement showing that pool participant's beginning balance, contributions, withdrawals, transfers, administrative charges, earnings rate, earnings, and ending balance in each subpool for the preceding calendar month.

History

• Statutory Authority: RCW 43.250.060. WSR 13-03-043, § 210-10-090, filed 1/9/13, effective 2/9/13.

Wash. Admin. Code § 210-10-100 Administrative deductions.

As authorized in RCW 43.250.060, the state treasurer will require reimbursement for the administration and recovery of costs associated with the operation of the pool. Each pool participant will reimburse the state treasurer based upon each pool participant's share of the total pool assets in the timing and manner described in the prospectus.

History

• Statutory Authority: RCW 43.250.060. WSR 13-03-043, § 210-10-100, filed 1/9/13, effective 2/9/13.

Wash. Admin. Code § 210-10-110 Portfolio management.

The state treasurer shall manage the funds invested in each subpool in such a manner as to effectively maximize the yield to the subpool. The state treasurer shall have the sole responsibility in setting the investment strategy for each subpool.

History

• Statutory Authority: RCW 43.250.060. WSR 13-03-043, § 210-10-110, filed 1/9/13, effective 2/9/13.

Wash. Admin. Code § 210-10-120 The prospectus.

The state treasurer may specify by means of a prospectus, or supplement thereto, such terms and conditions not otherwise set forth in the administrative code applicable to the management and operation of the pool and/or any subpool, including investment policies, restrictions, objectives not inconsistent with WAC 210-10-110, contributions, the crediting of income, gain or loss, the allocation of liabilities among subpools, and withdrawals and contributions among subpools, as the state treasurer may deem appropriate, from time to time. Material changes to a prospectus may be made by the state treasurer by means of a supplement or restated prospectus, effective as of the date sent to pool participants or as of the later date stated therein.

History

• Statutory Authority: RCW 43.250.060. WSR 13-03-043, § 210-10-120, filed 1/9/13, effective 2/9/13.

Wash. Admin. Code § 210-10-130 Liquidation and termination.

The state treasurer may liquidate and terminate any subpool in its sole discretion. Upon declaring a liquidation, the state treasurer shall make arrangements for the disposition of the affected subpool's assets and either the payment of all liabilities or the establishment of adequate reserves for the discharge of the subpool's liabilities, if any. Pool participants will receive their pro rata share of the subpool's assets net of such liabilities or reserves. Notwithstanding the foregoing, the state treasurer may hold back up to ten percent of the value of the liquidating subpool until all liabilities are discharged. Residual amounts, if any, will be distributed to pool participants on a pro rata basis. Pool participants will not earn income on any amounts held back.

History

• Statutory Authority: RCW 43.250.060. WSR 13-03-043, § 210-10-130, filed 1/9/13, effective 2/9/13.

Wash. Admin. Code § 210-10-140 Restriction on withdrawals.

The state treasurer may take any measure and impose any restriction on withdrawals from any subpool or any category of pool participant, including, but not limited to, prorating over time any withdrawal order and/or satisfying any withdrawal order by offering pool participants withdrawals in-kind, as described in the prospectus.

History

• Statutory Authority: RCW 43.250.060. WSR 13-03-043, § 210-10-140, filed 1/9/13, effective 2/9/13.