Washington Code 36.100.230 – Transfer of property, assets, and other interests from state convention and trade center public nonprofit to district — Necessary actions
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(1) On the transfer date the board of directors of a public nonprofit corporation formed under *RCW 67.40.020 that owns and operates a state convention and trade center must transfer all lands, facilities, equipment, assets, other interests in real, personal, and intangible property, and interests under contracts, leases, licenses, and agreements under the control of that board of directors to a public facilities district created as provided in RCW 36.100.010 by the county in which the convention and trade center is located pursuant to an agreement with the public facilities district, subject to the review and approval of the state treasurer.
Terms Used In Washington Code 36.100.230
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Intangible property: Property that has no intrinsic value, but is merely the evidence of value such as stock certificates, bonds, and promissory notes.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
(2) No real estate excise tax or other excise tax may be imposed with respect to the transfer of assets of the public nonprofit corporation to the public facilities district.
(3) For the purposes of this section, “transfer date” means the date on or prior to June 30, 2011, on which provision has been made for all of the following, pursuant to agreements and other necessary arrangements approved by the state treasurer:
(a) The redemption, prepayment, or legal defeasance on or prior to the transfer date of all outstanding borrowings and other financing obligations of the state of Washington and the public nonprofit corporation with respect to the state convention and trade center, including state bonds and certificates of participation and related financing contracts;
(b) The transfer to the public facilities district on the transfer date of the balances on deposit in the state convention and trade center operations account, the state convention and trade center account and other accounts relating to the state convention and trade center, including the revenues identified under (g)(ii) of this subsection (3);
(c) The imposition by the public facilities district of excise taxes on the sale of or charge made for the furnishing of lodging under RCW 36.100.040 (4) and (5) at the maximum rates permitted in those subsections;
(d) The transfer of all other assets and liabilities and, to the extent permissible by their terms, the assignment or transfer of all contracts and agreements of the public nonprofit corporation from the public nonprofit corporation to the public facilities district;
(e) The execution of an agreement settling all claims in the case of Tourism Alliance, a Washington nonprofit corporation; Craig Schafer; Claridge LLC, a Washington limited liability company; R.C. Hedreen Corporation, a Washington corporation; and on behalf of taxpayers, Andrew Olsen, Amy L. Dee, Christopher M. Dee, Clipper Navigation, Inc., a Washington corporation v. State of Washington and James L. McIntire, in his official capacity as State Treasurer of the State of Washington;
(f) The payment or provision for payment of all fees, costs, and expenses incurred by the state of Washington and the public nonprofit corporation to effect such transfer;
(g) An agreement of the public facilities district to transfer to the state on June 30, 2011, an amount equal to (i) the revenues from the tax imposed under RCW 36.100.040(5) during the state fiscal year ending June 30, 2011, plus (ii) the revenues from the tax imposed under **RCW 67.40.130 during the state fiscal year ending June 30, 2011; and
(h) The agreement between the state treasurer and the public facilities district, referred to in RCW 36.100.040(6)(c)(i).
NOTES:
Reviser’s note: *(1) RCW 67.40.020 was repealed by 2010 1st sp.s. c 15 § 15, effective December 30, 2010.
**(2) RCW 67.40.130 was repealed by 2010 1st sp.s. c 15 § 14, effective November 30, 2010.
Contingent effective date—2010 1st sp.s. c 15 § 14: “Section 14 of this act is effective contingent upon the transfer date occurring in section 8 of this act. If the transfer date occurs in section 8 of this act, section 14 of this act is effective on the transfer date. For the purposes of this section, “transfer date” has the same meaning as provided in section 8 of this act.” [ 2010 1st sp.s. c 15 § 16.] The transfer date is November 30, 2010, and section 14 of this act takes effect November 30, 2010.
Contingent effective date—2010 1st sp.s. c 15 § 15: “Section 15 of this act is effective contingent upon the transfer date occurring in section 8 of this act. If the transfer date occurs in section 8 of this act, section 15 of this act is effective thirty days after the transfer date in section 8 of this act. For the purposes of this section, “transfer date” has the same meaning as provided in section 8 of this act.” [ 2010 1st sp.s. c 15 § 17.] The transfer date is November 30, 2010, and section 15 of this act takes effect December 30, 2010.
Notice of effective dates—2010 1st sp.s. c 15 §§ 16 and 17: “The state treasurer must provide written notice of the effective dates in sections 16 and 17 of this act to the department of revenue, the office of the code reviser, and others as deemed appropriate by the state treasurer.” [ 2010 1st sp.s. c 15 § 18.] Written notice of the effective dates in sections 16 and 17 of this act [November 30, 2010, and December 30, 2010, respectively] was provided by the state treasurer to the office of the code reviser on November 18, 2010.
Findings—Intent—Construction—2010 1st sp.s. c 15: See notes following RCW 36.100.010.