Washington Statute | Act | Code |Public Lands| US Code - US Statute | Funds For Managing And Administering Lands

RCW 79.64.100Forest development account.There is created a forest development account in the state treasury. The state treasurer shall keep an account of all sums deposited therein and expended or withdrawn therefrom. Any sums placed in the forest development account shall be pledged for the purpose of paying interest and principal on the bonds issued by the department under RCW 79.22.080 and 79.22.090 and the provisions of this chapter, and for the purchase of land for growing timber. Any bonds issued shall constitute a first and prior claim and lien against the account for the payment of principal and interest. No sums for the above purposes shall be withdrawn or paid out of the account except upon approval of the department. Appropriations may be made by the legislature from the forest development account to the department for the purpose of carrying on the activities of the department on state forest lands, lands managed on a sustained yield basis as provided for in RCW 79.10.320, and for reimbursement of expenditures that have been made or may be made from the resource management cost account in the management of state forest lands.[2003 c 334 § 219; 2000 2nd sp.s. c 1 § 915; 1999 sp.s. c 13 § 18; 1998 c 347 § 55; 1988 c 128 § 31; 1985 c 57 § 75; 1977 ex.s. c 159 § 1; 1959 c 314 § 1; 1951 c 149 § 1; 1933 c 118 § 2; 1923 c 154 § 6; RRS § 5812-6. Formerly RCW 76.12.110.]Notes:Intent -- 2003 c 334: See note following RCW 79.02.010.Severability -- Effective date -- 2000 2nd sp.s. c 1: See notes following RCW 41.05.143.Severability -- Effective date -- 1999 sp.s. c 13: See notes following RCW 77.85.005.Effective date -- 1998 c 347: "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 [April 3, 1998]." [1998 c 347 § 56.]Effective date -- 1985 c 57: See note following RCW 18.04.105. RCW 79.64.120Retirement of interfund loans Transfer of timber cutting rights on state forest lands acquired under RCW 79.22.010 to the federal land grant trusts Distribution of revenue from timber management activities.(1) The department is authorized to: (a) Determine the total present account balance with interest of the interfund loans made by the resource management cost account to the forest development account in accordance with generally accepted accounting principles; (b) Subject to approval of the board, effectuate a transfer of timber cutting rights on state forest lands acquired under RCW 79.22.010 to the federal land grant trusts in such proportion that each trust receives full and fair market value for the interfund loans and is fully repaid or so much thereof as possible within distribution constraints described in subsection (2) of this section. (2) After the effective date of the transfer authorized by subsection (1)(b) of this section and until the exercise of the cutting rights on the timber transferred has been fully satisfied, the distribution of revenue from timber management activities on state forest lands acquired under RCW 79.22.010 on which cutting rights have been transferred shall be as follows: (a) As determined by the board, an amount no greater than thirty-three and three-tenths percent to be distributed to the federal land grant trust accounts and resource management cost account as directed by RCW 79.64.040 and 79.64.050; (b) As determined by the board, an amount not less than sixteen and seven-tenths percent to the forest development account; (c) Fifty percent to be distributed as provided in RCW 79.64.110.[2003 c 334 § 463; 1988 c 70 § 3. Formerly RCW 79.12.035.]Notes:Intent -- 2003 c 334: See note following RCW 79.02.010.Purpose -- 1988 c 70 § 3: "The purpose of RCW 79.12.035 is to provide a means to retire interfund loans authorized by RCW 79.64.030 from the resource management cost account to the forest development account. The resource management cost account is an asset of the federal land grant trusts. Section 3 of this act is intended to authorize a process by which the interfund loans may be repaid such that the federal land grant trusts will receive full fair market value without disruption in income to counties and the state general fund from management activities on state forest lands managed pursuant to chapter 79.12 RCW." [1988 c 70 § 2.]

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