As the 2012 legislative session quickly approaches, I want to give you an update on where we are at regarding the creation of the Washington Investment Trust.
The Infrastructure Financing Taskforce Committee met on December 28 and we took significant action by voting 6-0 on a bill recommendation to the next legislative session to create the Washington Investment Trust.
We are wrapping up the final bill language and expect to file the bill next week. I’m hoping it will get heard early in session. I want to give you this information so that you’ll be prepared to come to the legislative hearings to support the bill. I will, of course, alert you as to when it will take place as soon as the bill is scheduled. Senator Keiser has agreed to prime sponsor a Senate companion bill.
Below is a brief summary of the intent of the proposed legislation and, if you want to watch the December 28 meeting, you can do so online accessing the TVW archives, here.
There are significant public infrastructure and higher education needs of the state that are unmet, and the level of unmet need has been exacerbated by the economic downturn. But there are opportunities to use the state’s depository assets to generate additional benefit for the people and the economy of the state, which can be achieved by creating the Washington Investment Trust as a legacy institution that amasses sufficient capital reserves to address opportunities now and in the future.
The Washington Investment Trust may:
(a) Facilitate investment in, and financing of, public infrastructure systems that will increase public health, safety and quality of life, improve environmental conditions, and promote community vitality and economic growth;
(b) Assist students who are in need of additional low-cost student loans in order to finance the cost of higher education; and
(c) Leverage Washington’s financial capital and resources, and work in partnership with financial institutions, community-based organizations, economic development organizations, guaranty agencies, and other stakeholder groups.
The mission of the trust is to utilize Washington’s depository assets in ways that afford most efficient use of taxpayer revenues and public resources for the benefit of the people and economy of the state.
To read the entire proposed bill and review previous actions taken by the Infrastructure Financing Taskforce Committee, please go to the committee website here.
-Bob Hasegawa