Electric transmission system

AN ACT Relating to creating partnerships to improve the 1
reliability and capacity of the electric transmission system, 2
including through a Washington electric transmission authority; 3
reenacting and amending RCW 43.84.092, 43.84.092, 43.84.092, 4
43.84.092, 43.84.092, and 43.84.092; adding a new section to chapter 5
43.21F RCW; adding a new section to chapter 43.31 RCW; adding a new 6
chapter to Title 43 RCW; providing effective dates; providing a 7
contingent effective date; providing expiration dates; and providing 8
contingent expiration dates. 9
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:10
NEW SECTION. Sec. 1. (1) The legislature finds that Washington 11
has committed to decarbonizing its electricity system so that it is 12
carbon neutral by 2030 and carbon free by 2045. Achieving those goals 13
includes retiring coal and gas resources, adding new generation from 14
renewable and nonemitting resources, and leveraging energy storage 15
technologies. At the same time, demand for electricity is increasing 16
significantly due to the electrification of vehicles, home heating 17
and cooling, and manufacturing, and the expansion of the information 18
services sector in Washington. There are significant federal, state, 19
and private investments in clean energy development, including wind, 20
solar, and battery storage, that support decarbonization goals and 21
S-5408.1
SENATE BILL 6355
State of Washington 69th Legislature 2026 Regular Session
By Senators Hunt, Kauffman, Chapman, Conway, Dhingra, Pedersen,
Saldaña, Shewmake, and Stanford
Read first time 02/24/26.
p. 1 SB 6355
supply new electrical load. However, Washington's existing 1
transmission system lacks the capacity to accommodate the growing 2
demand for clean electricity. 3
(2) The legislature also finds that extreme weather events and 4
changes to seasonal highs and lows puts new strain on the existing 5
transmission system and threatens reliability. Extreme weather events 6
and resulting conditions such as high-speed winds, floods, freezing, 7
extreme heat, and drought, which could increase the risk of wildfire, 8
can damage grid infrastructure and cause disruptions to the power 9
supply. Warmer summers and colder winters increase the need for 10
heating and cooling and thereby intensify and extend periods of peak 11
demand. 12
(3) The legislature further finds that to maintain reliability 13
and build resilience, Washington's transmission system needs to be 14
expanded and upgraded to access diverse portfolios of clean and 15
reliable energy across the region, including solar resources in the 16
southwest and wind resources across the mountain west. A more robust 17
and updated transmission system will support affordability and 18
reliability goals by enabling the efficient dispatch of least-cost 19
resources across the region. 20
(4) Therefore, it is the intent of the legislature to create the 21
Washington electric transmission authority to improve transmission 22
reliability, resilience, and affordability. The Washington electric 23
transmission authority will serve as a centralized body to achieve 24
these goals by: providing development transmission services; 25
coordinating siting and permitting; and engaging with utilities, 26
transmission developers, local jurisdictions, state agencies, 27
regional entities, the federal government, federally recognized 28
Indian tribes, and affected communities. The legislature intends for 29
the authority to achieve the following goals: 30
(a) Improve reliability and resilience, including during extreme 31
weather events; 32
(b) Increase access to low-cost renewable energy;33
(c) Achieve clean electricity requirements and greenhouse gas 34
emissions limits; 35
(d) Encourage advanced transmission technologies that lower 36
wildfire risks; 37
(e) Support economic growth; and 38
(f) Maintain affordable energy rates. 39
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PART I - WASHINGTON ELECTRIC TRANSMISSION AUTHORITY1
NEW SECTION. Sec. 2. The definitions in this section apply 2
throughout this chapter unless the context clearly requires 3
otherwise.4
(1) "Authority" means the Washington electric transmission 5
authority. 6
(2) "Board of directors" means the authority's board of 7
directors. 8
(3) "Consumer-owned utility" has the same meaning as in RCW 9
19.405.020. 10
(4) "Department" means the department of commerce.11
(5) "Investor-owned utility" means a company owned by investors 12
that meets the definition of "corporation" in RCW 80.04.010 and is 13
engaged in distributing electricity to more than one retail electric 14
customer in the state. 15
(6) "Nonwire alternative" means any electrical grid investment 16
that is intended to defer or remove the need to construct or upgrade 17
components of a transmission system. 18
NEW SECTION. Sec. 3. A new section is added to chapter 43.21F 19
RCW to read as follows: 20
(1) The department must identify high priority transmission 21
corridors leveraging existing transmission plans from national and 22
regional entities and Washington utilities and existing state, 23
regional, and national siting studies, in an open, transparent 24
process by October 30, 2027. 25
(2) The department may contract with independent expert analysts 26
to identify high priority transmission corridors under subsection (1) 27
of this section. 28
(3) The department must provide all administrative and staff 29
support for and maintain oversight of the Washington electric 30
transmission authority created under section 5 of this act until the 31
board of directors hires an executive director as established under 32
section 4 of this act. 33
NEW SECTION. Sec. 4. (1) A board of directors must be appointed 34
by January 1, 2027, to provide oversight and advise the authority on 35
policies that are consistent with the purposes of this chapter. The 36
board of directors must hire an executive director by June 30, 2027.37
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(2) The 10 members of the board are as follows:1
(a) The director of the department, or the director's designee;2
(b) One member appointed by the governor with experience working 3
at a consumer-owned utility, preferably with expertise in the 4
transmission function; 5
(c) One member appointed by the governor with experience working 6
at an investor-owned utility, preferably with expertise in the 7
transmission function; 8
(d) One member appointed by the governor with expertise in land 9
use planning and law and local permitting processes;10
(e) One member appointed by the governor with expertise in clean 11
energy development; 12
(f) One member appointed by the governor with expertise in 13
ratepayer protection; 14
(g) One member appointed by the governor representing electrical 15
workers with expertise in building electric transmission;16
(h) One member appointed by the governor with expertise in 17
financing large infrastructure projects; 18
(i) One member appointed by the governor with expertise in 19
wildlife conservation and land use policies; and 20
(j) One member appointed by the governor from a federally 21
recognized Indian tribe, including federally recognized Indian tribes 22
whose reservation or ceded lands lie in Washington state.23
(3) One or more members of the board appointed by the governor 24
must have expertise with the Bonneville power administration's 25
transmission service. 26
(4) When facilitating particular transmission projects, the board 27
may consult with other state agencies or subject matter experts on 28
natural hazards including, but not limited to, wildfire, and 29
potential mitigation practices for such hazards including, but not 30
limited to, upgrading transmission facilities with advanced 31
transmission technologies. 32
(5) No member of the board may represent a person that owns or 33
operates electric generating or transmission facilities.34
(6) Members of the board appointed by the governor must serve 35
four-year terms. However, the governor must stagger the terms of six 36
of the initial appointees for terms of one, two, and three years. At 37
the end of the term, these members may be reappointed by the 38
governor, or the governor may choose to appoint a new member.39
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(7) Decisions of the board require a simple majority vote of all 1
the members on the board. 2
(8) Members of the board must elect a chair from among its 3
membership to serve for a two-year period. 4
(9) The board must meet at least quarterly. 5
(10) The department must provide administrative and staff support 6
to the board until the executive director is hired.7
(11) Members of the board must serve without additional 8
compensation but must be reimbursed for travel expenses as provided 9
by RCW 43.03.050 and 43.03.060. 10
NEW SECTION. Sec. 5. (1) The Washington electric transmission 11
authority is hereby created as a public body. The authority is an 12
instrumentality of the state exercising essential government 13
functions related to electric transmission.14
(2) The priority of the authority is to maintain or improve the 15
reliability of electric service to Washington customers by:16
(a) Supporting the expeditious and efficient expansion of new 17
electric transmission capacity within the state that are prudent and 18
needed to serve Washington customers; 19
(b) Prioritizing partnerships for new electric transmission 20
projects that meet at least one of the criteria: Increase access to 21
grid connections for renewable resources and nonemitting electric 22
generation as defined in RCW 19.405.020, provide access to regional 23
wholesale markets, are located in more than one electric utility 24
service territory, or would not otherwise be built by Washington 25
electric utilities; 26
(c) Pursuing cost-effective nonwire alternatives to increase the 27
capacity of existing electrical infrastructure; 28
(d) Being a statewide resource for assisting with the development 29
and coordination of upgrades to existing transmission lines;30
(e) Collaborating with electric utilities, independent 31
transmission developers, local jurisdictions, federally recognized 32
Indian tribes, labor unions, neighboring states, regional entities, 33
and the federal government to develop intrastate, interstate, and 34
regional transmission resources; 35
(f) Evaluating opportunities for the authority to coordinate with 36
regional wholesale markets as enabled by the respective market 37
governance framework; 38
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(g) Supporting opportunities for community microgrids, 1
distributed energy resources, and energy conservation; and2
(h) Supporting community and economic development.3
(3) To the greatest extent practicable, when carrying out its 4
duties, the authority must seek to: 5
(a) Protect cultural and natural resources; 6
(b) Avoid impacts to overburdened communities and vulnerable 7
populations; 8
(c) Support good jobs; 9
(d) Maximize the use of existing rights-of-way for transmission 10
development, including on highways as defined in RCW 47.04.010;11
(e) Mitigate wildfire risk; 12
(f) Consult in advance with all electric utilities that serve 13
retail customers in areas where a project of the authority may be 14
located; and 15
(g) Coordinate with utilities that operate electric transmission 16
facilities that would be affected by a project of the authority.17
(4) The authority must employ an executive director, who must be 18
appointed by the board of directors created under section 4 of this 19
act. The board may fix the compensation of the executive director. 20
The executive director may employ staff sufficient to accomplish the 21
purposes of this chapter. 22
(5) The authority must update the transmission corridor 23
identification study under section 3 of this act no later than 24
October 30, 2032, and no less than every five years thereafter.25
(6) The authority must charge and collect an application review 26
fee of $5,000 to be submitted by each entity that applies for use of 27
services provided under a partnership with the authority.28
(7) The authority must submit a report of its activities to the 29
governor and to the appropriate committees of the legislature by 30
December 1, 2027, and annually every July 1st thereafter. The report 31
must include operating and financial statements covering the 32
operations of the authority for the previous fiscal year.33
(8) The authority and any eligible facilities acquired by the 34
authority are not subject to the supervision, regulation, control, or 35
jurisdiction of the Washington utilities and transportation 36
commission, provided that nothing in this chapter shall be 37
interpreted to allow an electrical company regulated under Title 80 38
RCW to include the cost of eligible facilities in its rate base 39
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without the approval of the Washington utilities and transportation 1
commission. 2
(9)(a) The authority must offer transmission service on 3
facilities owned by the authority only under a transmission tariff 4
administered by an entity jurisdictional to the federal energy 5
regulatory commission as a public utility under the federal power 6
act, 16 U.S.C. Sec. 791a et seq., as it exists on the effective date 7
of this section, and subject to the same terms and conditions applied 8
to such entity by the federal energy regulatory commission, except 9
for facilities under (b) of this subsection. 10
(b) Transmission service on facilities owned by the authority 11
that are subject to a partnership agreement with the Bonneville power 12
administration, a utility serving customers in the state of 13
Washington that is not a public utility under the federal power act, 14
or a joint operating agency formed under RCW 43.52.360 may be offered 15
under the same terms as the transmission tariff of that partner 16
entity. 17
(10) The primary mode for the authority to facilitate discrete 18
transmission projects shall be through partnerships with transmission 19
developers, including consumer-owned utilities and investor-owned 20
utilities, on eligible projects in high priority transmission 21
corridors. The authority may originate projects in the absence of 22
such a partner only as a last resort and where such project does not 23
interfere with or duplicate a project actively under development by a 24
qualified transmission builder, as determined by the authority.25
NEW SECTION. Sec. 6. Without creating state debt, or lending 26
the credit of the state, so long as otherwise authorized and not 27
prohibited by law, the authority may:28
(1) Adopt rules and operating procedures as necessary to 29
implement the authority's responsibilities in this chapter, except 30
that the authority may not adopt rules to direct cost allocation of 31
transmission resources; 32
(2) Utilize the services of executive departments of the state 33
upon mutually agreeable terms and conditions; 34
(3) Exercise the power of eminent domain as outlined under the 35
provisions of chapter 8.04 RCW only for land acquisition necessary to 36
secure property or rights-of-way for new transmission corridors for 37
public use consistent with the purposes of this chapter;38
(4) Enter into contracts and agreements; 39
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(5) Solicit, receive, issue, and expend gifts, grants, and 1
donations; 2
(6) Apply for and accept federal loans and related assistance;3
(7)(a) Enter into partnerships with public or private entities, 4
which must include a fee schedule for services provided under a 5
partnership; and 6
(b) When entering into partnerships on transmission projects:7
(i) Serve as the state environmental policy act lead for the 8
project proponent; and 9
(ii) Serve as tribal consultation lead pursuing reasonable 10
efforts to facilitate government-to-government consultation regarding 11
the entities' partnership with federally recognized Indian tribes 12
affected by the partnership; 13
(8) Lease, purchase, accept donations of, or otherwise own, hold, 14
improve, or use any property; 15
(9) Sell, lease, exchange, or otherwise dispose of any property;16
(10)(a) Own electric transmission equipment and systems;17
(b) Ownership of transmission facilities by the authority may not 18
exceed the extent and duration necessary or useful to promote the 19
public interest. Before becoming an owner or partial owner of any 20
electric transmission facilities, the authority must develop and 21
publish a plan identifying: 22
(i) The public purposes of the authority's ownership;23
(ii) The conditions that would make the authority's ownership no 24
longer necessary for accomplishing those public purposes; and25
(iii) A plan to divest the authority of ownership of the facility 26
as soon as economically prudent once those conditions occur;27
(11)(a) Select a qualified transmission builder or operator, as 28
defined by the authority in rule, to build, finance, plan, acquire, 29
maintain, or operate an electric transmission project;30
(b) Proceed to construction in the absence of selecting a 31
qualified transmission builder only as a last resort and in instances 32
where the authority identifies a pressing need for a project and 33
there is not a ready and willing qualified transmission builder, 34
subject to the authority adopting criteria in rule for such a 35
scenario before developing a project; 36
(12) Sell a state-owned electric transmission project at any 37
stage of development. 38
(a) The authority may sell a project to an electric utility 39
serving customers in the state of Washington, a joint operating 40
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agency formed under RCW 43.52.360, the Bonneville power 1
administration, an independent transmission developer, or an 2
independent system operator. 3
(b) Before selling a project that is not part of a partnership 4
agreement, the authority must adopt criteria in rule for developing a 5
transparent process including issuing a competitive request for 6
proposals, evaluating proposals, and selecting a project buyer;7
(13) Adopt criteria in rule for an initial local investment 8
commitment fee and annual local investment commitment fee for high 9
voltage projects that the authority develops, owns, or sells under 10
this chapter. Rule making will provide that the fees are distributed 11
among counties, cities, towns, and federally recognized Indian 12
tribes, including federally recognized Indian tribes whose 13
reservation or ceded lands lie in Washington state, in proportion to 14
the project's impact, and that the fees are appurtenant to the 15
project such that the assessed fees are transferred with the title if 16
the project is sold; and 17
(14) Coordinate with the Washington economic development finance 18
authority established under chapter 43.163 RCW to provide conduit 19
financing for eligible partners that request transmission financing.20
NEW SECTION. Sec. 7. (1) The authority must, when selecting a 21
qualified transmission builder or operator under section 6 (11)(a) of 22
this act, undertaking conduit financing through the Washington 23
economic development finance authority while the authority is in 24
partnership with the transmission builder or operator, or proceeding 25
to construct a project in the absence of selecting a qualified 26
transmission builder under section 6 (11)(b) of this act, ensure that 27
all construction and maintenance work is performed by either:28
(a) Qualified electrical employees of an electric utility; or29
(b) A contractor or independent transmission developer that:30
(i) Utilizes qualified electrical employees; and31
(ii) Utilizes apprentices enrolled in an apprenticeship program 32
registered with the United States department of labor or the 33
Washington state apprenticeship council established under chapter 34
49.04 RCW, with a completion rate of at least 25 percent.35
(2) When selecting a qualified transmission builder or operator 36
under section 6(11)(a) of this act, or when proceeding to construct a 37
project in the absence of selecting a qualified transmission builder 38
under section 6 (11)(b) of this act, the authority must ensure that 39
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work is performed in compliance with the applicable prevailing wage 1
provisions under chapter 39.12 RCW for the respective job 2
classification. 3
NEW SECTION. Sec. 8. A new section is added to chapter 43.31 4
RCW to read as follows: 5
(1) A tribal clean energy partnership work group is established 6
within the department of commerce. The work group must:7
(a) Develop and evaluate pathways for tribal participation in 8
clean energy facility and related infrastructure development that 9
will advance economic development opportunities, while safeguarding 10
tribal reserved rights and supporting voluntary collaboration with 11
utilities and project developers; 12
(b) Identify opportunities for joint ownership and coinvestment 13
between federally recognized Indian tribes, utilities, and private 14
sector developers to develop clean energy generation, transmission, 15
storage, and related infrastructure in order to create more 16
equitable, efficient, and ecologically sustainable energy projects;17
(c) Conduct research on barriers and opportunities related to 18
tribal access to financing, federal programs, tax incentives, and 19
other capital instruments that support tribal investment, ownership, 20
and economic participation, for the purpose of developing clean 21
energy facilities and infrastructure; 22
(d) Recommend approaches to expand the clean energy workforce and 23
related contracting and supply chain opportunities to include members 24
of federally recognized Indian tribes; 25
(e) Develop model tribal consultation processes, contracts, 26
defined mitigation options, incentives, and community investment 27
agreements related to clean energy development and the siting and 28
permitting of energy facilities with the voluntary support of tribal 29
partners. 30
(2) The department of commerce must appoint at least eight and no 31
more than 12 members to the work group selected for their subject 32
matter experience as follows: 33
(a) Between four and six representatives of electric utilities, 34
including investor-owned utilities and consumer-owned utilities, and 35
industrial manufacturers or project developers; 36
(b) Two individuals with expertise in economic development 37
related to clean energy facilities and infrastructure;38
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(c) Two individuals with expertise in tribal cultural resources 1
or tribal governance; and 2
(d) No more than two ad hoc members selected by the department of 3
commerce. 4
(3) The department must notify each federally recognized Indian 5
tribe in Washington and each federally recognized Indian tribe with 6
treaty ceded lands in Washington about the work group and invite a 7
tribal council representative or their designee to participate in the 8
work group, based on the voluntary interest of tribal governments.9
(4) The department of commerce may reimburse work group members 10
for travel expenses as provided in RCW 43.03.050 and 43.03.060.11
(5) The work group must hold at least one public meeting before 12
June 1, 2028. 13
(6) The department of commerce may convene a clean energy 14
advisory committee to provide feedback on strategies and 15
recommendations developed by the work group. 16
(7) The department of commerce may appoint members to the 17
advisory committee from among the following: 18
(a) Clean energy facility and transmission developers;19
(b) Labor union representatives; 20
(c) Individuals with expertise in clean energy facility and 21
infrastructure financing or capital markets; and 22
(d) Environmental advocacy organizations. 23
(8) By April 1, 2027, the work group must submit an interim 24
report to the appropriate legislative committees that documents its 25
findings to date. 26
(9) By December 1, 2027, the work group must submit a report to 27
the appropriate committees of the legislature that:28
(a) Identifies barriers to tribal participation in clean energy 29
facility and infrastructure development; 30
(b) Makes recommendations for statutory or regulatory changes 31
that would facilitate tribal participation in the development and 32
ownership of clean energy facilities and infrastructure;33
(c) Provides partnership, ownership, and investment frameworks 34
for tribal clean energy development; 35
(d) Identifies opportunities for clean energy pilot or 36
demonstration projects that support voluntary, mutually beneficial 37
energy partnerships between federally recognized Indian tribes and 38
energy sector participants operating in Washington state; and39
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(e) Identifies specific work group recommendations that would 1
benefit from future state funding. 2
(10) By December 1, 2027, the work group must submit a report to 3
the office of equity pursuant to RCW 43.18A.030. 4
(11) This section expires June 1, 2028. 5
NEW SECTION. Sec. 9. The electric transmission operating 6
account is created in the state treasury. All receipts from 7
appropriations made by the legislature, fees collected under sections 8
5 and 6 of this act, federal funds, or gifts or grants from the 9
private sector or foundations and other sources must be deposited in 10
the account. Moneys in the account may be spent only after 11
appropriation. Expenditures from the account may be used only for 12
operating cost purposes consistent with this chapter.13
NEW SECTION. Sec. 10. The electric transmission capital account 14
is created in the state treasury. All moneys received for the 15
acquisition, sale, management, and administration of the authority's 16
duties under this chapter for electric transmission projects 17
including, but not limited to, proceeds from the sale of land and/or 18
improvements, fees collected for services provided to transmission 19
developers, local investment commitment fees, interest earned on 20
investments in the account, and all other revenue related to electric 21
transmission projects created or acquired pursuant to this chapter 22
must be deposited into the account. The account is authorized to 23
receive fund transfers and appropriations from the general fund, as 24
well as gifts, grants, and endowments from public or private sources 25
as may be made from time to time. Moneys in the account may be spent 26
only after appropriation. Expenditures from the account may be used 27
by the executive director of the authority, or the executive 28
director's designee, to reimburse management costs incurred by the 29
authority on electric transmission projects, for the acquisition of 30
interests in land or other real property to be managed as electric 31
transmission projects, and for all other nonoperating cost purposes 32
consistent with this chapter.33
NEW SECTION. Sec. 11. (1) Information obtained by the authority 34
that is critical energy infrastructure information or proprietary 35
technical or business information shall be confidential and not 36
subject to inspection or disclosure pursuant to chapter 42.56 RCW.37
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(2) For the purposes of this section, the following definitions 1
apply: 2
(a) "Critical energy infrastructure" means existing and proposed 3
systems and assets, whether physical or virtual, the incapacity or 4
destruction of which would negatively affect security, economic 5
security, public health or safety, or any combination of these 6
matters. 7
(b) "Critical energy infrastructure information" means specific 8
engineering, vulnerability, or detailed design information about 9
proposed or existing critical energy infrastructure that:10
(i) Relates details about the production, generation, 11
transportation, transmission, or distribution of energy;12
(ii) Could be useful to a person in planning an attack on 13
critical energy infrastructure; and 14
(iii) Does not simply give the general location of or relay 15
publicly available information about the critical energy 16
infrastructure. 17
PART II - MISCELLANEOUS18
Sec. 12. RCW 43.84.092 and 2025 c 417 s 802, 2025 c 399 s 15, 19
2025 c 359 s 12, and 2025 c 299 s 21 are each reenacted and amended 20
to read as follows: 21
(1) All earnings of investments of surplus balances in the state 22
treasury shall be deposited to the treasury income account, which 23
account is hereby established in the state treasury.24
(2) The treasury income account shall be utilized to pay or 25
receive funds associated with federal programs as required by the 26
federal cash management improvement act of 1990. The treasury income 27
account is subject in all respects to chapter 43.88 RCW, but no 28
appropriation is required for refunds or allocations of interest 29
earnings required by the cash management improvement act. Refunds of 30
interest to the federal treasury required under the cash management 31
improvement act fall under RCW 43.88.180 and shall not require 32
appropriation. The office of financial management shall determine the 33
amounts due to or from the federal government pursuant to the cash 34
management improvement act. The office of financial management may 35
direct transfers of funds between accounts as deemed necessary to 36
implement the provisions of the cash management improvement act, and 37
this subsection. Refunds or allocations shall occur prior to the 38
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distributions of earnings set forth in subsection (4) of this 1
section. 2
(3) Except for the provisions of RCW 43.84.160, the treasury 3
income account may be utilized for the payment of purchased banking 4
services on behalf of treasury funds including, but not limited to, 5
depository, safekeeping, and disbursement functions for the state 6
treasury and affected state agencies. The treasury income account is 7
subject in all respects to chapter 43.88 RCW, but no appropriation is 8
required for payments to financial institutions. Payments shall occur 9
prior to distribution of earnings set forth in subsection (4) of this 10
section. 11
(4) Monthly, the state treasurer shall distribute the earnings 12
credited to the treasury income account. The state treasurer shall 13
credit the general fund with all the earnings credited to the 14
treasury income account except: 15
(a) The following accounts and funds shall receive their 16
proportionate share of earnings based upon each account's and fund's 17
average daily balance for the period: The abandoned recreational 18
vehicle disposal account, the aeronautics account, the Alaskan Way 19
viaduct replacement project account, the ambulance transport fund, 20
the budget stabilization account, the capital vessel replacement 21
account, the capitol building construction account, the Central 22
Washington University capital projects account, the charitable, 23
educational, penal and reformatory institutions account, the Chehalis 24
basin account, the Chehalis basin taxable account, the clean fuels 25
credit account, the clean fuels transportation investment account, 26
the cleanup settlement account, the Columbia river basin water supply 27
development account, the Columbia river basin taxable bond water 28
supply development account, the Columbia river basin water supply 29
revenue recovery account, the common school construction fund, the 30
community forest trust account, the connecting Washington account, 31
the county arterial preservation account, the county criminal justice 32
assistance account, the covenant homeownership account, the deferred 33
compensation administrative account, the deferred compensation 34
principal account, the department of licensing services account, the 35
department of retirement systems expense account, the developmental 36
disabilities community services account, the diesel idle reduction 37
account, the opioid abatement settlement account, the drinking water 38
assistance account, the administrative subaccount of the drinking 39
water assistance account, the driver education safety improvement 40
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account, the early learning facilities development account, the early 1
learning facilities revolving account, the Eastern Washington 2
University capital projects account, the education legacy trust 3
account, the election account, the electric transmission capital 4
account, the electric vehicle account, the energy freedom account, 5
the energy recovery act account, the essential rail assistance 6
account, The Evergreen State College capital projects account, the 7
fair start for kids account, the family medicine workforce 8
development account, the ferry bond retirement fund, the fish, 9
wildlife, and conservation account, the freight mobility investment 10
account, the freight mobility multimodal account, the grade crossing 11
protective fund, the higher education retirement plan supplemental 12
benefit fund, the Washington student loan account, the highway bond 13
retirement fund, the highway infrastructure account, the highway 14
safety fund, the hospital safety net assessment fund, the Interstate 15
5 bridge replacement project account, the Interstate 405 and state 16
route number 167 express toll lanes account, the judges' retirement 17
account, the judicial retirement administrative account, the judicial 18
retirement principal account, the limited fish and wildlife account, 19
the local leasehold excise tax account, the local real estate excise 20
tax account, the local sales and use tax account, the marine 21
resources stewardship trust account, the medical aid account, the 22
money-purchase retirement savings administrative account, the money-23
purchase retirement savings principal account, the motor vehicle 24
fund, the motorcycle safety education account, the move ahead WA 25
account, the move ahead WA flexible account, the multimodal 26
transportation account, the multiuse roadway safety account, the 27
municipal criminal justice assistance account, the oyster reserve 28
land account, the pension funding stabilization account, the 29
perpetual surveillance and maintenance account, the pilotage account, 30
the pollution liability insurance agency underground storage tank 31
revolving account, the medicaid access program account, the public 32
employees' retirement system plan 1 account, the public employees' 33
retirement system combined plan 2 and plan 3 account, the public 34
facilities construction loan revolving account, the public health 35
supplemental account, the public works assistance account, the Puget 36
Sound capital construction account, the Puget Sound ferry operations 37
account, the Puget Sound Gateway facility account, the Puget Sound 38
taxpayer accountability account, the real estate appraiser commission 39
account, the recreational vehicle account, the regional mobility 40
p. 15 SB 6355
grant program account, the reserve officers' relief and pension 1
principal fund, the resource management cost account, the rural 2
arterial trust account, the rural mobility grant program account, the 3
rural Washington loan fund, the second injury fund, the sexual 4
assault prevention and response account, the site closure account, 5
the skilled nursing facility safety net trust fund, the small city 6
pavement and sidewalk account, the special category C account, the 7
special wildlife account, the state hazard mitigation revolving loan 8
account, the state investment board expense account, the state 9
investment board commingled trust fund accounts, the state patrol 10
highway account, the state reclamation revolving account, the state 11
route number 520 civil penalties account, the state route number 520 12
corridor account, the statewide broadband account, the statewide 13
tourism marketing account, the supplemental pension account, the 14
Tacoma Narrows toll bridge account, the teachers' retirement system 15
plan 1 account, the teachers' retirement system combined plan 2 and 16
plan 3 account, the tobacco prevention and control account, the 17
tobacco settlement account, the toll facility bond retirement 18
account, the transportation 2003 account (nickel account), the 19
transportation equipment fund, the JUDY transportation future funding 20
program account, the transportation improvement account, the 21
transportation improvement board bond retirement account, the 22
transportation infrastructure account, the transportation partnership 23
account, the traumatic brain injury account, the tribal opioid 24
prevention and treatment account, the University of Washington bond 25
retirement fund, the University of Washington building account, the 26
voluntary cleanup account, the volunteer firefighters' relief and 27
pension principal fund, the volunteer firefighters' and reserve 28
officers' administrative fund, the vulnerable roadway user education 29
account, the Washington judicial retirement system account, the 30
Washington law enforcement officers' and firefighters' system plan 1 31
retirement account, the Washington law enforcement officers' and 32
firefighters' system plan 2 retirement account, the Washington public 33
safety employees' plan 2 retirement account, the Washington school 34
employees' retirement system combined plan 2 and 3 account, the 35
Washington state patrol retirement account, the Washington State 36
University building account, the Washington State University bond 37
retirement fund, the water pollution control revolving administration 38
account, the water pollution control revolving fund, the Western 39
Washington University capital projects account, the Yakima integrated 40
p. 16 SB 6355
plan implementation account, the Yakima integrated plan 1
implementation revenue recovery account, and the Yakima integrated 2
plan implementation taxable bond account. Earnings derived from 3
investing balances of the agricultural permanent fund, the normal 4
school permanent fund, the permanent common school fund, the 5
scientific permanent fund, and the state university permanent fund 6
shall be allocated to their respective beneficiary accounts.7
(b) Any state agency that has independent authority over accounts 8
or funds not statutorily required to be held in the state treasury 9
that deposits funds into a fund or account in the state treasury 10
pursuant to an agreement with the office of the state treasurer shall 11
receive its proportionate share of earnings based upon each account's 12
or fund's average daily balance for the period. 13
(5) In conformance with Article II, section 37 of the state 14
Constitution, no treasury accounts or funds shall be allocated 15
earnings without the specific affirmative directive of this section.16
Sec. 13. RCW 43.84.092 and 2025 c 417 s 802, 2025 c 399 s 15, 17
and 2025 c 299 s 21 are each reenacted and amended to read as 18
follows: 19
(1) All earnings of investments of surplus balances in the state 20
treasury shall be deposited to the treasury income account, which 21
account is hereby established in the state treasury.22
(2) The treasury income account shall be utilized to pay or 23
receive funds associated with federal programs as required by the 24
federal cash management improvement act of 1990. The treasury income 25
account is subject in all respects to chapter 43.88 RCW, but no 26
appropriation is required for refunds or allocations of interest 27
earnings required by the cash management improvement act. Refunds of 28
interest to the federal treasury required under the cash management 29
improvement act fall under RCW 43.88.180 and shall not require 30
appropriation. The office of financial management shall determine the 31
amounts due to or from the federal government pursuant to the cash 32
management improvement act. The office of financial management may 33
direct transfers of funds between accounts as deemed necessary to 34
implement the provisions of the cash management improvement act, and 35
this subsection. Refunds or allocations shall occur prior to the 36
distributions of earnings set forth in subsection (4) of this 37
section. 38
p. 17 SB 6355
(3) Except for the provisions of RCW 43.84.160, the treasury 1
income account may be utilized for the payment of purchased banking 2
services on behalf of treasury funds including, but not limited to, 3
depository, safekeeping, and disbursement functions for the state 4
treasury and affected state agencies. The treasury income account is 5
subject in all respects to chapter 43.88 RCW, but no appropriation is 6
required for payments to financial institutions. Payments shall occur 7
prior to distribution of earnings set forth in subsection (4) of this 8
section. 9
(4) Monthly, the state treasurer shall distribute the earnings 10
credited to the treasury income account. The state treasurer shall 11
credit the general fund with all the earnings credited to the 12
treasury income account except: 13
(a) The following accounts and funds shall receive their 14
proportionate share of earnings based upon each account's and fund's 15
average daily balance for the period: The abandoned recreational 16
vehicle disposal account, the aeronautics account, the Alaskan Way 17
viaduct replacement project account, the ambulance transport fund, 18
the budget stabilization account, the capital vessel replacement 19
account, the capitol building construction account, the Central 20
Washington University capital projects account, the charitable, 21
educational, penal and reformatory institutions account, the Chehalis 22
basin account, the Chehalis basin taxable account, the clean fuels 23
credit account, the clean fuels transportation investment account, 24
the cleanup settlement account, the Columbia river basin water supply 25
development account, the Columbia river basin taxable bond water 26
supply development account, the Columbia river basin water supply 27
revenue recovery account, the common school construction fund, the 28
community forest trust account, the connecting Washington account, 29
the county arterial preservation account, the county criminal justice 30
assistance account, the covenant homeownership account, the deferred 31
compensation administrative account, the deferred compensation 32
principal account, the department of licensing services account, the 33
department of retirement systems expense account, the developmental 34
disabilities community services account, the diesel idle reduction 35
account, the opioid abatement settlement account, the drinking water 36
assistance account, the administrative subaccount of the drinking 37
water assistance account, the driver education safety improvement 38
account, the early learning facilities development account, the early 39
learning facilities revolving account, the Eastern Washington 40
p. 18 SB 6355
University capital projects account, the education legacy trust 1
account, the election account, the electric transmission capital 2
account, the electric vehicle account, the energy freedom account, 3
the energy recovery act account, the essential rail assistance 4
account, The Evergreen State College capital projects account, the 5
fair start for kids account, the family medicine workforce 6
development account, the ferry bond retirement fund, the fish, 7
wildlife, and conservation account, the freight mobility investment 8
account, the freight mobility multimodal account, the grade crossing 9
protective fund, the higher education retirement plan supplemental 10
benefit fund, the Washington student loan account, the highway bond 11
retirement fund, the highway infrastructure account, the highway 12
safety fund, the hospital safety net assessment fund, the Interstate 13
5 bridge replacement project account, the Interstate 405 and state 14
route number 167 express toll lanes account, the judges' retirement 15
account, the judicial retirement administrative account, the judicial 16
retirement principal account, the limited fish and wildlife account, 17
the local leasehold excise tax account, the local real estate excise 18
tax account, the local sales and use tax account, the marine 19
resources stewardship trust account, the medical aid account, the 20
money-purchase retirement savings administrative account, the money-21
purchase retirement savings principal account, the motor vehicle 22
fund, the motorcycle safety education account, the move ahead WA 23
account, the move ahead WA flexible account, the multimodal 24
transportation account, the multiuse roadway safety account, the 25
municipal criminal justice assistance account, the oyster reserve 26
land account, the pension funding stabilization account, the 27
perpetual surveillance and maintenance account, the pilotage account, 28
the pollution liability insurance agency underground storage tank 29
revolving account, the public employees' retirement system plan 1 30
account, the public employees' retirement system combined plan 2 and 31
plan 3 account, the public facilities construction loan revolving 32
account, the public health supplemental account, the public works 33
assistance account, the Puget Sound capital construction account, the 34
Puget Sound ferry operations account, the Puget Sound Gateway 35
facility account, the Puget Sound taxpayer accountability account, 36
the real estate appraiser commission account, the recreational 37
vehicle account, the regional mobility grant program account, the 38
reserve officers' relief and pension principal fund, the resource 39
management cost account, the rural arterial trust account, the rural 40
p. 19 SB 6355
mobility grant program account, the rural Washington loan fund, the 1
second injury fund, the sexual assault prevention and response 2
account, the site closure account, the skilled nursing facility 3
safety net trust fund, the small city pavement and sidewalk account, 4
the special category C account, the special wildlife account, the 5
state hazard mitigation revolving loan account, the state investment 6
board expense account, the state investment board commingled trust 7
fund accounts, the state patrol highway account, the state 8
reclamation revolving account, the state route number 520 civil 9
penalties account, the state route number 520 corridor account, the 10
statewide broadband account, the statewide tourism marketing account, 11
the supplemental pension account, the Tacoma Narrows toll bridge 12
account, the teachers' retirement system plan 1 account, the 13
teachers' retirement system combined plan 2 and plan 3 account, the 14
tobacco prevention and control account, the tobacco settlement 15
account, the toll facility bond retirement account, the 16
transportation 2003 account (nickel account), the transportation 17
equipment fund, the JUDY transportation future funding program 18
account, the transportation improvement account, the transportation 19
improvement board bond retirement account, the transportation 20
infrastructure account, the transportation partnership account, the 21
traumatic brain injury account, the tribal opioid prevention and 22
treatment account, the University of Washington bond retirement fund, 23
the University of Washington building account, the voluntary cleanup 24
account, the volunteer firefighters' relief and pension principal 25
fund, the volunteer firefighters' and reserve officers' 26
administrative fund, the vulnerable roadway user education account, 27
the Washington judicial retirement system account, the Washington law 28
enforcement officers' and firefighters' system plan 1 retirement 29
account, the Washington law enforcement officers' and firefighters' 30
system plan 2 retirement account, the Washington public safety 31
employees' plan 2 retirement account, the Washington school 32
employees' retirement system combined plan 2 and 3 account, the 33
Washington state patrol retirement account, the Washington State 34
University building account, the Washington State University bond 35
retirement fund, the water pollution control revolving administration 36
account, the water pollution control revolving fund, the Western 37
Washington University capital projects account, the Yakima integrated 38
plan implementation account, the Yakima integrated plan 39
implementation revenue recovery account, and the Yakima integrated 40
p. 20 SB 6355
plan implementation taxable bond account. Earnings derived from 1
investing balances of the agricultural permanent fund, the normal 2
school permanent fund, the permanent common school fund, the 3
scientific permanent fund, and the state university permanent fund 4
shall be allocated to their respective beneficiary accounts.5
(b) Any state agency that has independent authority over accounts 6
or funds not statutorily required to be held in the state treasury 7
that deposits funds into a fund or account in the state treasury 8
pursuant to an agreement with the office of the state treasurer shall 9
receive its proportionate share of earnings based upon each account's 10
or fund's average daily balance for the period. 11
(5) In conformance with Article II, section 37 of the state 12
Constitution, no treasury accounts or funds shall be allocated 13
earnings without the specific affirmative directive of this section.14
Sec. 14. RCW 43.84.092 and 2025 c 417 s 803, 2025 c 399 s 16, 15
2025 c 359 s 13, and 2025 c 299 s 22 are each reenacted and amended 16
to read as follows: 17
(1) All earnings of investments of surplus balances in the state 18
treasury shall be deposited to the treasury income account, which 19
account is hereby established in the state treasury.20
(2) The treasury income account shall be utilized to pay or 21
receive funds associated with federal programs as required by the 22
federal cash management improvement act of 1990. The treasury income 23
account is subject in all respects to chapter 43.88 RCW, but no 24
appropriation is required for refunds or allocations of interest 25
earnings required by the cash management improvement act. Refunds of 26
interest to the federal treasury required under the cash management 27
improvement act fall under RCW 43.88.180 and shall not require 28
appropriation. The office of financial management shall determine the 29
amounts due to or from the federal government pursuant to the cash 30
management improvement act. The office of financial management may 31
direct transfers of funds between accounts as deemed necessary to 32
implement the provisions of the cash management improvement act, and 33
this subsection. Refunds or allocations shall occur prior to the 34
distributions of earnings set forth in subsection (4) of this 35
section. 36
(3) Except for the provisions of RCW 43.84.160, the treasury 37
income account may be utilized for the payment of purchased banking 38
services on behalf of treasury funds including, but not limited to, 39
p. 21 SB 6355
depository, safekeeping, and disbursement functions for the state 1
treasury and affected state agencies. The treasury income account is 2
subject in all respects to chapter 43.88 RCW, but no appropriation is 3
required for payments to financial institutions. Payments shall occur 4
prior to distribution of earnings set forth in subsection (4) of this 5
section. 6
(4) Monthly, the state treasurer shall distribute the earnings 7
credited to the treasury income account. The state treasurer shall 8
credit the general fund with all the earnings credited to the 9
treasury income account except: 10
(a) The following accounts and funds shall receive their 11
proportionate share of earnings based upon each account's and fund's 12
average daily balance for the period: The abandoned recreational 13
vehicle disposal account, the aeronautics account, the Alaskan Way 14
viaduct replacement project account, the budget stabilization 15
account, the capital vessel replacement account, the capitol building 16
construction account, the Central Washington University capital 17
projects account, the charitable, educational, penal and reformatory 18
institutions account, the Chehalis basin account, the Chehalis basin 19
taxable account, the clean fuels credit account, the clean fuels 20
transportation investment account, the cleanup settlement account, 21
the Columbia river basin water supply development account, the 22
Columbia river basin taxable bond water supply development account, 23
the Columbia river basin water supply revenue recovery account, the 24
common school construction fund, the community forest trust account, 25
the connecting Washington account, the county arterial preservation 26
account, the county criminal justice assistance account, the covenant 27
homeownership account, the deferred compensation administrative 28
account, the deferred compensation principal account, the department 29
of licensing services account, the department of retirement systems 30
expense account, the developmental disabilities community services 31
account, the diesel idle reduction account, the opioid abatement 32
settlement account, the drinking water assistance account, the 33
administrative subaccount of the drinking water assistance account, 34
the driver education safety improvement account, the early learning 35
facilities development account, the early learning facilities 36
revolving account, the Eastern Washington University capital projects 37
account, the education legacy trust account, the election account, 38
the electric transmission capital account, the electric vehicle 39
account, the energy freedom account, the energy recovery act account, 40
p. 22 SB 6355
the essential rail assistance account, The Evergreen State College 1
capital projects account, the fair start for kids account, the family 2
medicine workforce development account, the ferry bond retirement 3
fund, the fish, wildlife, and conservation account, the freight 4
mobility investment account, the freight mobility multimodal account, 5
the grade crossing protective fund, the higher education retirement 6
plan supplemental benefit fund, the Washington student loan account, 7
the highway bond retirement fund, the highway infrastructure account, 8
the highway safety fund, the hospital safety net assessment fund, the 9
Interstate 5 bridge replacement project account, the Interstate 405 10
and state route number 167 express toll lanes account, the judges' 11
retirement account, the judicial retirement administrative account, 12
the judicial retirement principal account, the limited fish and 13
wildlife account, the local leasehold excise tax account, the local 14
real estate excise tax account, the local sales and use tax account, 15
the marine resources stewardship trust account, the medical aid 16
account, the money-purchase retirement savings administrative 17
account, the money-purchase retirement savings principal account, the 18
motor vehicle fund, the motorcycle safety education account, the move 19
ahead WA account, the move ahead WA flexible account, the multimodal 20
transportation account, the multiuse roadway safety account, the 21
municipal criminal justice assistance account, the oyster reserve 22
land account, the pension funding stabilization account, the 23
perpetual surveillance and maintenance account, the pilotage account, 24
the pollution liability insurance agency underground storage tank 25
revolving account, the medicaid access program account, the public 26
employees' retirement system plan 1 account, the public employees' 27
retirement system combined plan 2 and plan 3 account, the public 28
facilities construction loan revolving account, the public health 29
supplemental account, the public works assistance account, the Puget 30
Sound capital construction account, the Puget Sound ferry operations 31
account, the Puget Sound Gateway facility account, the Puget Sound 32
taxpayer accountability account, the real estate appraiser commission 33
account, the recreational vehicle account, the regional mobility 34
grant program account, the reserve officers' relief and pension 35
principal fund, the resource management cost account, the rural 36
arterial trust account, the rural mobility grant program account, the 37
rural Washington loan fund, the second injury fund, the sexual 38
assault prevention and response account, the site closure account, 39
the skilled nursing facility safety net trust fund, the small city 40
p. 23 SB 6355
pavement and sidewalk account, the special category C account, the 1
special wildlife account, the state hazard mitigation revolving loan 2
account, the state investment board expense account, the state 3
investment board commingled trust fund accounts, the state patrol 4
highway account, the state reclamation revolving account, the state 5
route number 520 civil penalties account, the state route number 520 6
corridor account, the statewide broadband account, the statewide 7
tourism marketing account, the supplemental pension account, the 8
Tacoma Narrows toll bridge account, the teachers' retirement system 9
plan 1 account, the teachers' retirement system combined plan 2 and 10
plan 3 account, the tobacco prevention and control account, the 11
tobacco settlement account, the toll facility bond retirement 12
account, the transportation 2003 account (nickel account), the 13
transportation equipment fund, the JUDY transportation future funding 14
program account, the transportation improvement account, the 15
transportation improvement board bond retirement account, the 16
transportation infrastructure account, the transportation partnership 17
account, the traumatic brain injury account, the tribal opioid 18
prevention and treatment account, the University of Washington bond 19
retirement fund, the University of Washington building account, the 20
voluntary cleanup account, the volunteer firefighters' relief and 21
pension principal fund, the volunteer firefighters' and reserve 22
officers' administrative fund, the vulnerable roadway user education 23
account, the Washington judicial retirement system account, the 24
Washington law enforcement officers' and firefighters' system plan 1 25
retirement account, the Washington law enforcement officers' and 26
firefighters' system plan 2 retirement account, the Washington public 27
safety employees' plan 2 retirement account, the Washington school 28
employees' retirement system combined plan 2 and 3 account, the 29
Washington state patrol retirement account, the Washington State 30
University building account, the Washington State University bond 31
retirement fund, the water pollution control revolving administration 32
account, the water pollution control revolving fund, the Western 33
Washington University capital projects account, the Yakima integrated 34
plan implementation account, the Yakima integrated plan 35
implementation revenue recovery account, and the Yakima integrated 36
plan implementation taxable bond account. Earnings derived from 37
investing balances of the agricultural permanent fund, the normal 38
school permanent fund, the permanent common school fund, the 39
p. 24 SB 6355
scientific permanent fund, and the state university permanent fund 1
shall be allocated to their respective beneficiary accounts.2
(b) Any state agency that has independent authority over accounts 3
or funds not statutorily required to be held in the state treasury 4
that deposits funds into a fund or account in the state treasury 5
pursuant to an agreement with the office of the state treasurer shall 6
receive its proportionate share of earnings based upon each account's 7
or fund's average daily balance for the period. 8
(5) In conformance with Article II, section 37 of the state 9
Constitution, no treasury accounts or funds shall be allocated 10
earnings without the specific affirmative directive of this section.11
Sec. 15. RCW 43.84.092 and 2025 c 417 s 803, 2025 c 399 s 16, 12
and 2025 c 299 s 22 are each reenacted and amended to read as 13
follows: 14
(1) All earnings of investments of surplus balances in the state 15
treasury shall be deposited to the treasury income account, which 16
account is hereby established in the state treasury.17
(2) The treasury income account shall be utilized to pay or 18
receive funds associated with federal programs as required by the 19
federal cash management improvement act of 1990. The treasury income 20
account is subject in all respects to chapter 43.88 RCW, but no 21
appropriation is required for refunds or allocations of interest 22
earnings required by the cash management improvement act. Refunds of 23
interest to the federal treasury required under the cash management 24
improvement act fall under RCW 43.88.180 and shall not require 25
appropriation. The office of financial management shall determine the 26
amounts due to or from the federal government pursuant to the cash 27
management improvement act. The office of financial management may 28
direct transfers of funds between accounts as deemed necessary to 29
implement the provisions of the cash management improvement act, and 30
this subsection. Refunds or allocations shall occur prior to the 31
distributions of earnings set forth in subsection (4) of this 32
section. 33
(3) Except for the provisions of RCW 43.84.160, the treasury 34
income account may be utilized for the payment of purchased banking 35
services on behalf of treasury funds including, but not limited to, 36
depository, safekeeping, and disbursement functions for the state 37
treasury and affected state agencies. The treasury income account is 38
subject in all respects to chapter 43.88 RCW, but no appropriation is 39
p. 25 SB 6355
required for payments to financial institutions. Payments shall occur 1
prior to distribution of earnings set forth in subsection (4) of this 2
section. 3
(4) Monthly, the state treasurer shall distribute the earnings 4
credited to the treasury income account. The state treasurer shall 5
credit the general fund with all the earnings credited to the 6
treasury income account except: 7
(a) The following accounts and funds shall receive their 8
proportionate share of earnings based upon each account's and fund's 9
average daily balance for the period: The abandoned recreational 10
vehicle disposal account, the aeronautics account, the Alaskan Way 11
viaduct replacement project account, the budget stabilization 12
account, the capital vessel replacement account, the capitol building 13
construction account, the Central Washington University capital 14
projects account, the charitable, educational, penal and reformatory 15
institutions account, the Chehalis basin account, the Chehalis basin 16
taxable account, the clean fuels credit account, the clean fuels 17
transportation investment account, the cleanup settlement account, 18
the Columbia river basin water supply development account, the 19
Columbia river basin taxable bond water supply development account, 20
the Columbia river basin water supply revenue recovery account, the 21
common school construction fund, the community forest trust account, 22
the connecting Washington account, the county arterial preservation 23
account, the county criminal justice assistance account, the covenant 24
homeownership account, the deferred compensation administrative 25
account, the deferred compensation principal account, the department 26
of licensing services account, the department of retirement systems 27
expense account, the developmental disabilities community services 28
account, the diesel idle reduction account, the opioid abatement 29
settlement account, the drinking water assistance account, the 30
administrative subaccount of the drinking water assistance account, 31
the driver education safety improvement account, the early learning 32
facilities development account, the early learning facilities 33
revolving account, the Eastern Washington University capital projects 34
account, the education legacy trust account, the election account, 35
the electric transmission capital account, the electric vehicle 36
account, the energy freedom account, the energy recovery act account, 37
the essential rail assistance account, The Evergreen State College 38
capital projects account, the fair start for kids account, the family 39
medicine workforce development account, the ferry bond retirement 40
p. 26 SB 6355
fund, the fish, wildlife, and conservation account, the freight 1
mobility investment account, the freight mobility multimodal account, 2
the grade crossing protective fund, the higher education retirement 3
plan supplemental benefit fund, the Washington student loan account, 4
the highway bond retirement fund, the highway infrastructure account, 5
the highway safety fund, the hospital safety net assessment fund, the 6
Interstate 5 bridge replacement project account, the Interstate 405 7
and state route number 167 express toll lanes account, the judges' 8
retirement account, the judicial retirement administrative account, 9
the judicial retirement principal account, the limited fish and 10
wildlife account, the local leasehold excise tax account, the local 11
real estate excise tax account, the local sales and use tax account, 12
the marine resources stewardship trust account, the medical aid 13
account, the money-purchase retirement savings administrative 14
account, the money-purchase retirement savings principal account, the 15
motor vehicle fund, the motorcycle safety education account, the move 16
ahead WA account, the move ahead WA flexible account, the multimodal 17
transportation account, the multiuse roadway safety account, the 18
municipal criminal justice assistance account, the oyster reserve 19
land account, the pension funding stabilization account, the 20
perpetual surveillance and maintenance account, the pilotage account, 21
the pollution liability insurance agency underground storage tank 22
revolving account, the public employees' retirement system plan 1 23
account, the public employees' retirement system combined plan 2 and 24
plan 3 account, the public facilities construction loan revolving 25
account, the public health supplemental account, the public works 26
assistance account, the Puget Sound capital construction account, the 27
Puget Sound ferry operations account, the Puget Sound Gateway 28
facility account, the Puget Sound taxpayer accountability account, 29
the real estate appraiser commission account, the recreational 30
vehicle account, the regional mobility grant program account, the 31
reserve officers' relief and pension principal fund, the resource 32
management cost account, the rural arterial trust account, the rural 33
mobility grant program account, the rural Washington loan fund, the 34
second injury fund, the sexual assault prevention and response 35
account, the site closure account, the skilled nursing facility 36
safety net trust fund, the small city pavement and sidewalk account, 37
the special category C account, the special wildlife account, the 38
state hazard mitigation revolving loan account, the state investment 39
board expense account, the state investment board commingled trust 40
p. 27 SB 6355
fund accounts, the state patrol highway account, the state 1
reclamation revolving account, the state route number 520 civil 2
penalties account, the state route number 520 corridor account, the 3
statewide broadband account, the statewide tourism marketing account, 4
the supplemental pension account, the Tacoma Narrows toll bridge 5
account, the teachers' retirement system plan 1 account, the 6
teachers' retirement system combined plan 2 and plan 3 account, the 7
tobacco prevention and control account, the tobacco settlement 8
account, the toll facility bond retirement account, the 9
transportation 2003 account (nickel account), the transportation 10
equipment fund, the JUDY transportation future funding program 11
account, the transportation improvement account, the transportation 12
improvement board bond retirement account, the transportation 13
infrastructure account, the transportation partnership account, the 14
traumatic brain injury account, the tribal opioid prevention and 15
treatment account, the University of Washington bond retirement fund, 16
the University of Washington building account, the voluntary cleanup 17
account, the volunteer firefighters' relief and pension principal 18
fund, the volunteer firefighters' and reserve officers' 19
administrative fund, the vulnerable roadway user education account, 20
the Washington judicial retirement system account, the Washington law 21
enforcement officers' and firefighters' system plan 1 retirement 22
account, the Washington law enforcement officers' and firefighters' 23
system plan 2 retirement account, the Washington public safety 24
employees' plan 2 retirement account, the Washington school 25
employees' retirement system combined plan 2 and 3 account, the 26
Washington state patrol retirement account, the Washington State 27
University building account, the Washington State University bond 28
retirement fund, the water pollution control revolving administration 29
account, the water pollution control revolving fund, the Western 30
Washington University capital projects account, the Yakima integrated 31
plan implementation account, the Yakima integrated plan 32
implementation revenue recovery account, and the Yakima integrated 33
plan implementation taxable bond account. Earnings derived from 34
investing balances of the agricultural permanent fund, the normal 35
school permanent fund, the permanent common school fund, the 36
scientific permanent fund, and the state university permanent fund 37
shall be allocated to their respective beneficiary accounts.38
(b) Any state agency that has independent authority over accounts 39
or funds not statutorily required to be held in the state treasury 40
p. 28 SB 6355
that deposits funds into a fund or account in the state treasury 1
pursuant to an agreement with the office of the state treasurer shall 2
receive its proportionate share of earnings based upon each account's 3
or fund's average daily balance for the period. 4
(5) In conformance with Article II, section 37 of the state 5
Constitution, no treasury accounts or funds shall be allocated 6
earnings without the specific affirmative directive of this section.7
Sec. 16. RCW 43.84.092 and 2025 c 417 s 803, 2025 c 399 s 16, 8
2025 c 359 s 13, 2025 c 299 s 22, and 2025 c 228 s 15 are each 9
reenacted and amended to read as follows: 10
(1) All earnings of investments of surplus balances in the state 11
treasury shall be deposited to the treasury income account, which 12
account is hereby established in the state treasury.13
(2) The treasury income account shall be utilized to pay or 14
receive funds associated with federal programs as required by the 15
federal cash management improvement act of 1990. The treasury income 16
account is subject in all respects to chapter 43.88 RCW, but no 17
appropriation is required for refunds or allocations of interest 18
earnings required by the cash management improvement act. Refunds of 19
interest to the federal treasury required under the cash management 20
improvement act fall under RCW 43.88.180 and shall not require 21
appropriation. The office of financial management shall determine the 22
amounts due to or from the federal government pursuant to the cash 23
management improvement act. The office of financial management may 24
direct transfers of funds between accounts as deemed necessary to 25
implement the provisions of the cash management improvement act, and 26
this subsection. Refunds or allocations shall occur prior to the 27
distributions of earnings set forth in subsection (4) of this 28
section. 29
(3) Except for the provisions of RCW 43.84.160, the treasury 30
income account may be utilized for the payment of purchased banking 31
services on behalf of treasury funds including, but not limited to, 32
depository, safekeeping, and disbursement functions for the state 33
treasury and affected state agencies. The treasury income account is 34
subject in all respects to chapter 43.88 RCW, but no appropriation is 35
required for payments to financial institutions. Payments shall occur 36
prior to distribution of earnings set forth in subsection (4) of this 37
section. 38
p. 29 SB 6355
(4) Monthly, the state treasurer shall distribute the earnings 1
credited to the treasury income account. The state treasurer shall 2
credit the general fund with all the earnings credited to the 3
treasury income account except: 4
(a) The following accounts and funds shall receive their 5
proportionate share of earnings based upon each account's and fund's 6
average daily balance for the period: The abandoned recreational 7
vehicle disposal account, the aeronautics account, the Alaskan Way 8
viaduct replacement project account, the budget stabilization 9
account, the capital vessel replacement account, the capitol building 10
construction account, the Central Washington University capital 11
projects account, the charitable, educational, penal and reformatory 12
institutions account, the Chehalis basin account, the Chehalis basin 13
taxable account, the clean fuels credit account, the clean fuels 14
transportation investment account, the cleanup settlement account, 15
the Columbia river basin water supply development account, the 16
Columbia river basin taxable bond water supply development account, 17
the Columbia river basin water supply revenue recovery account, the 18
common school construction fund, the community forest trust account, 19
the connecting Washington account, the county arterial preservation 20
account, the county criminal justice assistance account, the covenant 21
homeownership account, the deferred compensation administrative 22
account, the deferred compensation principal account, the department 23
of licensing services account, the department of retirement systems 24
expense account, the developmental disabilities community services 25
account, the diesel idle reduction account, the opioid abatement 26
settlement account, the drinking water assistance account, the 27
administrative subaccount of the drinking water assistance account, 28
the driver education safety improvement account, the early learning 29
facilities development account, the early learning facilities 30
revolving account, the Eastern Washington University capital projects 31
account, the education legacy trust account, the election account, 32
the electric transmission capital account, the electric vehicle 33
account, the energy freedom account, the energy recovery act account, 34
the essential rail assistance account, The Evergreen State College 35
capital projects account, the fair start for kids account, the family 36
medicine workforce development account, the ferry bond retirement 37
fund, the fish, wildlife, and conservation account, the freight 38
mobility investment account, the freight mobility multimodal account, 39
the grade crossing protective fund, the higher education retirement 40
p. 30 SB 6355
plan supplemental benefit fund, the Washington student loan account, 1
the highway bond retirement fund, the highway infrastructure account, 2
the highway safety fund, the hospital safety net assessment fund, the 3
intelligent speed assistance device revolving account, the Interstate 4
5 bridge replacement project account, the Interstate 405 and state 5
route number 167 express toll lanes account, the judges' retirement 6
account, the judicial retirement administrative account, the judicial 7
retirement principal account, the limited fish and wildlife account, 8
the local leasehold excise tax account, the local real estate excise 9
tax account, the local sales and use tax account, the marine 10
resources stewardship trust account, the medical aid account, the 11
money-purchase retirement savings administrative account, the money-12
purchase retirement savings principal account, the motor vehicle 13
fund, the motorcycle safety education account, the move ahead WA 14
account, the move ahead WA flexible account, the multimodal 15
transportation account, the multiuse roadway safety account, the 16
municipal criminal justice assistance account, the oyster reserve 17
land account, the pension funding stabilization account, the 18
perpetual surveillance and maintenance account, the pilotage account, 19
the pollution liability insurance agency underground storage tank 20
revolving account, the medicaid access program account, the public 21
employees' retirement system plan 1 account, the public employees' 22
retirement system combined plan 2 and plan 3 account, the public 23
facilities construction loan revolving account, the public health 24
supplemental account, the public works assistance account, the Puget 25
Sound capital construction account, the Puget Sound ferry operations 26
account, the Puget Sound Gateway facility account, the Puget Sound 27
taxpayer accountability account, the real estate appraiser commission 28
account, the recreational vehicle account, the regional mobility 29
grant program account, the reserve officers' relief and pension 30
principal fund, the resource management cost account, the rural 31
arterial trust account, the rural mobility grant program account, the 32
rural Washington loan fund, the second injury fund, the sexual 33
assault prevention and response account, the site closure account, 34
the skilled nursing facility safety net trust fund, the small city 35
pavement and sidewalk account, the special category C account, the 36
special wildlife account, the state hazard mitigation revolving loan 37
account, the state investment board expense account, the state 38
investment board commingled trust fund accounts, the state patrol 39
highway account, the state reclamation revolving account, the state 40
p. 31 SB 6355
route number 520 civil penalties account, the state route number 520 1
corridor account, the statewide broadband account, the statewide 2
tourism marketing account, the supplemental pension account, the 3
Tacoma Narrows toll bridge account, the teachers' retirement system 4
plan 1 account, the teachers' retirement system combined plan 2 and 5
plan 3 account, the tobacco prevention and control account, the 6
tobacco settlement account, the toll facility bond retirement 7
account, the transportation 2003 account (nickel account), the 8
transportation equipment fund, the JUDY transportation future funding 9
program account, the transportation improvement account, the 10
transportation improvement board bond retirement account, the 11
transportation infrastructure account, the transportation partnership 12
account, the traumatic brain injury account, the tribal opioid 13
prevention and treatment account, the University of Washington bond 14
retirement fund, the University of Washington building account, the 15
voluntary cleanup account, the volunteer firefighters' relief and 16
pension principal fund, the volunteer firefighters' and reserve 17
officers' administrative fund, the vulnerable roadway user education 18
account, the Washington judicial retirement system account, the 19
Washington law enforcement officers' and firefighters' system plan 1 20
retirement account, the Washington law enforcement officers' and 21
firefighters' system plan 2 retirement account, the Washington public 22
safety employees' plan 2 retirement account, the Washington school 23
employees' retirement system combined plan 2 and 3 account, the 24
Washington state patrol retirement account, the Washington State 25
University building account, the Washington State University bond 26
retirement fund, the water pollution control revolving administration 27
account, the water pollution control revolving fund, the Western 28
Washington University capital projects account, the Yakima integrated 29
plan implementation account, the Yakima integrated plan 30
implementation revenue recovery account, and the Yakima integrated 31
plan implementation taxable bond account. Earnings derived from 32
investing balances of the agricultural permanent fund, the normal 33
school permanent fund, the permanent common school fund, the 34
scientific permanent fund, and the state university permanent fund 35
shall be allocated to their respective beneficiary accounts.36
(b) Any state agency that has independent authority over accounts 37
or funds not statutorily required to be held in the state treasury 38
that deposits funds into a fund or account in the state treasury 39
pursuant to an agreement with the office of the state treasurer shall 40
p. 32 SB 6355
receive its proportionate share of earnings based upon each account's 1
or fund's average daily balance for the period. 2
(5) In conformance with Article II, section 37 of the state 3
Constitution, no treasury accounts or funds shall be allocated 4
earnings without the specific affirmative directive of this section.5
Sec. 17. RCW 43.84.092 and 2025 c 417 s 803, 2025 c 399 s 16, 6
2025 c 299 s 22, and 2025 c 228 s 15 are each reenacted and amended 7
to read as follows: 8
(1) All earnings of investments of surplus balances in the state 9
treasury shall be deposited to the treasury income account, which 10
account is hereby established in the state treasury.11
(2) The treasury income account shall be utilized to pay or 12
receive funds associated with federal programs as required by the 13
federal cash management improvement act of 1990. The treasury income 14
account is subject in all respects to chapter 43.88 RCW, but no 15
appropriation is required for refunds or allocations of interest 16
earnings required by the cash management improvement act. Refunds of 17
interest to the federal treasury required under the cash management 18
improvement act fall under RCW 43.88.180 and shall not require 19
appropriation. The office of financial management shall determine the 20
amounts due to or from the federal government pursuant to the cash 21
management improvement act. The office of financial management may 22
direct transfers of funds between accounts as deemed necessary to 23
implement the provisions of the cash management improvement act, and 24
this subsection. Refunds or allocations shall occur prior to the 25
distributions of earnings set forth in subsection (4) of this 26
section. 27
(3) Except for the provisions of RCW 43.84.160, the treasury 28
income account may be utilized for the payment of purchased banking 29
services on behalf of treasury funds including, but not limited to, 30
depository, safekeeping, and disbursement functions for the state 31
treasury and affected state agencies. The treasury income account is 32
subject in all respects to chapter 43.88 RCW, but no appropriation is 33
required for payments to financial institutions. Payments shall occur 34
prior to distribution of earnings set forth in subsection (4) of this 35
section. 36
(4) Monthly, the state treasurer shall distribute the earnings 37
credited to the treasury income account. The state treasurer shall 38
p. 33 SB 6355
credit the general fund with all the earnings credited to the 1
treasury income account except: 2
(a) The following accounts and funds shall receive their 3
proportionate share of earnings based upon each account's and fund's 4
average daily balance for the period: The abandoned recreational 5
vehicle disposal account, the aeronautics account, the Alaskan Way 6
viaduct replacement project account, the budget stabilization 7
account, the capital vessel replacement account, the capitol building 8
construction account, the Central Washington University capital 9
projects account, the charitable, educational, penal and reformatory 10
institutions account, the Chehalis basin account, the Chehalis basin 11
taxable account, the clean fuels credit account, the clean fuels 12
transportation investment account, the cleanup settlement account, 13
the Columbia river basin water supply development account, the 14
Columbia river basin taxable bond water supply development account, 15
the Columbia river basin water supply revenue recovery account, the 16
common school construction fund, the community forest trust account, 17
the connecting Washington account, the county arterial preservation 18
account, the county criminal justice assistance account, the covenant 19
homeownership account, the deferred compensation administrative 20
account, the deferred compensation principal account, the department 21
of licensing services account, the department of retirement systems 22
expense account, the developmental disabilities community services 23
account, the diesel idle reduction account, the opioid abatement 24
settlement account, the drinking water assistance account, the 25
administrative subaccount of the drinking water assistance account, 26
the driver education safety improvement account, the early learning 27
facilities development account, the early learning facilities 28
revolving account, the Eastern Washington University capital projects 29
account, the education legacy trust account, the election account, 30
the electric transmission capital account, the electric vehicle 31
account, the energy freedom account, the energy recovery act account, 32
the essential rail assistance account, The Evergreen State College 33
capital projects account, the fair start for kids account, the family 34
medicine workforce development account, the ferry bond retirement 35
fund, the fish, wildlife, and conservation account, the freight 36
mobility investment account, the freight mobility multimodal account, 37
the grade crossing protective fund, the higher education retirement 38
plan supplemental benefit fund, the Washington student loan account, 39
the highway bond retirement fund, the highway infrastructure account, 40
p. 34 SB 6355
the highway safety fund, the hospital safety net assessment fund, the 1
intelligent speed assistance device revolving account, the Interstate 2
5 bridge replacement project account, the Interstate 405 and state 3
route number 167 express toll lanes account, the judges' retirement 4
account, the judicial retirement administrative account, the judicial 5
retirement principal account, the limited fish and wildlife account, 6
the local leasehold excise tax account, the local real estate excise 7
tax account, the local sales and use tax account, the marine 8
resources stewardship trust account, the medical aid account, the 9
money-purchase retirement savings administrative account, the money-10
purchase retirement savings principal account, the motor vehicle 11
fund, the motorcycle safety education account, the move ahead WA 12
account, the move ahead WA flexible account, the multimodal 13
transportation account, the multiuse roadway safety account, the 14
municipal criminal justice assistance account, the oyster reserve 15
land account, the pension funding stabilization account, the 16
perpetual surveillance and maintenance account, the pilotage account, 17
the pollution liability insurance agency underground storage tank 18
revolving account, the public employees' retirement system plan 1 19
account, the public employees' retirement system combined plan 2 and 20
plan 3 account, the public facilities construction loan revolving 21
account, the public health supplemental account, the public works 22
assistance account, the Puget Sound capital construction account, the 23
Puget Sound ferry operations account, the Puget Sound Gateway 24
facility account, the Puget Sound taxpayer accountability account, 25
the real estate appraiser commission account, the recreational 26
vehicle account, the regional mobility grant program account, the 27
reserve officers' relief and pension principal fund, the resource 28
management cost account, the rural arterial trust account, the rural 29
mobility grant program account, the rural Washington loan fund, the 30
second injury fund, the sexual assault prevention and response 31
account, the site closure account, the skilled nursing facility 32
safety net trust fund, the small city pavement and sidewalk account, 33
the special category C account, the special wildlife account, the 34
state hazard mitigation revolving loan account, the state investment 35
board expense account, the state investment board commingled trust 36
fund accounts, the state patrol highway account, the state 37
reclamation revolving account, the state route number 520 civil 38
penalties account, the state route number 520 corridor account, the 39
statewide broadband account, the statewide tourism marketing account, 40
p. 35 SB 6355
the supplemental pension account, the Tacoma Narrows toll bridge 1
account, the teachers' retirement system plan 1 account, the 2
teachers' retirement system combined plan 2 and plan 3 account, the 3
tobacco prevention and control account, the tobacco settlement 4
account, the toll facility bond retirement account, the 5
transportation 2003 account (nickel account), the transportation 6
equipment fund, the JUDY transportation future funding program 7
account, the transportation improvement account, the transportation 8
improvement board bond retirement account, the transportation 9
infrastructure account, the transportation partnership account, the 10
traumatic brain injury account, the tribal opioid prevention and 11
treatment account, the University of Washington bond retirement fund, 12
the University of Washington building account, the voluntary cleanup 13
account, the volunteer firefighters' relief and pension principal 14
fund, the volunteer firefighters' and reserve officers' 15
administrative fund, the vulnerable roadway user education account, 16
the Washington judicial retirement system account, the Washington law 17
enforcement officers' and firefighters' system plan 1 retirement 18
account, the Washington law enforcement officers' and firefighters' 19
system plan 2 retirement account, the Washington public safety 20
employees' plan 2 retirement account, the Washington school 21
employees' retirement system combined plan 2 and 3 account, the 22
Washington state patrol retirement account, the Washington State 23
University building account, the Washington State University bond 24
retirement fund, the water pollution control revolving administration 25
account, the water pollution control revolving fund, the Western 26
Washington University capital projects account, the Yakima integrated 27
plan implementation account, the Yakima integrated plan 28
implementation revenue recovery account, and the Yakima integrated 29
plan implementation taxable bond account. Earnings derived from 30
investing balances of the agricultural permanent fund, the normal 31
school permanent fund, the permanent common school fund, the 32
scientific permanent fund, and the state university permanent fund 33
shall be allocated to their respective beneficiary accounts.34
(b) Any state agency that has independent authority over accounts 35
or funds not statutorily required to be held in the state treasury 36
that deposits funds into a fund or account in the state treasury 37
pursuant to an agreement with the office of the state treasurer shall 38
receive its proportionate share of earnings based upon each account's 39
or fund's average daily balance for the period. 40
p. 36 SB 6355
(5) In conformance with Article II, section 37 of the state 1
Constitution, no treasury accounts or funds shall be allocated 2
earnings without the specific affirmative directive of this section.3
NEW SECTION. Sec. 18. (1) Section 12 of this act expires the 4
earlier of July 1, 2028, or when RCW 74.76.040 expires.5
(2) Section 13 of this act expires July 1, 2028.6
(3) Section 14 of this act expires the earlier of January 1, 7
2029, or when RCW 74.76.040 expires. 8
(4) Section 15 of this act expires January 1, 2029.9
(5) Section 16 of this act expires when RCW 74.76.040 expires.10
NEW SECTION. Sec. 19. (1) Section 13 of this act takes effect 11
when RCW 74.76.040 expires.12
(2) Sections 14 and 15 of this act take effect July 1, 2028.13
(3) Sections 16 and 17 of this act take effect January 1, 2029.14
NEW SECTION. Sec. 20. Sections 1, 2, 4 through 7, and 9 through 15
11 of this act constitute a new chapter in Title 43 RCW.16
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p. 37 SB 6355