Title 474 WAC — State Treasurer's Office (See also Titles 210 and 389)

Chapter 474-01 Public records.

Wash. Admin. Code § 474-01-010 Purpose.

WAC 474-01-010

The purpose of this chapter is to provide rules for the office of the state treasurer to implement the provisions of chapter 42.56 RCW relating to public records.

History

• Statutory Authority: RCW 42.56.040, 42.56.070, and 42.56.100. WSR 26-15-003, s 474-01-010, filed 7/2/26, effective 8/2/26
• Order 2, § 474-01-010, filed 7/30/74.

Wash. Admin. Code § 474-01-030 Description of the office of the Washington state treasurer—Administrative offices—General inquiries.

WAC 474-01-030

(1) The office of the state treasurer is established by section 1, Article III of the Washington state constitution, headed by an elected official, and empowered to perform all duties prescribed by law. The office of the state treasurer shall throughout this chapter, unless context clearly indicates otherwise, be referred to as the "office." The office also manages the administration of the state finance committee and the public deposit protection commission. More information about the office is available at https://www.tre.wa.gov.

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

Mail: Office of the State Treasurer

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

P.O. Box 40200

Olympia, WA 98504-0200

Phone: 360-902-9000

Email: watreas@tre.wa.gov

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

History

• Statutory Authority: RCW 42.56.040, 42.56.070, and 42.56.100. WSR 26-15-003, s 474-01-030, filed 7/2/26, effective 8/2/26
• Order 2, § 474-01-030, filed 7/30/74.

Wash. Admin. Code § 474-01-060 Public records officer.

WAC 474-01-060

(1) The public records officer is designated by the office pursuant to RCW 42.56.580 and is responsible for the implementation of the office's rules regarding release of public records and ensuring compliance with the public records disclosure requirements of chapter 42.56 RCW.

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

History

• Statutory Authority: RCW 42.56.040, 42.56.070, and 42.56.100. WSR 26-15-003, s 474-01-060, filed 7/2/26, effective 8/2/26
• Order 2, § 474-01-060, filed 7/30/74.

Wash. Admin. Code § 474-01-070 Office hours.

WAC 474-01-070

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

History

• Statutory Authority: RCW 42.56.040, 42.56.070, and 42.56.100. WSR 26-15-003, s 474-01-070, filed 7/2/26, effective 8/2/26
• Order 2, § 474-01-070, filed 7/30/74.

Wash. Admin. Code § 474-01-075 Records index.

WAC 474-01-075

(1) The office has implemented an indexing system for the identification and location of records required to be indexed by RCW 42.56.070(5) and 34.05.220(2). The following records, if any, shall be indexed as follows:

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

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

(c) Reports, records relating to boards, commissions, and committees, and records relating to investments will be indexed by name and then chronologically.

(2) Location and availability. The office maintains an index, as described in subsection (1) of this section, and other records available to the public, on its website at https://tre.wa.gov/public-records-index. The index is otherwise available to all persons under the same rules and on the same conditions as are applied to public records available for inspection.

(3) Revising and updating the records index. The index will be reviewed at least annually to ensure it is current and complete. In addition to the indexing system, the office maintains and continually updates its website at https://tre.wa.gov, which includes other documents not covered by the index.

History

• Statutory Authority: RCW 42.56.040, 42.56.070, and 42.56.100. WSR 26-15-003, s 474-01-075, filed 7/2/26, effective 8/2/26.

Wash. Admin. Code § 474-01-080 Requests for public records.

WAC 474-01-080

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

(2) Submitting a request.

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

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

(ii) Https://fiscal.wa.gov provides access to Washington state budgets, revenue, and spending data.

(iii) Https://ucp.dor.wa.gov provides a searchable database of unclaimed property held on behalf of Washington residents.

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

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

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

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

(iii) U.S. mail or delivery:

Washington State Treasurer

Attn: Public Records Officer

416 Sid Snyder Avenue, S.W.

P.O. Box 40200

Olympia, WA 98504-0200

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

(c) Each request should include the following information:

(i) Name of requestor;

(ii) Address of requestor;

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

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

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

History

• Statutory Authority: RCW 42.56.040, 42.56.070, and 42.56.100. WSR 26-15-003, s 474-01-080, filed 7/2/26, effective 8/2/26
• Order 2, § 474-01-080, filed 7/30/74.

Wash. Admin. Code § 474-01-085 Processing public records requests.

WAC 474-01-085

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

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

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

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

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

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

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

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

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

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

(d) Deny the request.

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

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

History

• Statutory Authority: RCW 42.56.040, 42.56.070, and 42.56.100. WSR 26-15-003, s 474-01-085, filed 7/2/26, effective 8/2/26.

Wash. Admin. Code § 474-01-091 Copying fees—Payments.

WAC 474-01-091

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

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

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

(b) To conduct such a study would interfere with other essential office functions; and

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

(3) The office may:

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

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

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

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

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

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

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

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

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

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

(7) The office will deem abandoned and administratively close a request as described in WAC 474-01-085(5) when a requestor fails by the payment date to pay in the manner prescribed.

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

History

• Statutory Authority: RCW 42.56.040, 42.56.070, and 42.56.100. WSR 26-15-003, s 474-01-091, filed 7/2/26, effective 8/2/26. Statutory Authority: RCW 42.56.100, 42.56.040 (1)(d), 42.56.120, 43.08.050, and 2017 c 304. WSR 18-10-049, § 474-01-091, filed 4/26/18, effective 5/27/18.

Wash. Admin. Code § 474-01-100 Exemptions.

WAC 474-01-100

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

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

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

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

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

History

• Statutory Authority: RCW 42.56.040, 42.56.070, and 42.56.100. WSR 26-15-003, s 474-01-100, filed 7/2/26, effective 8/2/26
• Order 2, § 474-01-100, filed 7/30/74.

Wash. Admin. Code § 474-01-110 Review of denials of public records requests.

WAC 474-01-110

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

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

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

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

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

History

• Statutory Authority: RCW 42.56.040, 42.56.070, and 42.56.100. WSR 26-15-003, s 474-01-110, filed 7/2/26, effective 8/2/26
• Order 2, § 474-01-110, filed 7/30/74.

Chapter 474-02 Newly incorporated city or town—Procedures for reimbursement of moneys borrowed from municipal sales and use tax equalization account.

Wash. Admin. Code § 474-02-010 New cities and towns—Standards for borrowing from municipal sales and use tax equalization account.

(1) To borrow money from the municipal sales and use tax equalization account a new city or town must furnish a copy of the governing board's resolution establishing the official date of incorporation, declaring the population of the city or town, and stating the amount to be borrowed.

(2) Loans shall be repaid with interest, according to the terms of a loan agreement acceptable to the state treasurer, over a maximum period of three years. Each loan shall bear interest for the duration of the loan at the closing offering yield of the treasury note which matures closest to three years, as quoted by the Wall Street Journal, on the day prior to loan disbursement.

(3) Loans shall be repayable by the treasurer withholding moneys from the funds otherwise payable to the borrowing city or town, either from the municipal sales and use tax equalization account or from sales and use tax entitlements otherwise distributable to the borrowing city or town, so that the municipal sales and use tax equalization account is fully reimbursed over the period of the loan. Payments are to be made monthly until the borrowing city or town has paid all of the principal and interest owed under the loan agreement.

History

• Statutory Authority: RCW 35.02.135. WSR 00-11-084, § 474-02-010, filed 5/16/00, effective 6/16/00
• WSR 95-19-029, § 474-02-010, filed 9/11/95, effective 10/12/95.

Wash. Admin. Code § 474-02-020 Appendix to WAC 474-02-010—Sample intergovernmental agreement.

INTERGOVERNMENTAL AGREEMENT

History

• Statutory Authority: RCW 35.02.135. WSR 00-11-084, § 474-02-020, filed 5/16/00, effective 6/16/00
• WSR 95-19-029, § 474-02-020, filed 9/11/95, effective 10/12/95.

Chapter 474-10 Regulations governing the state treasurer's approval of the use or reference to a lease for or on behalf of a state agency as collateral or security for the payment of securities pursuant to the provisions of section 1(4), chapter 117, Laws of 1997.

Wash. Admin. Code § 474-10-010 Purpose.

The purpose of this chapter shall be to implement section 1(4), chapter 117, Laws of 1997 and to establish the criteria pursuant to which the state treasurer may grant approval of an offering for sale through private placement securities which use or refer to a lease for or on behalf of a state agency as collateral or security for payment.

History

• Statutory Authority: 1997 c 117. WSR 99-03-004, § 474-10-010, filed 1/7/99, effective 2/7/99.

Wash. Admin. Code § 474-10-020 Definitions.

As used in chapter 474-10 WAC, the following terms shall have the meanings indicated:

(1) "Accredited investor" shall mean any person who comes within any of the following categories, or who the issuer reasonably believes comes within any of the following categories, at the time of the sale of the securities to that person:

(a) Any bank as defined in section 3 (a)(2) of the Securities Act of 1933, or any savings and loan association or other institution as defined in section 3 (a)(5)(A) of the Securities Act of 1933 whether acting in its individual or fiduciary capacity; any broker or dealer registered pursuant to section 15 of the Securities Exchange Act of 1934; any insurance company as defined in section 2(13) of the Securities Act of 1933; any investment company registered under the Investment Company Act of 1940 or a business development company as defined in section 2 (a)(48) of that act; any small business investment company licensed by the U.S. Small Business Administration under section 301 (c) or (d) of the Small Business Investment Act of 1958; any plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state or its political subdivisions, for the benefit of its employees, if such plan has total assets in excess of $5,000,000; any employee benefit plan within the meaning of the Employee Retirement Income Security Act of 1974 if the investment decision is made by a plan fiduciary, as defined in section 3(21) of such act, which is either a bank, savings and loan association, insurance company, or registered investment adviser, or if the employee benefit plan has total assets in excess of $5,000,000 or, if a self-directed plan, with investment decisions made solely by persons that are accredited investors;

(b) Any private business development company as defined in section 202 (a)(22) of the Investment Advisers Act of 1940;

(c) Any organization described in section 501 (c)(3) of the Internal Revenue Code, corporation, Massachusetts or similar business trust, or partnership, not formed for the specific purpose of acquiring the securities offered, with total assets in excess of $5,000,000;

(d) Any director, executive officer, or general partner of the issuer of the securities being offered or sold, or any director, executive officer or general partner of a general partner of that issuer;

(e) Any natural person whose individual net worth, or joint net worth with that person's spouse, at the time of his purchase exceeds $1,000,000;

(f) Any natural person who had an individual income in excess of $200,000 in each of the two most recent years or joint income with that person's spouse in excess of $300,000 in each of those years and has a reasonable expectation of reaching the same income level in the current year;

(g) Any trust, with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring the securities offered, whose purchase is directed by a sophisticated person as described in 17 C.F.R. Sec. 230.506 (b)(2)(ii); and

(h) Any entity in which all of the equity owners are accredited investors.

(2) "Affiliate," an "affiliate" of, or person "affiliated" with, a specified person shall mean a person that directly, or indirectly through one or more intermediaries, controls or is controlled by, or is under common control with, the person specified;

(3) "CUSIP identifier" means a six digit number assigned to a particular issuer by the administering agent for the American Bankers Association's Committee on Uniform Security Identification Procedures.

(4) "Full business day" means all calendar days, excluding therefrom Saturdays, Sundays, and all legal holidays, as defined by statute.

(5) "Issuer" means any person who issues or proposes to issue any security, except that with respect to certificates of deposit, voting trust certificates, or collateral-trust certificates, or with respect to certificates of interest or shares in an unincorporated investment trust not having a board of directors (or persons performing similar functions) or of the fixed, restricted management, or unit type, the term "issuer" means the person or persons performing the acts and assuming the duties of depositor or manager pursuant to the provisions of the trust or other agreement or instrument under which the security is issued.

(6) "Nonissuer" means not directly or indirectly for the benefit of the issuer.

(7) "Person" means an individual, a corporation, a partnership, an association, a joint-stock company, a trust where the interest of the beneficiaries are evidenced by a security, an unincorporated organization, a government, or a political subdivision of a government.

(8) "PPN identifier" means a six digit number assigned to a particular issuer by the administering agent for the American Bankers Association's Committee on Uniform Security Identification Procedures.

(9) "Sale" or "sell" includes every contract of sale of, contract to sell, or disposition of, a security or interest in a security for value. "Offer" or "offer to sell" includes every attempt or offer to dispose of, or solicitation of an offer to buy, a security or interest in a security for value.

Any security given or delivered with, or as a bonus on account of, any purchase of securities or any other thing is considered to constitute part of the subject of the purchase and to have been offered and sold for value. A purported gift of assessable stock is considered to involve an offer and sale. Every sale or offer of a warrant or right to purchase or subscribe to another security of the same or another issuer, as well as every sale or offer of a security which gives the holder a present or future right or privilege to convert into another security of the same or another issuer, is considered to include an offer of the other security.

(10) "Security" means any note; stock; treasury stock; bond; debenture; evidence of indebtedness; certificates of interest or participation in any profit-sharing agreement; collateral-trust certificates; preorganization certificate of subscription; transferable share; investment contract; investment of money or other consideration in the risk capital of a venture with the expectation of some valuable benefit to the investor where the investor does not receive the right to exercise practical and actual control over the managerial decisions of the venture; voting-trust certificate; certificate of deposit for a security; certificate of interest or participation in an oil, gas or mining title or lease or in payments out of production under such a title or lease; charitable gift annuity; any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency; or, in general, any interest or instrument commonly known as a "security," or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase, any of the foregoing; or any sale of or indenture, bond or contract for the conveyance of land or any interest therein where such land is situated outside of the state of Washington and such sale or its offering is not conducted by a real estate broker licensed by the state of Washington. "Security" does not include any insurance or endowment policy or annuity contract under which an insurance company promises to pay money either in a lump sum or periodically for life or some other specified period.

(11) "Securities Act of 1933," "Securities Exchange Act of 1934," "Public Utility Holding Company Act of 1935," and "Investment Company Act of 1940" means the federal statutes of those names as amended.

(12) "Treasurer" means the treasurer of the state of Washington.

History

• Statutory Authority: 1997 c 117. WSR 99-03-004, § 474-10-020, filed 1/7/99, effective 2/7/99.

Wash. Admin. Code § 474-10-030 Public offerings.

Unless an offer or sale of a security that uses or refers to a lease for or on behalf of a state agency as collateral or security for payment is a private placement pursuant to the provisions of WAC 474-10-040, such offer or sale is a public offering for purposes of section 1(4), chapter 117, Laws of 1997. Notwithstanding the foregoing, a lessor may assign or encumber its interest in a lease as security for the repayment of a promissory note provided that the transaction would otherwise be an exempt transaction under RCW 21.20.320.

History

• Statutory Authority: 1997 c 117. WSR 99-03-004, § 474-10-030, filed 1/7/99, effective 2/7/99.

Wash. Admin. Code § 474-10-040 Private placements.

The following transactions are private placements for the purposes of section 1(4), chapter 117, Laws of 1997:

(1) Any offer or sale to an accredited investor.

(2) Any transaction between the issuer or other person on whose behalf the offering is made and an underwriter, or among underwriters.

(3) Any transaction by an executor, administrator, sheriff, marshal, receiver, trustee in bankruptcy, guardian, or conservator.

(4) Any transaction executed by a bona fide pledgee without any purpose of evading this chapter.

In any sales pursuant to exemption (1) by an issuer, an affiliate of the issuer, or an underwriter, the person selling the securities shall exercise reasonable care to assure that the securities are being sold only to accredited investors and to assure that any resale(s) of the securities complies with the provisions of section 1(4), chapter 117, Laws of 1997 and the provisions of chapter 474-10 WAC. Reasonable care may be demonstrated by the following:

(a) Reasonable inquiry to determine that the purchaser is an accredited investor;

(b) Reasonable inquiry to determine if the purchaser is acquiring the securities for himself or herself or for other persons;

(c) Written disclosure to each purchaser prior to sale that the securities may only be resold in private placements pursuant to the provisions of section 1(4), chapter 117, Laws of 1997 and the provisions of chapter 474-10 WAC; and

(d) Placement of a legend on the certificate or other document that evidences the securities stating that the securities are subject to section 1(4), chapter 117, Laws of 1997 and the provisions of chapter 474-10 WAC, and setting forth or referring to the restrictions on transferability and sale of the securities.

In any proceeding involving the rules in WAC 474-10-040, the burden of proving compliance with or an exception from a rule, definition or condition is upon the person claiming it.

History

• Statutory Authority: 1997 c 117. WSR 99-03-004, § 474-10-040, filed 1/7/99, effective 2/7/99.

Wash. Admin. Code § 474-10-050 Required disclosures.

In any offering or sale of a security which uses or refers to a lease for or on behalf of any state agency as collateral or security for payment, the issuer or seller shall provide the following written disclosures to any prospective purchaser:

(1) Any prospectus, offering circular or other written information provided to any prospective purchaser shall include the following disclosure on the cover page thereof:

"the securities described herein do not represent an obligation of the state of washington or any department, agency or instrumentality thereof. the credit of the state of washington is not pledged to the repayment of these securities. the state of washington shall not be obligated to pay these securities or any interest or dividends thereon under any circumstances."

(2) Any prospectus, offering circular or other written information provided to any prospective purchaser shall include the following disclosure:

"APPROVAL OF THE STATE TREASURER OF THE USE OR REFERENCE TO A LEASE FOR OR ON BEHALF OF A STATE AGENCY AS COLLATERAL OR SECURITY FOR THE PAYMENT OF SECURITIES PURSUANT TO CHAPTER 117, LAWS OF 1997, SECTION 1(4) AND CHAPTER 474-10 WAC DOES NOT SIGNIFY THAT THE STATE TREASURER HAS APPROVED, ENDORSED, OR RECOMMENDED THESE SECURITIES."

History

• Statutory Authority: 1997 c 117. WSR 99-03-004, § 474-10-050, filed 1/7/99, effective 2/7/99.

Wash. Admin. Code § 474-10-060 Attorney general opinions.

In any offering or sale of a security which uses or refers to a lease for or on behalf of any state agency as collateral or security for payment, no state of Washington attorney general opinions or memoranda, or excerpts thereof, may be used or cited in any prospectus, offering circular or other written information provided to any prospective purchaser without the prior written approval of the treasurer. Such approval shall not be withheld if in the judgment of the treasurer such use of an opinion, memorandum or excerpt thereof would not be misleading by implying, directly or indirectly, that the state of Washington or any agency thereof is an obligor with regard to payment of the security. Notwithstanding the foregoing, nothing in this rule shall prevent the office of the attorney general from exercising any legal rights that it may have with respect to the use or publication by others of attorney general opinions or memoranda.

History

• Statutory Authority: 1997 c 117. WSR 99-03-004, § 474-10-060, filed 1/7/99, effective 2/7/99.

Wash. Admin. Code § 474-10-070 State agency representations.

In any offering or sale of a security which uses or refers to a lease for or on behalf of any state agency as collateral or security for payment, no representation by a state agency regarding use of a facility, or excerpts thereof, may be used or cited in any prospectus, offering circular or other written information provided to any prospective purchaser without the prior written approval of the treasurer.

History

• Statutory Authority: 1997 c 117. WSR 99-03-004, § 474-10-070, filed 1/7/99, effective 2/7/99.

Wash. Admin. Code § 474-10-080 Use of state of Washington CUSIP and PPN identifiers.

In any offering or sale of a security which uses or refers to a lease for or on behalf of any state agency as collateral or security for payment, use of any state of Washington CUSIP identifier or PPN identifier is expressly prohibited.

History

• Statutory Authority: 1997 c 117. WSR 99-03-004, § 474-10-080, filed 1/7/99, effective 2/7/99.

Wash. Admin. Code § 474-10-090 Procedure for review.

In any initial offering or sale of a security which uses or refers to a lease for or on behalf of any state agency as collateral or security for payment for which the treasurer's written approval has not been secured the issuer shall request approval as follows. The issuer shall submit to the office of the state treasurer two copies of the prospectus, offering circular or other written information in connection with the offering and two copies of the form of security. The office of the state treasurer shall have 15 full business days to make a determination regarding an approval or disapproval of the offering pursuant to the criteria in section 1(4), chapter 117, Laws of 1997 and this chapter 474-10 WAC. Any such determination shall be made in writing. Any determination of approval shall be contingent upon any such offering or sale being completed in accordance with the provisions of this chapter 474-10 WAC. The treasurer may, in his or her discretion, require the issuer to provide evidence that any such offering or sale is a private placement pursuant to the provisions of this chapter 474-10 WAC.

History

• Statutory Authority: 1997 c 117. WSR 99-03-004, § 474-10-090, filed 1/7/99, effective 2/7/99.

Wash. Admin. Code § 474-10-100 Approval pursuant to statute.

Any approval by the treasurer pursuant to the provisions of section 1(4), chapter 117, Laws of 1997 and this chapter 474-10 WAC of the use or reference to a lease for or on behalf of a state agency as collateral or security for the payment of securities does not constitute an approval or recommendation of the securities by the treasurer.

History

• Statutory Authority: 1997 c 117. WSR 99-03-004, § 474-10-100, filed 1/7/99, effective 2/7/99.