Washington Administrative Code Title 474 - State Treasurer's Office
Washington Administrative Code (WAC) Title 474 – State Treasurer's Office
Overview:
WAC Title 474 contains the administrative rules adopted by the Washington State Treasurer’s Office. The State Treasurer is responsible for managing the state’s cash flow, investments, debt, and certain public finance programs. Title 474 primarily deals with the policies and procedures governing the issuance and management of public debt and financial assistance to local governments.
Key Functions Covered in Title 474:
Public Bond and Note Issuance
Rules for the issuance, sale, and management of general obligation bonds, revenue bonds, and other debt instruments authorized by the state.
Procedures for competitive or negotiated sales.
Local Government Fiscal Assistance Programs
Administration of programs like the LOCAL program (Local Option Capital Asset Lending Program), which helps local governments finance essential capital assets.
Debt Reporting and Management
Guidelines for maintaining and reporting the state's debt portfolio.
Requirements for disclosure, compliance, and monitoring.
State Finance Committee
Roles and responsibilities related to the State Finance Committee, which includes the Governor, Lieutenant Governor, and State Treasurer.
Establishes policies for managing state debt and approving financing plans.
Investment Activities
Though the State Investment Board handles most investments, Title 474 includes rules on how the Treasurer manages short-term investments and cash balances for daily operations.
Selected Chapters (May Include):
WAC 474-01: Definitions and general provisions.
WAC 474-10: Procedures for the LOCAL Program, including eligibility, application process, and repayment terms.
WAC 474-20: Debt issuance rules and criteria.
WAC 474-30: Financial oversight and reporting obligations for local governments using treasury-administered financing.
Note: Actual chapter numbers and content may vary slightly depending on updates or reorganizations. Title 474 is narrowly focused compared to broader agencies.
Common Uses of Rules in Title 474:
Cities, counties, and school districts applying for capital financing through the LOCAL program.
Compliance with bond issuance procedures when the state issues debt for transportation, education, or capital projects.
Oversight of debt limits, interest rates, and repayment structures.
Related Authorities:
RCW Title 43, Chapter 43.08: Statutory authority for the State Treasurer.
State Finance Committee: Collaborates with the Treasurer on financing decisions.
Office of the State Auditor: Monitors compliance for debt-related transactions.
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