SB 5955 creates a trust that is authorized to manage and invest state moneys in order to facilitate investment in, and financing of, construction, rehabilitation, replacement, and improvement of new and existing public infrastructure systems, and for any other public purpose as authorized by the commission. By November 1, 2014, the commission must present an implementation plan and any necessary legislation to the governor and appropriate legislative committees that demonstrates how the trust plans to maximize revenues and public benefit.
The mission of the trust is to act as the sole depository for in-state marijuana producers, processers, and retailers and to use taxable earnings from those deposits for the benefit of the people and economy of the state. The legislature intends for the trust to apply business strategies to manage the deposits while concurrently meeting identified needs and strategic opportunities across the state.
The WA publicly owned trust commission is created as the primary governing authority of the trust. The commission shall consist of the governor, the lieutenant governor, the secretary of state, the attorney general, and the superintendent of public instruction.
Operational details of the trust and commission are specified in the bill.