1, 2034, and thereafter. The term "fiscal year" means that period of
time commencing July 1 of any year and ending on June 30 of the fol-
lowing year.
(c) The term "general state revenues," when used in this section,
shall include all state money received in the treasury from each and
every source, including moneys received from ad valorem taxes levied
by the state and deposited in the general fund in each fiscal year,
but not including: (1) Fees and other revenues derived from the owner-
ship or operation of any undertaking, facility, or project; (2) Moneys
received as gifts, grants, donations, aid, or assistance or otherwise
from the United States or any department, bureau, or corporation
thereof, or any person, firm, or corporation, public or private, when
the terms and conditions of such gift, grant, donation, aid, or assis-
tance require the application and disbursement of such moneys other-
wise than for the general purposes of the state of Washington; (3)
Moneys to be paid into and received from retirement system funds, and
performance bonds and deposits; (4) Moneys to be paid into and re-
ceived from trust funds and the several permanent and irreducible
funds of the state and the moneys derived therefrom but excluding bond
redemption funds; (5) Moneys received from taxes levied for specific
purposes and required to be deposited for those purposes into speci-
fied funds or accounts other than the general fund; and (6) Proceeds
received from the sale of bonds or other evidences of indebtedness.
(d) In computing the amount required for payment of principal and
interest on outstanding debt under this section, debt shall be con-
strued to mean borrowed money represented by bonds, notes, or other
evidences of indebtedness which are secured by the full faith and
credit of the state or are required to be repaid, directly or indi-
rectly, from general state revenues and which are incurred by the
state, any department, authority, public corporation, or quasi public
corporation of the state, any state university or college, or any oth-
er public agency created by the state but not by counties, cities,
towns, school districts, or other municipal corporations, but shall
not include obligations for the payment of current expenses of state
government, nor shall it include debt hereafter incurred pursuant to
section 3 of this article, obligations guaranteed as provided for in
subsection (g) of this section, principal of bond anticipation notes
or obligations issued to fund or refund the indebtedness of the Wash-
ington state building authority. In addition, for the purpose of com-
puting the amount required for payment of interest on outstanding debt
under subsection (b) of this section and this subsection, "interest"
shall be reduced by subtracting the amount scheduled to be received by
the state as payments from the federal government in each year in re-
spect of bonds, notes, or other evidences of indebtedness subject to
this section.
(e) The state may pledge the full faith, credit, and taxing power
of the state to guarantee the voter approved general obligation debt
of school districts in the manner authorized by the legislature. Any
such guarantee does not remove the debt obligation of the school dis-
trict and is not state debt.
(f) The state may, without limitation, fund or refund, at or pri-
or to maturity, the whole or any part of any existing debt or of any
debt hereafter contracted pursuant to section 1, section 2, or section
3 of this article, including any premium payable with respect thereto
and interest thereon, or fund or refund, at or prior to maturity, the
whole or any part of any indebtedness incurred or authorized prior to
the effective date of this amendment by any entity of the type descri-
7/15/2024 9:23 AM [ 197 ] Amendment 107