Washington Administrative Code › Title 178 - Community, Trade, and Economic Development, Department of (Economic Development Finance Authority) › Chapter 178-02 - ORGANIZATION, OPERATIONS AND PROCEDURES › Section 178-02-040 - Description of organization

Current through Register Vol. 24-14, July 15, 2024
(1) The
			 authority is a public entity established under the provisions of RCW  43.163,
			 which exercises essential governmental functions. The authority was created by
			 the legislature of the state of Washington to establish a state economic
			 development finance authority to act as a financial conduit that, without using
			 state funds or lending the credit of the state or local governments, can issue
			 nonrecourse revenue bonds and participate in federal, state, and local economic
			 development programs to help facilitate access to needed capital by Washington
			 businesses that cannot otherwise readily obtain needed capital on terms and
			 rates comparable to large corporations, and can help local government obtain
			 more capital more efficiently. The act also sets forth as a primary purpose the
			 encouragement of the employment and retention of Washington workers at
			 meaningful wages and to develop innovative approaches to the problem of unmet
			 capital needs.
(2) Members. The
			 authority shall consist of seventeen members as follows: The director of the
			 department of commerce, the director of the department of agriculture, the
			 state treasurer, one member from each caucus in the house of representatives
			 appointed by the speaker of the house, one member from each caucus in the
			 senate appointed by the president of the senate, and ten public members with
			 one representative of women-owned businesses and one representative of
			 minority-owned businesses and with at least three of the members residing east
			 of the Cascades. The public members shall be residents of the state appointed
			 by the governor on the basis of their interest or expertise in trade,
			 agriculture or business finance or jobs creation and development. One of the
			 public members shall be appointed by the governor as chair of the authority and
			 shall serve as chair of the authority at the pleasure of the governor. The term
			 of the persons appointed by the governor as public members of the authority,
			 including the public member appointed as chair, shall be four years from the
			 date of appointment.
In the event of a vacancy on the authority due to death,
				resignation or removal of one of the public members, or upon the expiration of
				the term of one of the public members, the governor shall appoint a successor
				for the remainder of the unexpired term. If any of the state offices is
				abolished, the resulting vacancy on the authority shall be filled by the state
				officer who shall succeed substantially to the power and duties of the
				abolished office.
Any public member of the authority may be removed by the
				governor for misfeasance, malfeasance or willful neglect of duty after notice
				and a public hearing, unless such notice and hearing shall be expressly waived
				in writing by the affected public member.
The state officials serving in ex officio capacity may each
				designate an employee of their respective departments to act on their behalf in
				all respects with regard to any matter to come before the authority. Such
				designations shall be made in writing and provided to the authority.
The members of the authority shall serve without compensation
				but shall be entitled to reimbursement, solely from the funds of the authority,
				for expenses incurred in the discharge of their duties under this
				chapter.
Any public member may continue to serve past their scheduled
				term of office until the governor has appointed a new member to replace such
				member.
(3) Authority
			 staff. The executive director shall be the chief operating officer of the
			 authority and subject to the direction of the board. The executive director
			 shall serve solely at the pleasure of the board. As the chief operating
			 officer, the executive director is responsible for day-to-day operations and
			 for operating the authority under the requirements of the Washington law.
			 Compensation for the executive director shall be paid from non-appropriated
			 funds under the control of the authority. Compensation, pay and benefits shall
			 be reviewed annually by the board. The executive director may hire, terminate
			 and pay subordinate staff as necessary, subject to board approval of additional
			 subordinate staff positions and board approval of necessary budgeted funds. The
			 executive director shall have custody of and be responsible for all moneys and
			 securities of the authority and shall deposit all such moneys forthwith in such
			 banks and funds as the authority may designate from time to time.
(4) Administrative office. The administrative
			 office of the authority shall be located at 1000 Second Avenue, Suite 2700,
			 Seattle, WA 98104-1046.
(5)
			 Communications with the authority. To request information, or to make
			 submittals or requests, or to obtain copies of agency decisions, members of the
			 public may contact the authority at the following:
Attn: Executive Director
Washington Economic Development Finance Authority
1000 Second Avenue, Suite 2700
Seattle, WA 98104-1046
(206) 587-5634