Washington State

Office of the Attorney General

Attorney General

Bob Ferguson

AGO 1965 NO. 50 > Nov 16 1965

(1) A transfer of funds from the University permanent fund to the "University of Washington bond retirement fund" or to the University building account under authority of § 4, chapter 135, Laws of 1965, Ex. Sess., is not inconsistent with so much of § 1, chapter 135, Laws of 1965, Ex. Sess., as requires that certain designated proceeds "shall be deposited to the credit of the state university permanent fund, shall be retained therein and shall not be transferred to any other account or fund," because § 1 applies only to proceeds received after the effective date of chapter 135, Laws of 1965, Ex. Sess. (2) Same :  The provisions of § 4, chapter 135, Laws of 1965, Ex. Sess., requiring the state finance committee to liquidate permanent university fund investments under direction of the board of regents of the University as a step in accomplishing a requested transfer of funds from the university permanent fund to the university bond retirement fund or university building account does not conflict with Article XVI, § 1, or Article IX, § 5, of the Washington State Constitution. (3) Same :  The commingling of the funds subject to transfer with those which may not be transferred because of restrictions in the Enabling Act does not prevent the transfer authorized by § 4, chapter 135, Laws of 1965, Ex. Sess., when it is possible to trace the separate fund sources and determine the total amount attributable to each source.