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Washington Economic Development Finance Authority
The Washington Economic Development Finance Authority (WEDFA)
is currently authorized to: secure or provide guaranties or insurance
loans and otherwise provide loans for any eligible export transaction;
provide financing to eligible farmers in advance of the contract
payments due to them under the federal Department of Agriculture
conservation reserve program; and pool loans or portions of loans
made or guaranteed through programs administered by federal agencies,
including the Small Business or Farmers Home administrations.
The WEDFA Board initiated a constitutional test case to confirm
its authority to implement programs authorized by the Legislature.
A Supreme Court decision approving the Board's authority was issued
in October 1992.
|Economic Development Finance Authority Trust Fund|
|The WEDFA received $430,000 of non-state funds to establish a reserve fund on September 7, 1990. Revenues to the fund are derived from fees WEDFA charges its clients and from interest earned on investment of funds in its trust accounts.
In the 1993-95 Biennium, $250,000 of the balance of the fund was transferred to the General Fund-Federal account to support Chapter 512, Laws of 1993, minority and women-owned business development. An additional $208,000 was transferred to the General Fund-Federal account to fund local economic development capacity building.
|Statement of Local Fund Balances
|6/30/95 Fund Balance||6/30/97 Estimated Fund Balance||1997-1999 Estimated Revenues||1997-1999 Estimated Expenditures||6/30/99 Estimated Fund Balance|
|Economic Development Finance Authority Trust Fund||14,203||58,550||427,500||341,500||144,550|