(1) The department shall maintain a life-cycle cost model on capital assets such that: (a) Available industry standards are used for estimating the life of an asset, and department-adopted standard life cycles derived from the experience of similar public and private entities are used when industry standards are not available; (b) Standard estimated life is adjusted for asset condition when inspections are made; (c) It does not include utilities or other systems that are not replaced on a standard life cycle; and (d) It does not include assets not yet built. (2) All assets in the life-cycle cost model must be inspected and updated in the life-cycle cost model for asset condition at least every three years. (3) The life-cycle cost model shall be used when estimating future terminal and vessel preservation needs. (4) The life-cycle cost model shall be the basis for developing the budget request for terminal and vessel preservation funding.
‹ Prev All Washington sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.