title: RCW 39.36.010

text:
The term "taxing district" as herein used shall be held to mean and embrace all counties, cities, towns, townships, port districts, school districts, metropolitan park districts or other municipal corporations which now, or may hereafter exist.
The term "the last assessed valuation of the taxable property in such taxing district" as used herein shall be held to mean and embrace the aggregate assessed valuation for such taxing district as placed on the last completed and balanced tax rolls of the county next preceding the date of contracting the debt or incurring the liability.
[ 1917 c 143 s 4; RRS s 5608.]


doc_type: statute

jurisdiction: wa

title: RCW 39.36.015

text:
Whenever used in chapter 42, Laws of 1970 ex. sess., the term "value of the taxable property" shall mean the actual value of the taxable property in a taxing district incurring indebtedness, as the term "taxing district" is defined in RCW 39.36.010, to be ascertained by the last assessment for state and county purposes previous to the incurring of such indebtedness except that in incorporated cities the assessment shall be taken from the last assessment for city purposes, plus the timber assessed value for the district as defined in RCW 84.33.035.
[ 1984 c 204 s 15; 1970 ex.s. c 42 s 1.]
Notes:
Savings—Effective date—1984 c 204: See notes following RCW 84.33.035.
Severability—1970 ex.s. c 42: "If any provision of this 1970 amendatory act, or its application to any person or circumstance is held invalid, the remainder of this 1970 amendatory act, or the application of the provision to other persons or circumstances is not affected." [ 1970 ex.s. c 42 s 41.]
Effective date—1970 ex.s. c 42: "The effective date of this 1970 amendatory act is November 1, 1970." [ 1970 ex.s. c 42 s 42.]

license: public-domain-government-work

rule_set: Revised Code of Washington

catchline: "Value of the taxable property" defined.

code: rcw

unit: section

court: Washington State Legislature


title: RCW 39.36.020

text:
(1) Except as otherwise expressly provided by law or in subsections (2), (3) and (4) of this section, no taxing district shall for any purpose become indebted in any manner to an amount exceeding three-eighths of one percent of the value of the taxable property in such taxing district without the assent of three-fifths of the voters therein voting at an election to be held for that purpose, nor in cases requiring such assent shall the total indebtedness incurred at any time exceed one and one-fourth percent on the value of the taxable property therein.
(2)(a)(i) Public hospital districts are limited to an indebtedness amount not exceeding three-fourths of one percent of the value of the taxable property in such public hospital districts without the assent of three-fifths of the voters therein voting at an election held for that purpose.
(ii) Counties, cities, and towns are limited to an indebtedness amount not exceeding one and one-half percent of the value of the taxable property in such counties, cities, or towns without the assent of three-fifths of the voters therein voting at an election held for that purpose.
(b) In cases requiring such assent counties, cities, towns, and public hospital districts are limited to a total indebtedness of two and one-half percent of the value of the taxable property therein. However, any county that has assumed the rights, powers, functions, and obligations of a metropolitan municipal corporation under chapter 36.56 RCW may become indebted to a larger amount for its authorized metropolitan functions, as provided under chapter 35.58 RCW, but not exceeding an additional three-fourths of one percent of the value of the taxable property in the county without the assent of three-fifths of the voters therein voting at an election held for that purpose, and in cases requiring such assent not exceeding an additional two and one-half percent of the value of the taxable property in the county.
(3) School districts are limited to an indebtedness amount not exceeding three-eighths of one percent of the value of the taxable property in such district without the assent of three-fifths of the voters therein voting at an election held for that purpose. In cases requiring such assent school districts are limited to a total indebtedness of two and one-half percent of the value of the taxable property therein.
(4) No part of the indebtedness allowed in this chapter shall be incurred for any purpose other than strictly county, city, town, school district, township, port district, metropolitan park district, or other municipal purposes: PROVIDED, That a city or town, with such assent, may become indebted to a larger amount, but not exceeding two and one-half percent additional, determined as herein provided, for supplying such city or town with water, artificial light, and sewers, when the works for supplying such water, light, and sewers shall be owned and controlled by the city or town; and a city or town, with such assent, may become indebted to a larger amount, but not exceeding two and one-half percent additional for acquiring or developing open space, park facilities, and capital facilities associated with economic development: PROVIDED FURTHER, That any school district may become indebted to a larger amount but not exceeding two and one-half percent additional for capital outlays.
(5) Such indebtedness may be authorized in any total amount in one or more propositions and the amount of such authorization may exceed the amount of indebtedness which could then lawfully be incurred. Such indebtedness may be incurred in one or more series of bonds from time to time out of such authorization but at no time shall the total general indebtedness of any taxing district exceed the above limitation.
The term "value of the taxable property" as used in this section shall have the meaning set forth in RCW 39.36.015.
[ 2000 c 156 s 1; 1994 c 277 s 1; 1993 c 240 s 12; 1971 ex.s. c 218 s 1; 1971 c 38 s 1; 1970 ex.s. c 42 s 27; 1969 c 142 s 3; 1967 c 107 s 4; 1959 c 227 s 1; 1953 c 163 s 2; 1917 c 143 s 1; RRS s 5605.]
Notes:
Effective date—2000 c 156: "This act is necessary for the immediate preservation of the public peace, health, or safety, or support of the state government and its existing public institutions, and takes effect immediately [March 27, 2000]." [ 2000 c 156 s 2.]
Severability—Effective date—1970 ex.s. c 42: See notes following RCW 39.36.015.
Validating—1953 c 163: "Bonds authorized, issued and sold by any school district prior to the effective date of this act [March 18, 1953] and not in excess of the limitations provided in sections 1 and 2 thereof are hereby approved, ratified and validated, and are a legal and irrevocable obligation of such school district." [ 1953 c 163 s 3.]
Cemetery districts, limitation upon indebtedness: RCW 68.52.310.
Cities other than first class, limitations upon indebtedness: RCW 35.37.040, 35.37.050.
Conditional sales contract debt, not counted as part of debt limit: RCW 28A.335.200, 39.30.010.
Counties, limitations upon indebtedness: Chapter 36.67 RCW.
Executory conditional sales contracts, limitations on indebtedness: RCW 28A.335.200, 39.30.010.
Leases by cities and towns, limitations on indebtedness: RCW 35.42.200.
Metropolitan municipal corporations, limitations on indebtedness: RCW 35.58.450.
Metropolitan park districts, incurring indebtedness: RCW 35.61.100, 35.61.110.
Municipal corporations, limitations upon indebtedness: State Constitution Art. 8 s 6 (Amendment 27).
Port districts, limitations upon indebtedness: RCW 39.28.030, 53.36.030.
Public utility districts, limitations upon indebtedness: RCW 54.24.018.
School districts, limitations upon indebtedness: Chapters 28A.530, 28A.535 RCW.
Validation requirement: RCW 39.40.010.
Water-sewer districts, limitations upon indebtedness: RCW 57.20.110, 57.20.120.

catchline: Limitation of indebtedness prescribed.


title: RCW 39.36.030

text:
(1) Whenever it shall be necessary to compute the indebtedness of a taxing district for bonding or any other indebtedness purposes, taxes levied for the current year and cash on hand received for the purpose of carrying on the business of such taxing district for such current year shall be considered as an asset only as against indebtedness incurred during such current year which is payable from such taxes or cash on hand: PROVIDED, HOWEVER, That all taxes levied for the payment of bonds, warrants or other public debts of such taxing district, shall be deemed a competent and sufficient asset of the taxing district to be considered in calculating the constitutional debt limit or the debt limit prescribed by this chapter for any taxing district: PROVIDED, That the provisions of this section shall not apply in computing the debt limit of a taxing district in connection with bonds authorized pursuant to a vote of the electors at an election called prior to March 1, 1917.
(2) If reductions in assessed valuation of property within a taxing district result in the outstanding indebtedness of the taxing district exceeding its statutory indebtedness limitations, the amount of such excess indebtedness shall not be included in the statutory indebtedness ceiling. Additional indebtedness that is subject to indebtedness limitations, other than refinancing indebtedness that does not increase the total amount of indebtedness, may not be issued by such a taxing district until its total outstanding indebtedness, including that which this subsection removes from the statutory indebtedness limitations, is below these limitations.
(3) Nothing in this section authorizes taxing districts to incur indebtedness beyond constitutional indebtedness limitations.
[ 1986 c 50 s 1; 1921 c 123 s 1; 1917 c 143 s 2; RRS s 5606.]

catchline: Computation of indebtedness.


title: RCW 39.36.040

text:
All orders, authorizations, allowances, contracts, payments or liabilities to pay, made or attempted to be made in violation of this chapter, shall be absolutely void and shall never be the foundation of a claim against a taxing district.
[ 1994 c 81 s 75; 1923 c 45 s 1; 1917 c 143 s 3; RRS s 5607.]

catchline: Authorizations in violation of chapter void.


title: RCW 39.36.050

text:
The governing body of a taxing district desiring to place a ballot proposition authorizing indebtedness before the voters may submit the proposition at any special election held on the dates authorized in RCW 29A.04.330. The ballot proposition shall include the maximum amount of the indebtedness to be authorized, the maximum term any bonds may have, a description of the purpose or purposes of the bond issue, and whether excess property tax levies authorized under RCW 84.52.056 will be authorized.
When it is required that such bonds be retired by excess property tax levies, or when the governing body desires such bonds be retired by excess property tax levies, the ballot proposition shall also include authorization for such excess bond retirement property tax levies provided under RCW 84.52.056.
Notice of the proposed election shall be published as required by RCW 29A.52.355.
[ 2015 c 53 s 69; 1984 c 186 s 3.]
Notes:
Purpose—1984 c 186: See note following RCW 39.46.110.

catchline: Ballot proposition authorizing indebtedness—Excess property tax levies.


title: RCW 39.36.060

text:
This chapter does not apply to a loan made pursuant to a loan agreement under chapter 39.69 RCW, and any computation of indebtedness under this chapter shall exclude the amount of any loan under such a loan agreement.
[ 1987 c 19 s 5.]

catchline: Chapter not applicable to loan agreements under chapter 39.69 RCW.


title: RCW 39.36.900

text:
All bonds heretofore issued, or heretofore voted and which may have been or may hereafter be issued, by any taxing district pursuant to any of the foregoing sections as amended or for any of the purposes authorized by any of said sections are hereby validated.
[ 1969 c 142 s 6.]

catchline: Validation—1969 c 142.


title: RCW 39.40.010

text:
No general obligation bonds of any county, port district, or metropolitan park district upon which a vote of the people is required under existing laws shall be issued, nor shall they become a lien upon the taxable property within such county or district unless, in addition to all other requirements provided by law in the matter of the issuance of general obligation bonds by such county or district, the total vote cast upon such proposition shall exceed forty percent of the total number of voters voting in such county or district at the general county or state election next preceding such bond election.
[ 1961 ex.s. c 15 s 1; 1959 c 290 s 3; 1925 c 13 s 1; RRS s 5646-1.]
Notes:
Exceeding debt limitation by municipalities: State Constitution Art. 8 s 6 (Amendment 27).
Vote required for excess levy to retire bonds issued for capital purposes: RCW 84.52.056.

catchline: Forty percent poll of voters required.


title: RCW 39.40.020

text:
In all such elections the provisions of existing law with respect to registration, opening and closing of registration books and the duties of officers and the appointment and selection of election officials shall apply.
[ 1925 c 13 s 2; RRS s 5646-2.]
Notes:
Election laws in general: Title 29A RCW.

catchline: Existing election laws to apply.


title: RCW 39.40.030

text:
The election officials in each of the precincts included within any such district shall, as soon as possible and in no case later than five days after the closing of the polls of any election involving the issuance of bonds, certify to the county auditor of the county within which such district is located the total number of votes cast for and against each separate proposal and the vote shall be canvassed and certified by a canvassing board consisting of the chair of the board of county commissioners, the county auditor, and the prosecuting attorney who shall declare the result thereof.
[ 2011 c 336 s 806; 1959 c 290 s 4; 1925 c 13 s 3; RRS s 5646-3.]

catchline: Certification of votes—Canvass.


title: RCW 39.40.040

text:
This chapter shall not affect the validity or the issuance of any such bonds voted at any lawful election held prior to the taking effect of this chapter.
[ 1925 c 13 s 4; RRS s 5646-4.]

catchline: Prior bonds not affected.


title: RCW 39.42.010

text:
This chapter shall apply to all bonds, notes and other evidences of indebtedness of the state authorized by the legislature after *the effective date of this chapter, unless otherwise provided in the authorizing acts.
[ 1971 ex.s. c 184 s 1.]
Notes:
*Reviser's note: For "the effective date of this chapter," see RCW 39.42.900.

catchline: Scope of application.


title: RCW 39.42.020

text:
Bonds, notes or other evidences of indebtedness shall be issued by the state finance committee. They may be issued at one time or in a series from time to time. The maturity date of each series shall be determined by the state finance committee, but in no case shall any bonds mature later than thirty years from the date of issue. All evidences of indebtedness shall be signed in the name of the state by the governor and the treasurer. The facsimile signature of said officials is authorized and said evidences of indebtedness may be issued notwithstanding that any of the officials signing them or whose facsimile signatures appear on such evidences of indebtedness has ceased to hold office at the time of issue or at the time of delivery to the purchaser.
[ 1971 ex.s. c 184 s 2.]


title: RCW 39.42.030

text:
(1) The state finance committee shall meet not less than twice per calendar year and shall determine by resolution the amount, date or dates, terms, conditions, covenants, denominations, interest rate or rates (which may be fixed or variable), maturity or maturities, redemption rights, manner of execution and authentication, manner and price of sale and form of all bonds, notes, or other evidences of indebtedness.
(2) The state finance committee may authorize the state treasurer, by resolution[,] to:
(a) Accept offers to purchase the bonds, notes, or other evidences of indebtedness and to sell and deliver the bonds, notes, or other evidences of indebtedness to the purchases thereof;
(b) Determine the date or dates, price or prices, principal amounts per maturity, delivery dates, interest rate or rates (or mechanisms for determining the interest rate or rates); and
(c) Set other terms and conditions as the state finance committee may deem necessary and appropriate. Each delegation is limited to bonds, notes, or other indebtedness that the state finance committee has authorized to be issued. Bonds, notes, or other evidences of indebtedness shall be payable either to the bearer or to the registered owner as provided in RCW 39.46.030. The resolution may provide for the deposit in trust with any qualified public depository of all or any part of the proceeds of the bonds, notes, or other evidences of indebtedness or money set aside for the payment thereof.
(3) The state finance committee shall also determine by resolution whether interest on all or any part of the bonds is to be payable periodically during the term of such bonds or only at the maturity of the bonds. For purposes of the limitations on the amount of bonds authorized to be issued contained in the acts authorizing their issuance, the amount of bonds which pay interest only at maturity must be equal to the price, exclusive of accrued interest, at which the bonds are initially offered to the public.
(4) The state finance committee may issue, under chapter 39.53 RCW and this chapter, bonds, notes, or other evidences of indebtedness to refund at or prior to maturity any outstanding state bonds, notes, or other evidences of indebtedness.
(5) The state finance committee may obtain or provide for obtaining bond insurance, letters of credit or other credit support instruments for the purpose of guaranteeing the payment or enhancing the marketability, or both, of any state bonds, notes, or other evidences of indebtedness, and may authorize the execution and delivery of agreements, promissory notes, and other related instruments.
[ 2010 1st sp.s. c 18 s 1; 1989 1st ex.s. c 14 s 16; 1983 c 167 s 104; 1971 ex.s. c 184 s 3.]
Notes:
Effective dates—1989 1st ex.s. c 14: See RCW 43.99H.901.
Liberal construction—Severability—1983 c 167: See RCW 39.46.010 and note following.

catchline: Evidences of indebtedness—Issuance—State finance committee, duties and powers.


title: RCW 39.42.040

text:
The proceeds of the sale of any bonds shall be used solely for the purposes, including any expense incurred in connection with the issuance and sale of such bonds, specified in the general statute or special act authorizing the issuance of such bonds.
[ 1971 ex.s. c 184 s 4.]

catchline: Disposition of proceeds from sale of bonds.


title: RCW 39.42.050

text:
When the state finance committee has decided to issue such bonds or a portion thereof, it may, pending the issuing of such bonds, issue, in the name of the state, temporary notes in anticipation of the money to be derived from the sale of such bonds, which notes shall be designated as "anticipation notes". If, prior to the issuance of the bonds, it becomes necessary to redeem outstanding notes, additional bond anticipation notes may be issued to redeem the outstanding notes. Such portion of the proceeds of the sale of such bonds as may be required for such purpose shall be applied to the payment of the principal of such anticipation notes which have been issued. The interest on anticipation notes shall be paid from the revenue source and with the same priority of payment specified in the respective bond acts for payment of principal of and interest on the bonds against which anticipation notes are sold. The procedure for paying the interest on the notes, including the transfer of necessary funds for that purpose, shall be the same as prescribed for the bonds.
If the bonds shall constitute general obligations of the state and pledge the full faith and credit of the state to the payment thereof, then the notes issued in anticipation thereof shall state that they are a general obligation of the state of Washington, shall pledge the full faith and credit of the state to the payment of the principal thereof and the interest thereon, and shall contain an unconditional promise to pay the principal and interest as the same shall become due. The owner and holder of any of the notes or the trustee for the owner and holder of any of the notes may, by a mandamus or other appropriate proceeding, require the transfer and payment of funds as directed in this section.
[ 1981 c 29 s 1; 1971 ex.s. c 184 s 5.]
Notes:
Application—1981 c 29: "This act shall apply to all outstanding bond anticipation notes of the state, and interest on the notes shall be paid as provided in RCW 39.42.050: PROVIDED, That in the event such interest is not paid as provided in RCW 39.42.050 it shall be paid from such source or sources as are specified in such notes." [ 1981 c 29 s 2.]

catchline: Anticipation notes—Issued, when—Payment of principal and interest.


title: RCW 39.42.070

text:
On or after *the effective date of this act, the treasurer shall compute general state revenues for the three fiscal years immediately preceding such date and shall determine the arithmetic mean thereof. As soon as is practicable after the close of each fiscal year thereafter, he or she shall do likewise. In determining the amount of general state revenues, the treasurer shall include all state money received in the treasury from each and every source whatsoever except: (1) Fees and revenues derived from the ownership 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 assistance require the application and disbursement of such moneys otherwise 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 received from trust funds including but not limited to moneys received from taxes levied for specific purposes and the several permanent funds of the state and the moneys derived therefrom but excluding bond redemption funds; (5) proceeds received from the sale of bonds or other evidences of indebtedness. Upon computing general state revenues, the treasurer shall make and file in the office of the secretary of state, a certificate containing the results of such computations. Copies of said certificate shall be sent to each elected official of the state and each member of the legislature. The treasurer shall, at the same time, advise each elected official and each member of the legislature of the current available debt capacity of the state, and may make estimated projections for one or more years concerning debt capacity.
[ 2009 c 500 s 1; 2009 c 479 s 24; 2007 c 215 s 2; 2003 1st sp.s. c 9 s 1; 2002 c 240 s 8; 1971 ex.s. c 184 s 7.]
Notes:
Reviser's note: *(1) For "the effective date of this act," see RCW 39.42.900.
(2) This section was amended by 2009 c 479 s 24 and by 2009 c 500 s 1, each without reference to the other. Both amendments are incorporated in the publication of this section under RCW 1.12.025(2). For rule of construction, see RCW 1.12.025(1).
Effective date—2009 c 500: "This act is necessary for the immediate preservation of the public peace, health, or safety, or support of the state government and its existing public institutions, and takes effect July 1, 2009." [ 2009 c 500 s 14.]
Effective date—2009 c 479: See note following RCW 2.56.030.
Finding—Intent—2007 c 215: "The legislature finds that after passage of a constitutional amendment (*House Joint Resolution No. 4215 or Senate Joint Resolution No. 8220), the state investment board will be permitted in accordance with RCW 43.33A.140 to invest a portion of the higher education permanent funds in equities. The legislature further recognizes that by investing in equities, the value of the higher education permanent funds may fluctuate over time due to market changes even if no disposition of the fund principal is made. The removal of the word "irreducible" in this act, describing the higher education permanent funds, is needed to clarify that the mere reduction in market value of a permanent fund due to such fluctuations would not violate the mandate of the statute. It is the intent of the legislature to clarify state law to permit equity investment of higher education permanent funds even if there is a decline in the value of a permanent fund due to market changes. It is not the intent of the legislature to change the requirement that unless otherwise allowed by law the principal amounts in the higher education permanent funds are to be held in perpetuity for the benefit of the designated institutions and future generations, and that only the earnings from a higher education permanent fund may be appropriated to support the benefited institution." [ 2007 c 215 s 1.]
*Reviser's note: House Joint Resolution No. 4215 passed the legislature on April 11, 2007.
Contingent effective date—2007 c 215: "This act takes effect if the proposed amendment to Article XVI of the state Constitution regarding investment of certain state moneys is validly submitted to and is approved and ratified by the voters at the next general election. If the proposed amendment is not approved and ratified, this act is void in its entirety." [ 2007 c 215 s 10.] The proposed amendment to Article XVI of the state Constitution (Substitute House Joint Resolution No. 4215) was approved by the people at the November 6, 2007, general election.
Effective date—2002 c 240: See RCW 43.99G.903.

catchline: Computation of general state revenues—Filing of certificate—Estimate of debt capacity.


title: RCW 39.42.080

text:
The foregoing limitation on the aggregate amount of indebtedness of the state shall not prevent:
(1) The issuance of obligations to refund or replace any such indebtedness existing at any time in an amount not exceeding 1.05 times the amount which, taking into account earnings from the investment of the proceeds of the issue, is required to pay the principal thereof, interest thereon, and any premium payable with respect thereto, and the costs incurred in accomplishing such refunding, as provided in chapter 39.53 RCW, as now or hereafter amended: PROVIDED, That any proceeds of the refunding, bonds in excess of those acquired to accomplish such refunding or any obligations acquired with such excess proceeds, shall be applied exclusively for the payment of principal, interest, or call premiums with respect to such refunding obligations;
(2) The issuance of obligations in anticipation of revenues to be received by the state during a period of twelve calendar months next following their issuance;
(3) The issuance of obligations payable solely from revenues of particular public improvements;
(4) A pledge of the full faith, credit, and taxing power of the state to guarantee the payment of any obligation payable from any of revenues received from any of the following sources:
(a) the fees collected by the state as license fees for motor vehicles;
(b) excise taxes collected by the state on the sale, distribution, or use of motor vehicle fuel; and
(c) interest on the permanent common school fund:
PROVIDED, That the legislature shall, at all times, provide sufficient revenues from such sources to pay the principal and interest due on all obligations for which said source of revenue is pledged.
[ 1974 ex.s. c 111 s 1; 1971 ex.s. c 184 s 8.]
Notes:
Severability—1974 ex.s. c 111: "If any provision of this 1974 amendatory act, or its application to any person or circumstance is held invalid, the remainder of the act, or the application of the provision to other persons or circumstances is not affected." [ 1974 ex.s. c 111 s 6.]

catchline: Obligations allowable under debt limitation.


title: RCW 39.42.090

text:
The state finance committee may issue certificates of indebtedness in such sum or sums that may be necessary to meet temporary deficiencies of the treasury. Such certificates may be issued only to provide for the appropriations already made by the legislature and such certificates must be retired and the debt discharged other than by refunding within twelve months after the date of issuance.
For the purposes of this section, the state treasury shall include all statutorily established funds and accounts except for any of the permanent funds of the state treasury.
[ 2007 c 215 s 3; 1985 c 57 s 21; 1971 ex.s. c 184 s 9.]
Notes:
Finding—Intent—Contingent effective date—2007 c 215: See notes following RCW 39.42.070.
Effective date—1985 c 57: See note following RCW 18.04.105.

catchline: Certificates of indebtedness—Issued, when—Retirement.


title: RCW 39.42.100

text:
Bonds, notes, or other obligations issued and sold by the state of Washington pursuant to and in conformity with this chapter shall not be invalid for any irregularity or defect in the proceedings of the issuance or sale thereof, except as provided in this paragraph, and shall be incontestable in the hands of a bona fide purchaser or holder thereof. Whenever the state finance committee determines to issue bonds, notes or other evidences of indebtedness, it shall file with the treasurer a certified copy of the resolution authorizing their issuance at least thirty days prior to delivery to the purchaser of such bonds, notes, of other evidences of indebtedness. At any time prior to delivery, any person in interest shall have the right to institute an appropriate action or proceeding to contest the validity of the authorized indebtedness, the pledge of revenues for the payment of principal and interest on such indebtedness, the validity of the collection and disposition of revenue necessary to pay the principal and interest on such indebtedness, the expenditure of the proceeds derived from the sale of the evidences of indebtedness for the purposes specified by law, and the validity of all other provisions and proceedings in connection with the authorization and issuance of the evidences of indebtedness. If such action or proceeding shall not have been instituted prior to delivery, then the validity of the evidences of indebtedness shall be conclusively presumed and no court shall have authority to inquire into such matters.
[ 1971 ex.s. c 184 s 10.]

catchline: Evidences of indebtedness—Defects not to affect validity—Copy of resolution authorizing issuance filed—Action to contest before delivery.


title: RCW 39.42.110

text:
All evidences of indebtedness issued under the provisions of this chapter shall be fully negotiable instruments and shall be legal investment for all state funds or for funds under state control and all funds of municipal corporations, and shall be legal security for all state, county and municipal deposits.
[ 1971 ex.s. c 184 s 11.]

catchline: Evidences of indebtedness—As negotiable instruments, legal investments, and security for deposits.


title: RCW 39.42.120

text:
The excess earnings account is created in the state treasury. From the revenue funds from which principal and interest payments on bonds are provided, the state treasurer shall periodically transfer to the excess earnings account such amounts as are owed to the federal government under section 148 of the federal internal revenue code. Pursuant to legislative appropriation from the excess earnings account, the state treasurer shall periodically remit to the United States treasury any amounts owed to the federal government under section 148 of the federal internal revenue code.
[ 1988 c 92 s 1.]

catchline: Excess earnings account—Payments to United States treasury.


title: RCW 39.42.130

text:
(1) The state shall not contract any bonds, notes, or other evidences of indebtedness for borrowed money that would cause the aggregate state debt to exceed the debt limitation, as specified in Article VIII, section 1(b) of the state Constitution.
(2) It shall be the duty of the state finance committee to compute annually the amount required to pay principal of and interest on outstanding debt.
(3) To the extent necessary because of the state constitutional debt limitation, priorities with respect to the issuance or guaranteeing of bonds, notes, or other evidences of indebtedness by the state shall be determined by the state finance committee.
[ 2009 c 500 s 2.]
Notes:
Effective date—2009 c 500: See note following RCW 39.42.070.

catchline: Aggregate state debt not to exceed debt limitation—State finance committee duties.


title: RCW 39.42.140

text:
The state finance committee must recommend a working debt limit for purposes of budget development for various purpose capital bond appropriations. Nothing in this section shall in any manner affect the validity of indebtedness incurred in compliance with the provisions of Article VIII, section 1 of the state Constitution. The working debt limit must be updated periodically following forecasts of the economic and revenue forecast council. The governor and legislature must develop capital bond budgets within the most recent recommended working debt limit. The working debt limit must be lower than the state constitutional debt limit in order to reserve capacity under the constitutional limit for emergencies and economic uncertainties. In order to begin to accomplish the objectives of stabilizing debt capacity and reducing the debt service burden on the operating budget, the state finance committee must recommend working debt limits of eight and one-half percent from July 1, 2015, to and including June 30, 2017; eight and one-quarter percent from July 1, 2017, to and including June 30, 2019; eight percent from July 1, 2019, to and including June 30, 2021; seven and three-quarters percent from July 1, 2021, and thereafter. The state finance committee may recommend modified working debt limits in response to extraordinary economic conditions. The state finance committee is authorized to reduce or delay the issuance of bonds if an issuance would result in exceeding the recommended working debt limit.
[ 2011 1st sp.s. c 46 s 3.]
Notes:
Intent—2011 1st sp.s. c 46: "The legislature intends to examine the various kinds of debt incurred by Washington state and the limitations that control the amount and use of debt. To assist in this examination, the legislature seeks the assistance and recommendations of a commission on state debt." [ 2011 1st sp.s. c 46 s 1.]

catchline: Working debt limit.


title: RCW 39.42.150

text:
(1) The purpose of eliminating a portion of the sales tax exemption under RCW 82.08.0261 for liquefied natural gas sold for use as a marine vessel transportation fuel is to support the Washington state ferries and other state highway system needs. For this reason, general state revenues transferred under RCW 82.32.860 to the motor vehicle fund are excluded from the calculation of general state revenues for purposes of Article VIII, section 1 of the state Constitution and RCW 39.42.130 and 39.42.140.
(2) This section expires July 1, 2028.
[ 2014 c 216 s 408.]
Notes:
Effective date—Findings—Tax preference performance statement—2014 c 216: See notes following RCW 82.38.030.

catchline: Liquefied natural gas used as marine vessel transportation fuel—Excluded from general state revenues. (Expires July 1, 2028.)


title: RCW 39.42.900

text:
This act shall become effective coincident with the effective date of the constitutional amendment to Article VIII, section 1 and to Article VIII, section 3 of the Washington state Constitution as presented for a vote of the people by HJR 52, 1971 regular session. Unless such constitutional amendment shall be approved by the people at the next general election, this chapter shall be null and void.
[ 1971 ex.s. c 184 s 12.]
Notes:
Reviser's note: House Joint Resolution No. 52 was approved by the voters at the November 1972 general election.

catchline: Effective date—1971 ex.s. c 184.


title: RCW 39.44.070

text:
Notwithstanding the provisions of any charter to the contrary, bonds issued under *RCW 39.44.010 through 39.44.080 may be issued to run for a period up to forty years from the date of the issue and shall, as near as practicable, be issued for a period which shall not exceed the life of the improvement to be acquired by the use of the bonds.
[ 1967 c 107 s 5; 1923 c 151 s 5; RRS s 5583-5.]
Notes:
*Reviser's note: RCW 39.44.010, 39.44.011, 39.44.020, 39.44.030, 39.44.060, and 39.44.080 were repealed by 1984 c 186 s 70.

catchline: Life of bonds.


title: RCW 39.44.100

text:
On all bonds hereafter issued by the state or any agency thereof or by any county, city, town, municipal corporation, quasi municipal corporation, junior taxing district, school district or other political subdivision of the state, the printed, engraved or lithographed facsimile signatures of the officers required by law to sign the bonds or any interest coupons thereon shall be sufficient signature on such bonds or coupons: PROVIDED, That such facsimile signatures shall not be used on the bonds of issues of less than one hundred thousand dollars par value and may always be used on interest coupons.
Whenever such facsimile signature reproduction of the signature of any officer is used in place of the personal signature of such officer, the issuing authority shall specify in a written order or requisition to the printer, engraver, or lithographer, the number of bonds or coupons upon which such facsimile signature is to be printed, engraved, or lithographed, and the manner of numbering the bonds or coupons upon which such signature shall be placed. Within ninety days after the completion of the printing, engraving, or lithographing of such bonds or coupons, the plate or plates used for the purpose of affixing the facsimile signature shall be destroyed and it shall be the duty of the issuing authority, within ninety days after receipt of the completed bonds or coupons, to ascertain that such plate or plates have been destroyed.
[ 1983 c 167 s 107; 1961 c 141 s 3; 1955 c 375 s 1; 1941 c 52 s 1; Rem. Supp. 1941 s 5583-1a.]
Notes:
Liberal construction—Severability—1983 c 167: See RCW 39.46.010 and note following.
Uniform facsimile signature of public officials act: Chapter 39.62 RCW.

catchline: Facsimile signatures on bonds and coupons.


title: RCW 39.44.101

text:
Every printer, engraver, or lithographer, who with the intent to defraud, prints, engraves, or lithographs a facsimile signature upon any bond or coupon without written order of the issuing authority, or fails to destroy such plate or plates containing the facsimile signature upon direction of such issuing authority, is guilty of a class B felony punishable according to chapter 9A.20 RCW.
[ 2003 c 53 s 212; 1955 c 375 s 2.]
Notes:
Intent—Effective date—2003 c 53: See notes following RCW 2.48.180.
Fraud, forgery: Chapter 9A.60 RCW.

catchline: Facsimile signatures on bonds and coupons—Fraud—Destruction of plates—Penalty.


title: RCW 39.44.102

text:
Where any bond so issued requires registration by the county treasurer, that bond shall bear a statement on the back thereof showing the name of the person to whom sold, date of issue, the number and series of the bond, and shall be signed by the county treasurer in his or her own name or by a deputy county treasurer in his or her own name.
[ 2011 c 336 s 807; 1955 c 375 s 3.]

catchline: Facsimile signatures on bonds and coupons—Statements and signatures required on registered bonds.


title: RCW 39.44.110

text:
Upon the presentation at the office of the officer or agent hereinafter provided for, any bond which is bearer in form that has heretofore been or may hereafter be issued by any county, city, town, port, school district, or other municipal or quasi municipal corporation in this state, may, if so provided in the proceedings authorizing the issuance of the same, be registered as to principal in the name of the owner upon the books of such municipality to be kept in said office, such registration to be noted on the reverse of the bond by such officer or agent. The principal of any bond so registered shall be payable only to the payee, his or her legal representative, successors or assigns, and such bond shall be transferable to another registered holder or back to bearer only upon presentation to such officer or agent, with a written assignment duly acknowledged or proved. The name of the assignee shall be written upon any bond so transferred and in the books so kept in the office of such officer or agent.
[ 2011 c 336 s 808; 1983 c 167 s 108; 1961 c 141 s 4; 1915 c 91 s 1; RRS s 5494.]
Notes:
Liberal construction—Severability—1983 c 167: See RCW 39.46.010 and note following.

catchline: Registration—Payment—Assignment.


title: RCW 39.44.120

text:
If so provided in the proceedings authorizing the issuance of any such bonds, upon the registration thereof as to principal, or at any time thereafter, the coupons thereto attached, evidencing all interest to be paid thereon to the date of maturity, may be surrendered to the officer or agent hereinafter provided and the bonds shall also become registered as to interest. Such coupons shall be canceled by such officer or agent, who shall sign a statement endorsed upon such bond of the cancellation of all unmatured coupons and the registration of such bond. Thereafter the interest evidenced by such canceled coupons shall be paid at the times provided therein to the registered owner of such bond in lawful money of the United States of America mailed to his or her address.
[ 2011 c 336 s 809; 1983 c 167 s 109; 1961 c 141 s 5; 1915 c 91 s 2; RRS s 5495.]
Notes:
Liberal construction—Severability—1983 c 167: See RCW 39.46.010 and note following.

catchline: Payment of coupon interest.


title: RCW 39.44.130

text:
(1) The duties prescribed in this chapter as to the registration of bonds of any city or town shall be performed by the treasurer thereof, and as to those of any county, port or school district by the county treasurer of the county in which such port or school district lies; but any treasurer as defined in RCW 39.46.020 may designate its legally designated fiscal agency or agencies for the performance of such duties, after making arrangements with such fiscal agency therefor, which arrangements may include provision for the payment by the bond owner of a fee for each registration.
(2) The county treasurer as ex officio treasurer of a special district shall act as fiscal agent or may appoint the fiscal agent to be used by the county.
[ 1995 c 38 s 5; 1994 c 301 s 9; 1985 c 84 s 2; 1983 c 167 s 110; 1971 ex.s. c 79 s 1; 1915 c 91 s 3; RRS s 5496.]
Notes:
Acts of municipal officers ratified and confirmed—1995 c 38: See note following RCW 3.02.045.
Liberal construction—Severability—1983 c 167: See RCW 39.46.010 and note following.
Fiscal agencies: Chapter 43.80 RCW.

catchline: Treasurers as registration officers—Fiscal agent.


title: RCW 39.44.140

text:
Any county, city, town, political subdivision, or other municipal or quasi municipal corporation authorized to issue revenue bonds may include in the amount of any such issue funds for the purpose of establishing, maintaining or increasing reserves to:
(1) Secure the payment of the principal of and interest on such revenue bonds; or
(2) Provide for replacements or renewals of or repairs or betterments to revenue producing facilities; or
(3) Provide for contingencies, including, but not limited to, loss of revenue caused by such contingencies.
The authority granted pursuant to this section is additional and supplemental to any existing authority to issue revenue bonds and nothing in this section shall prevent the issuance of such bonds pursuant to any other law: PROVIDED, That no such bond issue may include an amount in excess of fifteen percent thereof for the purpose of establishing, maintaining or increasing reserves as enumerated above.
[ 1983 c 167 s 111; 1977 ex.s. c 229 s 1.]
Notes:
Liberal construction—Severability—1983 c 167: See RCW 39.46.010 and note following.

catchline: Revenue bonds—Funds for reserve purposes may be included in issue amount.


title: RCW 39.44.200

text:
Unless the context clearly requires otherwise, the definitions in this section apply throughout RCW 39.44.200 through 39.44.240.
(1) "Bond" means "bond" as defined in RCW 39.46.020, but also includes any other indebtedness that may be issued by any local government to fund private activities or purposes where the indebtedness is of a nonrecourse nature payable from private sources, including debt issued under chapter 39.50 RCW.
(2) "Local government" means "local government" as defined in RCW 39.46.020.
(3) "Type of bond" includes: (a) General obligation bonds, including councilmanic and voter-approved bonds; (b) revenue bonds; (c) local improvement district bonds; (d) special assessment bonds such as those issued by irrigation districts and diking districts; and (e) other classes of bonds.
(4) "State" means "state" as defined in RCW 39.46.020 but also includes any commissions or other entities of the state.
[ 2001 c 299 s 14; 1990 c 220 s 1; 1989 c 225 s 1; 1987 c 297 s 12; 1985 c 130 s 5.]

catchline: State and local government bond information—Definitions.


title: RCW 39.44.210

text:
For each state or local government bond issued, the underwriter of the issue shall supply the department of commerce with information on the bond issue within twenty days of its issuance. In cases where the issuer of the bond makes a direct or private sale to a purchaser without benefit of an underwriter, the issuer shall supply the required information. The bond issue information shall be provided on a form prescribed by the department of commerce and shall include but is not limited to: (1) The par value of the bond issue; (2) the effective interest rates; (3) a schedule of maturities; (4) the purposes of the bond issue; (5) cost of issuance information; and (6) the type of bonds that are issued. A copy of the bond covenants shall be supplied with this information.
For each state or local government bond issued, the issuer's bond counsel promptly shall provide to the underwriter or to the department of commerce information on the amount of any fees charged for services rendered with regard to the bond issue.
Each local government that issues any type of bond shall make a report annually to the department of commerce that includes a summary of all the outstanding bonds of the local government as of the first day of January in that year. Such report shall distinguish the outstanding bond issues on the basis of the type of bond, as defined in RCW 39.44.200, and shall report the local government's outstanding indebtedness compared to any applicable limitations on indebtedness, including RCW 35.42.200, 39.30.010, and 39.36.020.
[ 2023 c 470 s 2028; 1995 c 399 s 54; 1990 c 220 s 2; 1989 c 225 s 2; 1985 c 130 s 1.]
Notes:
Explanatory statement—2023 c 470: See note following RCW 10.99.030.
Fiscal agencies: Chapter 43.80 RCW.
Publication of local government bond information by department of commerce—Adoption of rules: RCW 43.63A.155.

catchline: State and local government bond information—Submittal—Contents—Annual report.


title: RCW 39.44.230

text:
The department of commerce may adopt rules and regulations pursuant to the administrative procedure act to require (1) the submission of bond issuance information by underwriters and bond counsel to the department of commerce in a timely manner and (2) the submission of additional information on bond issues by state and local governments, including summaries of outstanding bond issues.
[ 2023 c 470 s 2029; 1995 c 399 s 55; 1989 c 225 s 3; 1985 c 130 s 3.]
Notes:
Explanatory statement—2023 c 470: See note following RCW 10.99.030.

catchline: State and local government bond information—Rules.


title: RCW 39.44.240

text:
Failure to file the information required by RCW 39.44.210 and 39.44.230 shall not affect the validity of the bonds that are issued.
[ 1989 c 225 s 4; 1985 c 130 s 4.]

catchline: State and local government bond information—Validity of bonds not affected.


title: RCW 39.44.900

text:
All bonds, the issuance of which was authorized or ratified at a general or special election held within the issuing jurisdiction prior to April 3, 1982, or the proposition for the issuance of which will be submitted at such an election pursuant to action of the legislative authority of the issuer taken prior to April 3, 1982, may be sold and issued with an interest rate or rates greater than any interest rate restriction contained in the ballot proposition or ordinance or resolution relating to such authorization or ratification if such bonds are or were sold and issued in accordance with the sale provisions and with an interest rate or rates not greater than those permitted by the applicable provision of *this amendatory act, and any such bonds heretofore sold are declared valid obligations of the issuer. This section shall not apply to bonds having a total value exceeding fifteen million dollars.
[ 1982 c 216 s 12.]
Notes:
*Reviser's note: For codification of "this amendatory act" [1982 c 216], see Codification Tables.

catchline: Validation—Savings—1982 c 216.


title: RCW 39.46.010

text:
The purposes of this chapter are to permit the state and local governments to conform with registration requirements of federal law which are necessary to exempt interest payments from federal income taxes when the state or local governments issue bonds or incur other obligations and to authorize the establishment and maintenance of differing systems of registering bonds and other obligations as these systems are developed and recognized, which may be instituted, discontinued, and reinstituted from time to time. It is further the purpose of this chapter to grant local governments an alternative flexible authority to structure and sell their bond issues and to include a variety of features on their bonds.
This act shall be liberally construed to effect its purposes.
[ 1983 c 167 s 1.]
Notes:
Severability—1983 c 167: "If any provision of this act or its application to any person or circumstance is held invalid, the remainder of the act or the application of the provision to other persons or circumstances is not affected." [ 1983 c 167 s 273.]

catchline: Purposes—Liberal construction.


title: RCW 39.46.020

text:
Unless the context clearly requires otherwise, the definitions in this section apply throughout this chapter.
(1) "Bond" means any agreement, which may or may not be represented by a physical instrument, including notes, warrants, or certificates of indebtedness, that evidences an indebtedness of the state or a local government or a fund thereof, where the state or local government agrees to pay a specified amount of money, with or without interest, at a designated time or times to either registered owners or bearers, including debt issued under chapter 39.50 RCW.
(2) "Host approval" means an approval of an issue of bonds by an applicable elected representative of the state or local government, having jurisdiction, for purposes of section 147(f)(2)(A)(ii) of the internal revenue code, over the area in which a facility is located that is to be financed with bonds issued by an issuer that is not the state or a local government.
(3) "Local government" means any county, city, town, special purpose district, political subdivision, municipal corporation, or quasi-municipal corporation, including any public corporation or instrumentality created by such an entity.
(4) "Obligation" means an agreement that evidences an indebtedness of the state or a local government or a fund thereof, other than a bond, and includes, but is not limited to, conditional sales contracts, lease obligations, and promissory notes.
(5) "State" includes the state, agencies of the state, and public corporations and instrumentalities created by the state or agencies of the state.
(6) "Treasurer" means the state treasurer, county treasurer, city treasurer, or other officer responsible for treasury functions of any other local government.
[ 2016 c 105 s 6; 2011 c 211 s 1; 2001 c 299 s 15; 1995 c 38 s 6; 1994 c 301 s 10; 1983 c 167 s 2.]
Notes:
Acts of municipal officers ratified and confirmed—1995 c 38: See note following RCW 3.02.045.
Liberal construction—Severability—1983 c 167: See RCW 39.46.010 and note following.

catchline: Definitions.


title: RCW 39.46.030

text:
(1) The state and local governments are authorized to establish a system of registering the ownership of their bonds or other obligations as to principal and interest, or principal only. Registration may include, without limitation: (a) A book entry system of recording the ownership of a bond or other obligation whether or not a physical instrument is issued; or (b) recording the ownership of a bond or other obligation together with the requirement that the transfer of ownership may only be effected by the surrender of the old bond or other obligation and either the reissuance of the old bond or other obligation or the issuance of a new bond or other obligation to the new owner.
(2) The system of registration shall define the method or methods by which transfer of the registered bonds or other obligations shall be effective, and by which payment of principal and any interest shall be made. The system of registration may permit the issuance of bonds or other obligations in any denomination to represent several registered bonds or other obligations of smaller denominations. The system of registration may also provide for any writing relating to a bond or other obligation that is not issued as a physical instrument, for identifying numbers or other designations, for a sufficient supply of certificates for subsequent transfers, for record and payment dates, for varying denominations, for communications to the owners of bonds or other obligations, for accounting, canceled certificate destruction, registration and release of securing interests, and for such other incidental matters pertaining to the registration of bonds or other obligations as the issuer may deem to be necessary or appropriate.
(3)(a) The state treasurer or the treasurer of a local government may appoint (i) one or more of the state fiscal agents or (ii) other fiscal agents to act with respect to an issue of its bonds or other obligations as authenticating agent, transfer agent, registrar, and paying or other agent and specify the rights and duties and means of compensation of any such fiscal agent so acting.
(b) The county treasurer as ex officio treasurer of a special district shall act as fiscal agent for such special district, unless the county treasurer appoints either one or more of the state fiscal agents or other fiscal agent selected by the county treasurer to act with respect to an issue of the special district's bonds or other obligations as authenticating agent, transfer agent, registrar, and paying or other fiscal agent and specify the rights and duties and means of compensation of any such fiscal agent.
(4) Nothing in this section precludes the issuer, or a trustee appointed by the issuer pursuant to any other provision of law, from itself performing, either alone or jointly with other issuers, fiscal agencies, or trustees, any transfer, registration, authentication, payment, or other function described in this section.
[ 2016 c 105 s 7; 1995 c 38 s 7; 1994 c 301 s 11; 1985 c 84 s 1; 1983 c 167 s 3.]
Notes:
Acts of municipal officers ratified and confirmed—1995 c 38: See note following RCW 3.02.045.
Liberal construction—Severability—1983 c 167: See RCW 39.46.010 and note following.

catchline: Registration system authorized—Requirements—Fiscal agents.


title: RCW 39.46.040

text:
(1) A local government authorized to issue bonds must determine for the bond issue its amount, date or dates, terms not in excess of the maximum term otherwise provided in law, conditions, bond denominations, interest rate or rates, which may be fixed or variable, interest payment dates, maturity or maturities, redemption rights, registration privileges, manner of execution, price, manner of sale, covenants, and form, including registration as to principal and interest, registration as to principal only, or bearer. Registration may be as provided in RCW 39.46.030.
(2) If an ordinance or resolution approving the issuance of bonds authorizes an officer or employee of the local government to serve as its designated representative and to accept, on behalf of the local government, an offer to purchase those bonds, the acceptance of the offer by the designated representative must be consistent with terms established by the ordinance or resolution, and with additional parameters set by the governing body of the local government in the ordinance or resolution. That ordinance or resolution must establish the following terms for the bonds or set forth parameters with respect thereto: The amount, date or dates, denominations, interest rate or rates (or mechanism for determining interest rate or rates), payment dates, final maturity, redemption rights, price, minimum savings for refunding bonds (if the refunding bonds are issued for savings purposes), and any other terms and conditions deemed appropriate by the legislative body of the local government. A county designating a representative in accordance with this subsection must act in a manner that is consistent with the approved county debt policy adopted in accordance with RCW 36.48.070.
[ 2011 c 210 s 1; 1983 c 167 s 4.]
Notes:
Application to previously issued bonds—2011 c 210: "All bonds previously issued and any reimbursements previously made with bond proceeds by any local government and consistent with the provisions of this act are hereby validated, ratified, and confirmed." [ 2011 c 210 s 6.]
Liberal construction—Severability—1983 c 167: See RCW 39.46.010 and note following.

catchline: Bonds—Issuer to determine amount, terms, conditions, interest, etc.—Designated representative.


title: RCW 39.46.050

text:
Each local government authorized to issue bonds is authorized to establish lines of credit with any qualified public depository to be drawn upon in exchange for its bonds or other obligations, to delegate to its treasurer authority to determine the amount of credit extended, and to pay interest and other finance or service charges. The interest rates on such bonds or other obligations may be a fixed rate or rates set periodically or a variable rate or rates determined by agreement of the parties.
[ 2003 c 23 s 1; 1983 c 167 s 5.]
Notes:
Liberal construction—Severability—1983 c 167: See RCW 39.46.010 and note following.

catchline: Bonds—Issuer authorized to establish lines of credit.


title: RCW 39.46.060

text:
Where bonds are issued by the state or a local government as physical instruments, the bonds shall be printed, engraved, lithographed, typed, or reproduced and the manual or facsimile signatures of both a designated officer and chairperson of the governing body or chief executive shall be included on each bond.
[ 1983 c 167 s 6.]
Notes:
Liberal construction—Severability—1983 c 167: See RCW 39.46.010 and note following.

catchline: Bonds—Reproduction of physical instrument.


title: RCW 39.46.070

text:
(1) Except as provided in subsection (2) of this section, the proceeds of any bonds issued by the state or a local government may be used to pay incidental costs and costs related to the sale and issuance of the bonds. Such costs include payments for fiscal and legal expenses, obtaining bond ratings, printing, engraving, advertising, establishing and funding reserve accounts and other accounts, an amount for working capital, capitalized interest for up to six months after completion of construction, necessary and related engineering, architectural, planning, and inspection costs, and other similar activities or purposes.
(2) In addition to the costs enumerated in subsection (1) of this section, costs authorized under this section include capitalized interest for up to seventy-two months from the date of issuance for bonds issued by the state for the construction of a public toll bridge under chapter 47.46 RCW.
[ 2002 c 114 s 22; 1983 c 167 s 7.]
Notes:
Finding—Intent—2002 c 114: See RCW 47.46.011.
Captions not law—2002 c 114: See note following RCW 47.46.011.
Liberal construction—Severability—1983 c 167: See RCW 39.46.010 and note following.

catchline: Bonds—Payment of costs of issuance and sale.


title: RCW 39.46.100

text:
RCW 39.46.010 through 39.46.070 shall be deemed to provide a complete, additional, and alternative method for the performance of those subjects authorized by these sections and shall be regarded as supplemental and additional to powers conferred by other state laws. Whenever bonds and other obligations are issued and sold in conformance with RCW 39.46.010 through 39.46.070, such issuance and sale need not comply with contrary requirements of other state laws applicable to the issuance and sale of bonds or other obligations.
[ 1983 c 167 s 8.]
Notes:
Liberal construction—Severability—1983 c 167: See RCW 39.46.010 and note following.

catchline: RCW 39.46.010 through 39.46.070 constitutes alternative method.


title: RCW 39.46.110

text:
(1) General obligation bonds of local governments shall be subject to this section. Unless otherwise stated in law, the maximum term of any general obligation bond issue shall be forty years.
(2) General obligation bonds constitute an indebtedness of the local government issuing the bonds that are subject to the indebtedness limitations provided in Article VIII, section 6 of the state Constitution and are payable from tax revenues of the local government and such other money lawfully available and pledged or provided by the governing body of the local government for that purpose. Such governing body may pledge the full faith, credit and resources of the local government for the payment of general obligation bonds. The payment of such bonds shall be enforceable in mandamus against the local government and its officials. The officials now or hereafter charged by law with the duty of levying taxes pledged for the payment of general obligation bonds and interest thereon shall, in the manner provided by law, make an annual levy of such taxes sufficient together with other moneys lawfully available and pledge [pledged] therefor to meet the payments of principal and interest on the bonds as they come due.
(3) General obligation bonds, whether or not issued as physical instruments, shall be executed in the manner determined by the governing body or legislative body of the issuer. If the issuer is the county or a special district for which the county treasurer is the treasurer, the issuer shall notify the county treasurer at least thirty days in advance of authorizing the issuance of bonds or the incurrence of other certificates of indebtedness.
(4) Unless another statute specifically provides otherwise, the owner of a general obligation bond, or the owner of an interest coupon, issued by a local government shall not have any claim against the state arising from the general obligation bond or interest coupon.
(5) As used in this section, the term "local government" means every unit of local government, including municipal corporations, quasi municipal corporations, and political subdivisions, where property ownership is not a prerequisite to vote in the local government's elections.
[ 1998 c 106 s 7; 1995 c 38 s 8; 1994 c 301 s 12; 1984 c 186 s 2.]
Notes:
Acts of municipal officers ratified and confirmed—1995 c 38: See note following RCW 3.02.045.
Purpose—1984 c 186: "The purpose of this 1984 act is to provide simplified and uniform authorities for various local governments to issue and sell general obligation bonds. It is not the purpose of this 1984 act to alter the indebtedness limitation of local governments." [ 1984 c 186 s 1.]

catchline: Local government general obligation bonds—Indebtedness—Payment—Notice by special district.


title: RCW 39.46.120

text:
Notice of intent to sell general obligation bonds at a public sale shall be provided in a reasonable manner as determined by the legislative authority or governing body of the issuer.
[ 1984 c 186 s 4.]
Notes:
Purpose—1984 c 186: See note following RCW 39.46.110.

catchline: Notice of intent to sell general obligation bonds.


title: RCW 39.46.150

text:
(1) Any local government authorized to issue revenue bonds may issue revenue bonds under this section and RCW 39.46.160. If a local government chooses to issue revenue bonds under this section and RCW 39.46.160, the issue shall be subject to the limitations and restrictions of these sections. The authority to issue revenue bonds under this section and RCW 39.46.160 is supplementary and in addition to any authority otherwise existing. The maximum term of any revenue bonds shall be forty years unless another statute authorizing the local government to issue revenue bonds provides for a different maximum term, in which event the local government may issue revenue bonds only with terms not in excess of such different maximum term.
(2) The governing body of a local government issuing revenue bonds shall create a special fund or funds, or use an existing special fund or funds, exclusively from which, along with reserve funds which may be created by the governing body, the principal and interest on such revenue bonds shall be payable. These reserve funds include those authorized to be created by RCW 39.46.160.
Subject to the limitations contained in this section, the governing body of a local government may provide such covenants as it may deem necessary to secure the payment of the principal of and interest on revenue bonds, and premium on revenue bonds, if any. Such covenants may include, but are not limited to, depositing certain revenues into a special fund or funds as provided in subsection (3) of this section; establishing, maintaining, and collecting fees, rates, charges, tariffs, or rentals, on facilities and services, the income of which is pledged for the payment of such bonds; operating, maintaining, managing, accounting, and auditing the local government; appointing trustees, depositaries, and paying agents; and any and all matters of like or different character, which affect the security or protection of the revenue bonds.
(3) The governing body may obligate the local government to set aside and pay into a special fund or funds created under subsection (2) of this section a proportion or a fixed amount of the revenues from the following: (a) The public improvements, projects, or facilities that are financed by the revenue bonds; or (b) the public utility or system, or an addition or extension to the public utility or system, where the improvements, projects, or facilities financed by the revenue bonds are a portion of the public utility or system; or (c) all the revenues of the local government; or (d) any other money legally available for such purposes. As used in this subsection, the term "revenues" includes the operating revenues of a local government that result from fees, rates, charges, tariffs, or rentals imposed upon the use or availability or benefit from projects, facilities, or utilities owned or operated by the local government and from related services provided by the local government and other revenues legally available to be pledged to secure the revenue bonds.
The proportion or fixed amount of revenue so obligated shall be a lien and charge against these revenues, subject only to maintenance and operating expenses. The governing body shall have due regard for the cost of maintenance and operation of the public utility, system, improvement, project, facility, addition, or extension that generates revenues obligated to be placed into the special fund or funds from which the revenue bonds are payable, and shall not set aside into the special fund or funds a greater amount or proportion of the revenues that in its judgment will be available over and above such cost of maintenance and operation and the proportion or fixed amount, if any, of the revenue so previously pledged. Other revenues, including tax revenues, lawfully available for maintenance or operation of revenue generating facilities may be used for maintenance and operation purposes even though the facilities are acquired, constructed, expanded, replaced, or repaired with moneys arising from the sale of revenue bonds. However, the use of these other revenues for maintenance and operation purposes shall not be deemed to directly or indirectly guarantee the revenue bonds or create a general obligation. The obligation to maintain and impose fees, rates, charges, tariffs, or rentals at levels sufficient to finance maintenance and operations shall remain if the other revenues available for such purposes diminish or cease.
The governing body may also provide that revenue bonds payable out of the same source or sources of revenue may later be issued on a parity with any revenue bonds being issued and sold.
(4) A revenue bond issued by a local government shall not constitute an obligation of the state, either general or special, nor a general obligation of the local government issuing the bond, but is a special obligation of the local government issuing the bond, and the interest and principal on the bond shall only be payable from the special fund or funds established pursuant to subsection (2) of this section, the revenues lawfully pledged to the special fund or funds, and any lawfully created reserve funds. The owner of a revenue bond shall not have any claim for the payment thereof against the local government arising from the revenue bond except for payment from the special fund or funds, the revenues lawfully pledged to the special fund or funds, and any lawfully created reserve funds. The owner of a revenue bond issued by a local government shall not have any claim against the state arising from the revenue bond. Tax revenues shall not be used directly or indirectly to secure or guarantee the payment of the principal of or interest on revenue bonds.
[(5)] The substance of the limitations included in this subsection shall be plainly printed, written, engraved, or reproduced on: (a) Each revenue bond that is a physical instrument; (b) the official notice of sale; and (c) each official statement associated with the bonds.
(6) The authority to create a fund shall include the authority to create accounts within a fund.
(7) Local governments issuing revenue bonds, payable from revenues derived from projects, facilities, or utilities, shall covenant to maintain and keep these projects, facilities, or utilities in proper operating condition for their useful life.
[ 1986 c 168 s 1.]
Notes:
Funds for reserve purposes may be included in issue amount: RCW 39.44.140.

catchline: Revenue bonds—Alternative method of issuance—Limitations.


title: RCW 39.46.160

text:
Any local government issuing revenue bonds under this section and RCW 39.46.150 may include in the amount of any such issue money for the purpose of establishing, maintaining, or increasing reserve funds to:
(1) Secure the payment of the principal of and interest on such revenue bonds; or
(2) Provide for replacements or renewals of or repairs or betterments to revenue producing facilities; or
(3) Provide for contingencies, including, but not limited to, loss of revenue caused by such contingencies.
[ 1986 c 168 s 2.]

catchline: Revenue bonds—Alternative method of issuance—Bonds may include reserve funds.


title: RCW 39.46.170

text:
(1) It is the policy of this state that in order to maintain an effective system of monitoring the use of federal subsidies within the state, facilities within the state proposed to be financed with bonds issued by an issuer formed or organized under the laws of another state must receive prior approval from the statewide issuer authorized by the laws of Washington to issue bonds for the proposed project in accordance with this section.
(2)(a) At least one hundred twenty days prior to the public hearing for the proposed issuance of bonds for a project located in this state by an issuer formed or organized under the laws of another state, the issuer must notify the statewide issuer authorized under the laws of Washington to issue bonds for the proposed project and provide the information required under (b) of this subsection.
(b) The following items and information must be received by the statewide issuer authorized under the laws of Washington to issue bonds for the proposed project:
(i) A copy of the proposed notice of public hearing pertaining to the facilities, providing the date and location of the proposed hearing;
(ii) The maximum stated principal amount of the bonds;
(iii) A description of the facility, including its location;
(iv) A description of the plan of finance;
(v) The name of the issuer of the bonds;
(vi) The name of the initial owner or principal user of the facility;
(vii) A description of how the project will meet the public policy requirements and objectives of this state including the policies of the statewide issuer under Washington law; and
(viii) A check in the amount established by the statewide issuer under Washington law to perform the review.
(c) If the statewide issuer authorized to issue the bonds under Washington law determines that the facility and the items and information submitted under (b) of this subsection are consistent with the laws and public policy of the state and are in the best interest of the state, then the statewide issuer shall issue a written approval under this section authorizing the governmental unit to grant its host approval of the public hearing in its discretion.
(d) If the statewide issuer authorized to issue the bonds under Washington law determines that the facility and the items and information submitted under (b) of this subsection are not consistent with the laws and public policy of the state and are not in the best interest of the state, then the public hearing may not proceed and the bonds may not be issued by an issuer formed or organized under the laws of another state.
(3)(a) By December 1, 2011, annually each December 1st until December 1, 2014, and December 1st every five years thereafter, each statewide issuer receiving the notice required by subsection (2) of this section from an issuer formed or organized under the laws of another state shall, within existing funds, submit a report to the appropriate committees of the legislature.
(b) Each report under (a) of this subsection must provide, for annual reports the following information from the previous fiscal year, and for other reports the following information from each of the previous fiscal years:
(i) The number of proposed projects for which the statewide issuer received notice and the information described under subsection (2) of this section;
(ii) A description of the projects for which notice was submitted;
(iii) The dollar amount of each proposed project;
(iv) The location of each proposed project;
(v) Whether the proposed project was approved by the statewide issuer; and
(vi) For any project that was not approved by the statewide issuer, the reasons for the statewide issuer's decision.
[ 2011 c 211 s 2.]

catchline: Out-of-state issuers—Issuance of bonds for projects within the state.


title: RCW 39.48.010

text:
Bonds and securities of all kinds heretofore or hereafter authorized, issued by any issuing corporation or district (hereinafter called the "issuer" and as hereinafter specified), whether such bonds and securities be issued for such issuer itself or for any other taxing or assessment district within its limits, and whether payable in whole or in part out of and from general taxes or payable in whole or in part out of and from the earnings to be derived from any utility, system, construction, work, or works, belonging to or operated by any such issuer, or payable in whole or in part out of and from "local" or "benefit" assessments upon lands within any assessment district or assessment subdivision within any such issuer, may be sold to the United States government or to any department, corporation or agency thereof by private sale without giving any prior notice thereof by publication or otherwise and in such manner as the governing authority of such issuer may provide: PROVIDED, Only that bonds or other securities sold at private sale under the authority of this chapter shall bear interest at a rate or rates as authorized by the issuer and that all bonds and securities sold and issued under the authority of this chapter shall be sold, if now required by existing law, at not less than par and accrued interest.
[ 1970 ex.s. c 56 s 59; 1969 ex.s. c 232 s 76; 1933 ex.s. c 30 s 1; RRS s 5583-11.]
Notes:
Purpose—1970 ex.s. c 56: See note following RCW 39.52.020.
Validation—Saving—Severability—1969 ex.s. c 232: See notes following RCW 39.52.020.

catchline: Authority conferred.


title: RCW 39.48.020

text:
It shall be proper to provide with respect to any bonds now required to be amortized as provided by *RCW 39.44.010 through 39.44.080, that such amortized annual maturities shall commence to be payable at any time on or before five years from the date of said bonds, and that any bonds, or any part thereof, issued under the authority of this chapter, shall be redeemable prior to their fixed maturities, as provided by the governing board or authority of any such issuer.
[ 1933 ex.s. c 30 s 2; RRS s 5583-12.]
Notes:
*Reviser's note: RCW 39.44.010, 39.44.011, 39.44.020, 39.44.030, 39.44.060, and 39.44.080 were repealed by 1984 c 186 s 70.

catchline: Amortization—Requirements relaxed.


title: RCW 39.48.030

text:
The issuing corporations, districts, and subdivisions hereinbefore referred to and described as "issuer", shall include any county, city, town, school district, port district, metropolitan park district, taxing district, assessment district or any public corporation or municipal corporation authorized by existing law to issue bonds, securities or other evidences of indebtedness for itself or for any other taxing or assessment district therein or department thereof.
[ 1933 ex.s. c 30 s 3; RRS s 5583-13.]

catchline: "Issuer" defined.


title: RCW 39.48.040

text:
It shall be optional with any such issuer, at its discretion, to exercise all or any of the powers conferred by this chapter in connection with the adoption and exercise by any such issuer of the provisions and powers granted by existing law.
[ 1933 ex.s. c 30 s 4; RRS s 5583-14.]

catchline: Chapter optional.


title: RCW 39.50.010

text:
As used in this chapter, the following terms have the meanings indicated unless the context clearly requires otherwise.
(1) "Governing body" means the legislative authority of a municipal corporation by whatever name designated;
(2) "Local improvement district" includes local improvement districts, utility local improvement districts, road improvement districts, and other improvement districts that a municipal corporation is authorized by law to establish;
(3) "Municipal corporation" means any city, town, county, water-sewer district, school district, port district, public utility district, metropolitan municipal corporation, public transportation benefit area, park and recreation district, irrigation district, fire protection district or any other municipal or quasi municipal corporation described as such by statute, or regional transit authority, except joint operating agencies under chapter 43.52 RCW;
(4) "Ordinance" means an ordinance of a city or town or resolution or other instrument by which the governing body of the municipal corporation exercising any power under this chapter takes formal action and adopts legislative provisions and matters of some permanency; and
(5) "Short-term obligations" are warrants, notes, capital leases, or other evidences of indebtedness, except bonds.
[ 2001 c 299 s 16; 1999 c 153 s 54; 1998 c 106 s 8; 1985 c 332 s 8; 1982 c 216 s 2.]
Notes:
Part headings not law—1999 c 153: See note following RCW 57.04.050.


title: RCW 39.50.020

text:
Subject to any applicable budget requirements, any municipal corporation may borrow money and issue short-term obligations as provided in this chapter, the proceeds of which may be used for any lawful purpose of the municipal corporation. Short-term obligations may be issued in anticipation of the receipt of revenues, taxes, or grants or the sale of (1) general obligation bonds if the bonds may be issued without the assent of the voters or if previously ratified by the voters; (2) revenue bonds if the bonds have been authorized by ordinance; (3) local improvement district bonds if the bonds have been authorized by ordinance. These short-term obligations shall be repaid out of money derived from the source or sources in anticipation of which they were issued or from any money otherwise legally available for this purpose.
[ 1982 c 216 s 3.]

catchline: Short-term obligations authorized.


title: RCW 39.50.030

text:
(1) The issuance of short-term obligations shall be authorized by ordinance of the governing body which ordinance shall fix the maximum amount of the obligations to be issued or, if applicable, the maximum amount which may be outstanding at any time, the maximum term and interest rate or rates to be borne thereby, the manner of sale, maximum price, form including bearer or registered as provided in RCW 39.46.030, terms, conditions, and the covenants thereof. For those municipalities and taxing and assessment districts for which the county treasurer is not the designated treasurer by law, the ordinance may provide for designation and employment of a paying agent for the short-term obligations and may authorize a designated representative of the municipal corporation, subject to the terms of the ordinance in selling and delivering short-term obligations authorized and fixing the dates, price, interest rates, and other details as may be specified in the ordinance. For the county and those taxing and assessment districts for which the county treasurer is the designated treasurer by law or other appointment, the county treasurer shall be notified thirty days in advance of borrowing under this chapter and will be the designated paying agent to act on its behalf for all payments of principal, interest, and penalties for that obligation, subject to the terms of the ordinance in selling and delivering short-term obligations authorized and fixing the dates, price, interest rates, and other details as may be specified in the ordinance. Short-term obligations issued under this section shall bear such fixed or variable rate or rates of interest as the governing body considers to be in the best interests of the municipal corporation. Variable rates of interest may be fixed in relationship to such standard or index as the governing body designates.
The governing body may make contracts for the future sale of short-term obligations pursuant to which the purchasers are committed to purchase the short-term obligations from time to time on the terms and conditions stated in the contract, and may pay such consideration as it considers proper for the commitments. Short-term obligations issued in anticipation of the receipt of taxes shall be paid within six months from the end of the fiscal year in which they are issued. For the purpose of this subsection, short-term obligations issued in anticipation of the sale of general obligation bonds shall not be considered to be obligations issued in anticipation of the receipt of taxes.
(2) Notwithstanding subsection (1) of this section, such short-term obligations may be issued and sold in accordance with chapter 39.46 RCW.
[ 2001 c 299 s 17; 1995 c 38 s 9; 1994 c 301 s 13; 1985 c 71 s 1; 1983 c 167 s 112; 1982 c 216 s 4.]
Notes:
Acts of municipal officers ratified and confirmed—1995 c 38: See note following RCW 3.02.045.
Liberal construction—Severability—1983 c 167: See RCW 39.46.010 and note following.

catchline: Issuance of short-term obligations—Procedure—Interest rate—Contracts for future sale.


title: RCW 39.50.040

text:
Short-term obligations may, from time to time, be renewed or refunded by the issuance of short-term obligations and may be funded by the issuance of revenue, local improvement district, special assessment, or general obligation bonds. Short-term obligations payable from taxes shall not be renewed or refunded to a date later than six months from the end of the fiscal year in which the original short-term obligation was issued. For the purpose of this section, short-term obligations issued in anticipation of the sale of general obligation bonds shall not be considered to be short-term obligations payable from taxes.
[ 1985 c 332 s 9; 1985 c 71 s 2; 1982 c 216 s 5.]

catchline: Refunding and renewal of short-term obligations.


title: RCW 39.50.050

text:
Short-term obligations issued in anticipation of the receipt of taxes or the sale of general obligation bonds and the interest thereon shall be secured by the full faith, credit, taxing power, and resources of the municipal corporation. Short-term obligations issued in anticipation of the sale of revenue or local improvement district bonds and the interest thereon may be secured in the same manner as the revenue and local improvement district bonds in anticipation of which the obligations are issued and by an undertaking to issue the bonds. Short-term obligations issued in anticipation of grants, loans, or other sources of money shall be secured in the manner set forth in the ordinance authorizing their issuance.
[ 1982 c 216 s 6.]

catchline: Short-term obligations—Security.


title: RCW 39.50.060

text:
A municipal corporation may incur nonvoted general indebtedness under this chapter up to an amount which, when added to all other authorized and outstanding nonvoted indebtedness of the municipal corporation, is equal to the maximum amount of indebtedness the municipal corporation is otherwise permitted to incur without a vote of the electors.
[ 1982 c 216 s 7.]

catchline: Nonvoted general indebtedness.


title: RCW 39.50.070

text:
For the purpose of providing funds for the payment of principal of and interest on short-term obligations, the governing body may authorize the creation of a special fund or funds and provide for the payment from authorized sources to such funds of amounts sufficient to meet principal and interest requirements.
[ 1982 c 216 s 8.]

catchline: Funds for payment of principal and interest.


title: RCW 39.50.900

text:
The authority granted by this chapter shall be in addition and supplemental to any authority previously granted and shall not limit any other powers or authority previously granted to any municipal corporation. The authority granted by this chapter to public utility districts organized under Title 54 RCW shall not extend to joint operating agencies organized under chapter 43.52 RCW.
[ 1982 c 216 s 9.]

catchline: Chapter cumulative—Applicability to joint operating agencies.


title: RCW 39.52.010

text:
Any county, city, or town in the state of Washington which now has or may hereafter have an outstanding indebtedness evidenced by warrants or bonds, including warrants or bonds of any county, city, or town which are special fund obligations of and constitute a lien upon the waterworks or other public utilities of such county, city, or town, and are payable only from the income or funds derived or to be derived therefrom, whether issued originally within the limitations of the Constitution of this state, or of any law thereof, or whether such outstanding indebtedness has been or may hereafter be validated or legalized in the manner prescribed by law, may, by its corporate authorities, provide by ordinance or resolution for the issuance of funding bonds with which to take up and cancel such outstanding indebtedness in the manner hereinafter described, said bonds to constitute general obligations of such county, city, or town: PROVIDED, That special fund obligations payable only from the income funds of the public utility, shall not be refunded by the issuance of general municipal bonds where voter approval is required before general municipal bonds may be issued for such public utility purposes, unless such general municipal bonds shall have been previously authorized. Nothing in this chapter shall be so construed as to prevent any such county, city, or town from funding its indebtedness as now provided by law.
[ 1995 2nd sp.s. c 17 s 6; 1984 c 186 s 36; 1917 c 145 s 1; 1895 c 170 s 1; RRS s 5617.]
Notes:
Purpose—1984 c 186: See note following RCW 39.46.110.

catchline: Issuance of funding bonds authorized.


title: RCW 39.52.015

text:
That all bonds heretofore voted or issued, and which may have been or may hereafter be issued by any county, city or town, for any of the purposes authorized by the preceding section as hereby amended, including general fund bonds issued for the purpose of refunding special utility fund bonds or warrants, shall be validated and have the same force and effect as though said section had been in full force and effect at the time said bonds were either authorized or issued.
[ 1917 c 145 s 2; RRS s 5618.]

catchline: Validation of prior bond issues.


title: RCW 39.52.020

text:
No bonds issued under this chapter shall be issued for a longer period than twenty years. Nothing in this chapter shall be deemed to authorize the issuing of any funding bonds which exceeds any constitutional or statutory limitations of indebtedness. Such bonds shall be issued and sold in accordance with chapters 39.46 and 39.53 RCW, exclusive of RCW 39.53.120.
[ 1995 2nd sp.s. c 17 s 7; 1984 c 186 s 37; 1983 c 167 s 113; 1970 ex.s. c 56 s 60; 1969 ex.s. c 232 s 31; 1895 c 170 s 2; RRS s 5619.]
Notes:
Purpose—1984 c 186: See note following RCW 39.46.110.
Liberal construction—Severability—1983 c 167: See RCW 39.46.010 and note following.
Purpose—1970 ex.s. c 56: "Because market conditions are such that the state, state agencies, state colleges and universities, and the political subdivisions, municipal corporations and quasi municipal corporations of this state are finding it increasingly difficult and, in some cases, impossible to market bond issues and all other obligations, at the maximum permissible rate of interest payable on such bonds and obligations, it is the purpose of this 1970 amendatory act to remove all maximum rates of interest payable on such bonds and obligations." [ 1970 ex.s. c 56 s 1; 1969 ex.s. c 232 s 1.]
Validation—Saving—1969 ex.s. c 232: "All bonds, the issuance of which was authorized or ratified at a general or special election held within the issuing jurisdiction prior to the effective date of this amendatory act or the proposition for the issuance of which will be submitted at such an election pursuant to action of the legislative authority of the issuer taken prior to the effective date of this amendatory act, may be sold and issued with an interest rate or rates greater than any interest rate restriction contained in the ballot proposition or ordinance or resolution relating to such authorization or ratification if such bonds are sold and issued with an interest rate or rates not greater than those permitted by the applicable provision of this amendatory act." [ 1969 ex.s. c 232 s 94.]
Severability—1969 ex.s. c 232: "If a court of competent jurisdiction shall adjudge to be invalid or unconstitutional any clause, sentence, paragraph, section, or part of this 1969 amendatory act, such judgment or decree shall not affect, impair or nullify the remainder of this act, but the effect thereof shall be confined to the clause, sentence, paragraph, section, or part of this act so adjudged to be invalid or unconstitutional." [ 1969 ex.s. c 232 s 95.]
Bonds, form, terms of sale, payment, etc.: Chapter 39.44 RCW.

catchline: Limitations on issuance of bonds.


title: RCW 39.52.035

text:
The corporate authorities of any such county, city or town shall provide annually by ordinance or resolution for the levy and extension on the tax rolls of such county, city or town, and for the collection thereof, of a direct annual tax in addition to all other county, city or town taxes to be levied according to law, which shall be sufficient to meet the interest on all of said bonds promptly as the same matures, and also sufficient to fully pay each series of bonds as the same matures: PROVIDED, That such ordinance or resolution shall not be repealed until the levy therein provided for shall be fully paid, or the bonds both principal and interest shall be paid or canceled.
[ 1895 c 170 s 4; RRS s 5621. Formerly RCW 39.52.030, part.]

catchline: Tax levy—Purpose.


title: RCW 39.52.050

text:
The words "corporate authorities", used in this chapter, shall be held to mean the county legislative authority, or the council or commission of the city or town.
[ 1984 c 186 s 38; 1895 c 170 s 6; RRS s 5623.]
Notes:
Purpose—1984 c 186: See note following RCW 39.46.110.

catchline: "Corporate authorities" defined.


title: RCW 39.53.010

text:
Except where the context otherwise requires, the definitions in this section apply throughout this chapter:
(1) "Bond" means any revenue bond or general obligation bond.
(2) "General obligation bond" means any bond, note, warrant, certificate of indebtedness, or other obligation of a public body which constitutes an indebtedness within the meaning of the constitutional debt limitation.
(3) "Governing body" means the council, commission, board of commissioners, board of directors, board of trustees, board of regents, or other legislative body of the public body designated herein in which the legislative powers of the public body are vested. With respect to the state, "governing body" means the state finance committee.
(4) "Government obligations" means any of the following: (a) Direct obligations of, or obligations the principal of and interest on which are unconditionally guaranteed by the United States of America and bank certificates of deposit secured by such obligations; (b) bonds, debentures, notes, participation certificates, or other obligations issued by the banks for cooperatives, the federal intermediate credit bank, the federal home loan bank system, the export-import bank of the United States, federal land banks, or the federal national mortgage association; (c) public housing bonds and project notes fully secured by contracts with the United States; and (d) obligations of financial institutions insured by the federal deposit insurance corporation or the federal savings and loan insurance corporation, to the extent insured or to the extent guaranteed as permitted under any other provision of state law.
(5) "Issuer" means the public body issuing any bond or bonds.
(6) "Ordinance" means an ordinance of a city or town, or ordinance, resolution or other instrument by which the governing body of the public body exercising any power under this chapter takes formal action and adopts legislative provisions and matters of some permanency.
(7) "Public body" means the state of Washington, its agencies, institutions, political subdivisions, and municipal and quasi-municipal corporations now or hereafter existing under the laws of the state of Washington.
(8) "Refunding bonds" means bonds issued for the purpose of paying the principal of or redemption premiums or interest on any outstanding bonds of the issuer, its predecessor, or a related public body.
(9) "Refunding plan" means the plan adopted by an ordinance of a public body to issue refunding bonds and redeem the bonds to be refunded.
(10) "Revenue bond" means any bond, note, warrant, certificate of indebtedness, or other obligation for the payment of money that is payable from designated revenues, special assessments, or a special fund but excluding any obligation constituting an indebtedness within the meaning of the constitutional debt limitation.
[ 1999 c 230 s 1; 1984 c 186 s 68; 1973 1st ex.s. c 25 s 1; 1965 ex.s. c 138 s 2.]
Notes:
Application—Construction—1999 c 230: "The authority of a public body to issue refunding bonds pursuant to this act is additional to any existing authority to issue such bonds and nothing in this act shall prevent the issuance of such bonds pursuant to any other law, and this act shall not be construed to amend any existing law authorizing the issuance of refunding bonds by a public body." [ 1999 c 230 s 13.]
Severability—1999 c 230: "If any provision of this act or its application to any person or circumstance is held invalid, the remainder of the act or the application of the provision to other persons or circumstances is not affected." [ 1999 c 230 s 14.]
Purpose—1984 c 186: See note following RCW 39.46.110.

catchline: Definitions.


title: RCW 39.53.020

text:
The governing body of any public body may by ordinance provide for the issuance of refunding bonds without an election (1) in order to pay or discharge all or any part of an outstanding series or issue of bonds, including any redemption premiums or interest thereon, in arrears or about to become due, and for which sufficient funds are not available, (2) when necessary or in the best interest of the public body to modify debt service or reserve requirements, sources of payment, covenants, or other terms of the bonds to be refunded, or (3) in order to effect a saving to the public body. To determine whether or not a saving will be effected, consideration shall be given to the interest to fixed maturities of the refunding bonds and the bonds to be refunded, the costs of issuance of the refunding bonds, including any sale discount, the redemption premiums, if any, to be paid, and the known earned income from the investment of the refunding bond proceeds pending redemption of the bonds to be refunded.
[ 1999 c 230 s 2; 1977 ex.s. c 262 s 1; 1974 ex.s. c 111 s 2; 1965 ex.s. c 138 s 3.]
Notes:
Application—Construction—Severability—1999 c 230: See notes following RCW 39.53.010.
Severability—1974 ex.s. c 111: See note following RCW 39.42.080.

catchline: Issuance authorized—Purposes—Saving to public body, criteria.


title: RCW 39.53.030

text:
Any refunding bonds issued may be delivered in exchange for the bonds to be refunded or may be sold in such manner and at such price as the governing body may in its discretion determine advisable.
[ 1999 c 230 s 3; 1973 1st ex.s. c 25 s 2; 1965 ex.s. c 138 s 4.]
Notes:
Application—Construction—Severability—1999 c 230: See notes following RCW 39.53.010.

catchline: Refunding bonds may be exchanged for bonds to be refunded or sold.