reglab/housing_qa huggingface dataset:
WA Rev Code § 39.110.005 (2021)
2021 Revised Code of Washington|Title 39 - Public Contracts and Indebtedness|Chapter 39.110 - Local Economic Development Financing.|39.110.005 - Findings—Purpose.

RCW 39.110.005 Findings—Purpose.(1) The legislature finds that the issuance of taxable nonrecourse revenue bonds by the Washington economic development finance authority has provided a number of Washington firms with the financing necessary to grow and create jobs. The legislature further finds that municipal authority to issue taxable nonrecourse revenue bonds does not exist and that authorizing the local issuance of taxable bonds for economic development purposes will increase local capacity to strengthen businesses and create jobs.(2) It is the purpose of this chapter to grant new authority for cities, counties, and port districts that created public corporations under chapter 39.84 RCW prior to 2012, in order to build on the expertise with tax-exempt nonrecourse revenue bond financing developed by these municipalities. Therefore, these municipalities are permitted to create local economic development finance authorities to act as a financial conduit that, without using state or local government funds or lending the credit of the state or local governments, can issue taxable and nontaxable nonrecourse revenue bonds, and participate in federal, state, and local economic development programs to help facilitate access to needed capital by Washington businesses. It is also a primary purpose of this chapter to encourage the development of local innovative approaches to the problem of unmet capital needs. This chapter must be construed liberally to carry out its purposes and objectives.[ 2012 c 193 § 1.]
WA Rev Code § 39.110.030 (2021)
2021 Revised Code of Washington|Title 39 - Public Contracts and Indebtedness|Chapter 39.110 - Local Economic Development Financing.|39.110.030 - Lending to authority—Issuance of revenue obligations—Delegation of authority.

RCW 39.110.030 Lending to authority—Issuance of revenue obligations—Delegation of authority.(1) No municipality may give or lend any money or property in aid of an authority. The municipality that creates an authority must annually review any financial statements of the authority and at all times must have access to the books and records of the authority. No authority may issue revenue obligations under this chapter except upon the approval of both the municipality under the auspices of which it was created and the county, city, or town within whose planning jurisdiction the economic development activity to be financed lies. Upon receiving approval from these jurisdictions, an authority must, before bonds may be issued, obtain one of the following:(a) A letter of credit supporting the creditworthiness of the borrower from a bank with an investment grade credit rating;(b) Confirmation that the borrower has arranged for private placement of the bonds with an institutional investor; or(c) Confirmation that the borrower has an investment grade credit rating of their own.(2) An authority established under the terms of this chapter constitutes an authority and an instrumentality (within the meaning of those terms in the regulations of the United States treasury and the rulings of the internal revenue service prescribed pursuant to 26 U.S.C. Sec. 103 of the federal internal revenue code of 1986, as amended) may act on behalf of the municipality under whose auspices it is created for the specific public purposes authorized by this chapter. The authority is not a municipal corporation within the meaning of the state Constitution and the laws of the state, or a political subdivision within the meaning of the state Constitution and the laws of the state, including without limitation, Article VIII, section 7 of the Washington state Constitution. A municipality may not delegate to an authority any of the municipality's attributes of sovereignty including, without limitation, the power to tax, the power of eminent domain, and the police power.[ 2012 c 193 § 4.]
WA Rev Code § 39.110.050 (2021)
2021 Revised Code of Washington|Title 39 - Public Contracts and Indebtedness|Chapter 39.110 - Local Economic Development Financing.|39.110.050 - Operating procedures.

RCW 39.110.050 Operating procedures.(1) An authority established pursuant to this chapter must adopt general operating procedures for the authority. The authority must also adopt operating procedures for individual programs as they are developed for obtaining funds and for providing funds to borrowers. These operating procedures must be adopted by resolution prior to the authority operating the applicable programs.(2) The operating procedures must include, but are not limited to:(a) Appropriate standards for securing loans and other financing the authority provides to borrowers, such as guarantees or collateral; and(b) Strict standards for providing financing to borrowers, such as:(i) The borrower is a responsible party with a high probability of being able to repay the financing provided by the authority;(ii) The financing is reasonably expected to benefit the creating municipality by enabling a borrower to increase or maintain jobs or capital in the municipality;(iii) The borrowers with the greatest needs or that provide the most public benefit are given higher priority by the authority; and(iv) The financing is consistent with any plan adopted by the authority under the provisions of RCW 39.110.060.[ 2012 c 193 § 6.]
WA Rev Code § 39.110.060 (2021)
2021 Revised Code of Washington|Title 39 - Public Contracts and Indebtedness|Chapter 39.110 - Local Economic Development Financing.|39.110.060 - Plan of economic development.

RCW 39.110.060 Plan of economic development.(1) Any authority established pursuant to this chapter must adopt a general plan of economic development finance objectives to be implemented by the authority during the period of the plan. The authority may exercise the powers authorized under this chapter prior to the adoption of the initial plan. In developing the plan, the authority must consider and set objectives for:(a) Employment generation associated with the authority's programs;(b) The application of funds to economic sectors and economic development activity evidencing need for improved access to capital markets and funding resources;(c) Eligibility criteria for participants in authority programs;(d) The use of funds and resources available from or through federal, state, local, and private sources and programs;(e) New programs which serve a targeted need for financing assistance within the purposes of this chapter; and(f) Opportunities to improve capital access as evidenced by programs existent in other localities or as they are made possible by results of private capital market circumstances.(2) Upon adoption of the general plan the authority must conduct its programs in observance of the objectives established in the plan. The authority may periodically update the plan as determined necessary by the authority.[ 2012 c 193 § 7.]
WA Rev Code § 39.110.070 (2021)
2021 Revised Code of Washington|Title 39 - Public Contracts and Indebtedness|Chapter 39.110 - Local Economic Development Financing.|39.110.070 - Prohibited practices.

RCW 39.110.070 Prohibited practices.Notwithstanding any other provision of this chapter, an authority may not:(1) Give any municipal or state money or property or loan any municipal or state money or credit to or in aid of any individual, association, company, or corporation, or become directly or indirectly the owner of any stock in or bonds of any association, company, or corporation;(2) Issue bills of credit or accept deposits of money for time or demand deposit, administer trusts, engage in any form or manner in, or in the conduct of, any private or commercial banking business, or act as a savings bank or savings and loan association other than as provided in this chapter;(3) Be or constitute a bank or trust company within the jurisdiction or under the control of the director of financial institutions, the comptroller of the currency of the United States of America, or the treasury department thereof;(4) Be or constitute a bank, broker, or dealer in securities within the meaning of, or subject to the provisions of, any securities, securities exchange, or securities dealers' law of the United States of America or the state;(5) Engage in the financing of housing as provided for in chapter 43.180 RCW;(6) Engage in the financing of health care facilities as provided for in chapter 70.37 RCW;(7) Engage in financing higher education facilities as provided for in chapter 28B.07 RCW; or(8) Exercise any of the powers authorized in this chapter or issue any revenue bonds with respect to any economic development activity unless the economic development activity is located wholly within the boundaries of the municipality under whose auspices the authority is created or unless the economic development activity comprises energy facilities or solid waste disposal facilities which provide energy for or dispose of solid waste from the municipality or the residents thereof.[ 2012 c 193 § 9.]
WA Rev Code § 39.110.090 (2021)
2021 Revised Code of Washington|Title 39 - Public Contracts and Indebtedness|Chapter 39.110 - Local Economic Development Financing.|39.110.090 - Bonds—Payment source—Disclosures—Proceeds not public money—Contracting.

RCW 39.110.090 Bonds—Payment source—Disclosures—Proceeds not public money—Contracting.(1) Bonds issued by an authority established under this chapter are not considered to constitute a debt of the state, of the municipality, or of any other municipal corporation, quasi-municipal corporation, subdivision, or agency of this state or to pledge any or all of the faith and credit of any of these entities. The revenue bonds are payable solely from both the revenues derived as a result of the economic development activities funded by the revenue bonds including, without limitation, amounts received under the terms of any financing document or by reason of any additional security furnished by beneficiaries of the economic development activity in connection with the financing thereof, and money and other property received from private sources. The issuance of bonds under this chapter do not obligate, directly, indirectly, or contingently, the state or any political subdivision of the state to levy any taxes or appropriate or expend any funds for the payment of the principal or the interest on the bonds. Each revenue bond must contain on its face, and any disclosure document prepared in conjunction with the offer and sale of bonds must include, statements to the effect that:(a) Neither the state, the municipality, or any other municipal corporation, quasi-municipal corporation, subdivision, or agency of the state is obligated to pay the principal or the interest thereon;(b) No tax funds or governmental revenue may be used to pay the principal or interest thereon; and(c) Neither any or all of the faith and credit nor the taxing power of the state, the municipality, or any other municipal corporation, quasi-municipal corporation, subdivision, or agency thereof is pledged to the payment of the principal of or the interest on the revenue bond.(2) Neither the proceeds of bonds issued under this chapter nor any money used or to be used to pay the principal of, premium, if any, or interest on the bonds constitute public money or property. All of such money must be kept segregated and set apart from funds of the state and any political subdivision of the state and are not subject to appropriation or allotment by the state or subject to the provisions of chapter 43.88 RCW.(3) Contracts entered into by an authority must be entered into in the name of the authority and not in the name of the state or any political subdivision of the state. The obligations of the authority under such contracts are obligations only of the authority and are not, in any way, obligations of the municipality creating the authority or the state. An authority may incur only those financial obligations which will be paid from revenues received pursuant to financing documents, from fees or charges paid by beneficiaries of the economic development activities funded by the revenue bonds, or from the proceeds of revenue bonds.[ 2012 c 193 § 11.]
WA Rev Code § 39.110.100 (2021)
2021 Revised Code of Washington|Title 39 - Public Contracts and Indebtedness|Chapter 39.110 - Local Economic Development Financing.|39.110.100 - Financing documents with borrowers—Trust—Trust agreement.

RCW 39.110.100 Financing documents with borrowers—Trust—Trust agreement.(1)(a) An authority may enter into financing documents with borrowers regarding bonds issued by the authority that may provide for the payment by each borrower of amounts sufficient, together with other revenues available to the authority, if any, to:(i) Pay the borrower's share of the fees established by the authority;(ii) Pay the principal of, premium, if any, and interest on outstanding bonds of the authority issued in respect of such borrower as the same become due and payable; and(iii) Create and maintain reserves required or provided for by the authority in connection with the issuance of such bonds.(b) The payments are not subject to supervision or regulation by any department, committee, board, body, bureau, or agency of the state.(2) All money received by or on behalf of the authority with respect to this issuance of its bonds must be trust funds to be held and applied solely as provided in this chapter. The authority, in lieu of receiving and applying the moneys itself, may enter into trust agreement or indenture with one or more banks or trust companies having the power and authority to conduct trust business in the state to:(a) Perform all or any part of the obligations of the authority with respect to:(i) Bonds issued by it;(ii) The receipt, investment, and application of the proceeds of the bonds and money paid by a participant or available from other sources for the payment of the bonds;(iii) The enforcement of the obligations of a borrower in connection with the financing or refinancing of any project; and(iv) Other matters relating to the exercise of the authority's powers under this chapter;(b) Receive, hold, preserve, and enforce any security interest or evidence of security interest granted by a participant for purposes of securing the payment of the bonds; and(c) Act on behalf of the authority or the owners of bonds of the authority for purposes of assuring or enforcing the payment of the bonds, when due.[ 2012 c 193 § 12.]
WA Rev Code § 39.110.110 (2021)
2021 Revised Code of Washington|Title 39 - Public Contracts and Indebtedness|Chapter 39.110 - Local Economic Development Financing.|39.110.110 - Protection and enforcement of rights of bond owners and trustees—Bonds as securities.

RCW 39.110.110 Protection and enforcement of rights of bond owners and trustees—Bonds as securities.(1) Any owner of bonds issued under this chapter by any authority, and the trustee under any trust agreement or indenture, may, either at law or in equity, by suit, action, mandamus, or other proceeding, protect and enforce any of their respective rights, and may become the purchaser at any foreclosure sale if the person is the highest bidder, except to the extent the rights given are restricted by the authority in any bond resolution or trust agreement or indenture authorizing the issuance of the bonds.(2) The bonds of an authority are securities in which all public officers and bodies of this state and all counties, cities, municipal corporations, and political subdivisions, all banks, eligible banking organizations, bankers, trust companies, savings banks and institutions, building and loan associations, savings and loan associations, investment companies, insurance companies and associations, and all executors, administrators, guardians, trustees, and other fiduciaries may legally invest any sinking funds, moneys, or other funds belonging to them or within their control. However, a municipality under the auspices of which an authority was created and the county, city, or town within whose planning jurisdiction the economic development activity to be financed lies, may not invest in bonds issued by the authority.[ 2012 c 193 § 13.]
WA Rev Code § 39.110.120 (2021)
2021 Revised Code of Washington|Title 39 - Public Contracts and Indebtedness|Chapter 39.110 - Local Economic Development Financing.|39.110.120 - Chapter supplemental and additional.

RCW 39.110.120 Chapter supplemental and additional.This chapter provides a complete, additional, and alternative method for accomplishing the purposes of this chapter and must be regarded as supplemental and additional to powers conferred by other laws. The issuance of bonds and refunding bonds under this chapter need not comply with the requirements of any other law applicable to the issuance of bonds.[ 2012 c 193 § 14.]
WA Rev Code § 39.110.900 (2021)
2021 Revised Code of Washington|Title 39 - Public Contracts and Indebtedness|Chapter 39.110 - Local Economic Development Financing.|39.110.900 - Construction.

RCW 39.110.900 Construction.Insofar as the provisions of this chapter are inconsistent with the provisions of any general or special law, or parts thereof, the provisions of this chapter are controlling.[ 2012 c 193 § 15.]
WA Rev Code § 39.112.020 (2021)
2021 Revised Code of Washington|Title 39 - Public Contracts and Indebtedness|Chapter 39.112 - State Land Improvement Financing Areas.|39.112.020 - Conditions for using state land improvement financing.

RCW 39.112.020 Conditions for using state land improvement financing.A city may finance public improvements using state land improvement financing subject to the following conditions:(1) The city has adopted an ordinance designating a state land improvement financing area within its boundaries and specified the public improvements proposed to be financed in whole or in part with the use of state land improvement financing.(2) The public improvements proposed to be financed in whole or in part using state land improvement financing are expected to encourage private development within the state land improvement financing area and to increase the fair market value of real property within the state land improvement financing area.(3) Private development that is anticipated to occur within the state land improvement financing area, as a result of the public improvements, will be consistent with the countywide planning policy adopted by the county under RCW 36.70A.210 and the city's comprehensive plan and development regulations adopted under chapter 36.70A RCW.[ 2016 c 192 § 2.]
WA Rev Code § 39.112.030 (2021)
2021 Revised Code of Washington|Title 39 - Public Contracts and Indebtedness|Chapter 39.112 - State Land Improvement Financing Areas.|39.112.030 - Procedures for creating a state land improvement financing area.

RCW 39.112.030 Procedures for creating a state land improvement financing area.Before adopting an ordinance creating the state land improvement financing area, a city must:(1) Provide written notice of a public hearing to each taxing jurisdiction that levies regular property taxes in the state land improvement financing area, publish notice of the public hearing in a legal newspaper of general circulation within the proposed state land improvement financing area at least ten days before the public hearing, and post the notice in at least six conspicuous public places located in the proposed state land improvement financing area. Notices must describe the contemplated public improvements, estimate the costs of the public improvements, describe the portion of the costs of the public improvements to be borne by state land improvement financing, describe any other sources of revenue to finance the public improvements, describe the boundaries of the proposed state land improvement financing area, and estimate the period during which state land improvement financing is contemplated to be used. The public hearing may be held by either the governing body of the city, or a committee of the governing body that includes at least a majority of the whole governing body;(2) Hold a public hearing on the proposed financing of the public improvement in whole or in part with state land improvement financing; and(3) Adopt an ordinance establishing the state land improvement financing area that describes the public improvements, describes the boundaries of the state land improvement financing area, estimates the cost of the public improvements and the portion of these costs to be financed by state land improvement financing, estimates the time during which regular property taxes are to be apportioned, provides the date when the apportionment of the regular property taxes will commence, and finds that the conditions of RCW 39.112.020 are met.[ 2016 c 192 § 3.]
WA Rev Code § 39.112.040 (2021)
2021 Revised Code of Washington|Title 39 - Public Contracts and Indebtedness|Chapter 39.112 - State Land Improvement Financing Areas.|39.112.040 - Public notice—Notice to officials.

RCW 39.112.040 Public notice—Notice to officials.The city must:(1) Publish notice in a legal newspaper of general circulation within the state land improvement financing area that describes the public improvement, describes the boundaries of the state land improvement financing area, and identifies the location and times where the ordinance and other public information concerning the public improvement may be inspected; and(2) Deliver a certified copy of the ordinance to the county treasurer, the county assessor, and the governing body of each taxing district within which the state land improvement financing area is located.[ 2016 c 192 § 4.]
WA Rev Code § 39.112.050 (2021)
2021 Revised Code of Washington|Title 39 - Public Contracts and Indebtedness|Chapter 39.112 - State Land Improvement Financing Areas.|39.112.050 - Limitations on state land improvement financing areas.

RCW 39.112.050 Limitations on state land improvement financing areas.A state land improvement financing area is subject to the following limitations:(1) A state land improvement financing area is limited to contiguous tracts, lots, pieces, or parcels of land without the creation of islands of property not included in the state land improvement financing area.(2) The public improvements financed through bonds issued under RCW 39.112.070 and public improvements made on a pay-as-you-go basis must be located in the state land improvement financing area.(3) A state land improvement financing area cannot comprise an area containing more than twenty-five percent of the total assessed value of the taxable real property within the boundaries of the city at the time the state land improvement financing area is created.(4) The boundaries of the state land improvement financing area may not be changed for the time period that receipts from regular property taxes are used to pay bonds issued under RCW 39.112.070 and public improvement costs within the state land improvement financing area on a pay-as-you-go basis, as provided under this chapter.[ 2016 c 192 § 5.]