reglab/statecodes huggingface dataset:
2023 Revised Code of Washington › Title 39 - Public Contracts and Indebtedness › Chapter 39.50 - Short-Term Obligations—Municipal Corporations. › 39.50.010 - Definitions.

RCW 39.50.010
Definitions.
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 § 16; 1999 c 153 § 54; 1998 c 106 § 8; 1985 c 332 § 8; 1982 c 216 § 2.]
NOTES:
Part headings not law—1999 c 153: See note following RCW 57.04.050.
2023 Revised Code of Washington › Title 39 - Public Contracts and Indebtedness › Chapter 39.50 - Short-Term Obligations—Municipal Corporations. › 39.50.020 - Short-term obligations authorized.

RCW 39.50.020
Short-term obligations authorized.
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 § 3.]
2023 Revised Code of Washington › Title 39 - Public Contracts and Indebtedness › Chapter 39.50 - Short-Term Obligations—Municipal Corporations. › 39.50.040 - Refunding and renewal of short-term obligations.

RCW 39.50.040
Refunding and renewal of short-term obligations.
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 § 9; 1985 c 71 § 2; 1982 c 216 § 5.]
2023 Revised Code of Washington › Title 39 - Public Contracts and Indebtedness › Chapter 39.50 - Short-Term Obligations—Municipal Corporations. › 39.50.050 - Short-term obligations—Security.

RCW 39.50.050
Short-term obligations—Security.
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 § 6.]
2023 Revised Code of Washington › Title 39 - Public Contracts and Indebtedness › Chapter 39.50 - Short-Term Obligations—Municipal Corporations. › 39.50.060 - Nonvoted general indebtedness.

RCW 39.50.060
Nonvoted general indebtedness.
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 § 7.]
2023 Revised Code of Washington › Title 39 - Public Contracts and Indebtedness › Chapter 39.50 - Short-Term Obligations—Municipal Corporations. › 39.50.070 - Funds for payment of principal and interest.

RCW 39.50.070
Funds for payment of principal and interest.
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 § 8.]
2023 Revised Code of Washington › Title 39 - Public Contracts and Indebtedness › Chapter 39.50 - Short-Term Obligations—Municipal Corporations. › 39.50.900 - Chapter cumulative—Applicability to joint operating agencies.

RCW 39.50.900
Chapter cumulative—Applicability to joint operating agencies.
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 § 9.]
2023 Revised Code of Washington › Title 39 - Public Contracts and Indebtedness › Chapter 39.52 - Funding Indebtedness in Counties, Cities, and Towns. › 39.52.010 - Issuance of funding bonds authorized.

RCW 39.52.010
Issuance of funding bonds authorized.
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 § 6; 1984 c 186 § 36; 1917 c 145 § 1; 1895 c 170 § 1; RRS § 5617.]
NOTES:
Purpose—1984 c 186: See note following RCW 39.46.110.
2023 Revised Code of Washington › Title 39 - Public Contracts and Indebtedness › Chapter 39.52 - Funding Indebtedness in Counties, Cities, and Towns. › 39.52.015 - Validation of prior bond issues.

RCW 39.52.015
Validation of prior bond issues.
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 § 2; RRS § 5618.]
2023 Revised Code of Washington › Title 39 - Public Contracts and Indebtedness › Chapter 39.52 - Funding Indebtedness in Counties, Cities, and Towns. › 39.52.020 - Limitations on issuance of bonds.

RCW 39.52.020
Limitations on issuance of bonds.
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 § 7; 1984 c 186 § 37; 1983 c 167 § 113; 1970 ex.s. c 56 § 60; 1969 ex.s. c 232 § 31; 1895 c 170 § 2; RRS § 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 § 1; 1969 ex.s. c 232 § 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 § 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 § 95.]
Bonds, form, terms of sale, payment, etc.: Chapter 39.44 RCW.
2023 Revised Code of Washington › Title 39 - Public Contracts and Indebtedness › Chapter 39.52 - Funding Indebtedness in Counties, Cities, and Towns. › 39.52.035 - Tax levy—Purpose.

RCW 39.52.035
Tax levy—Purpose.
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 § 4; RRS § 5621. Formerly RCW 39.52.030, part.]
2023 Revised Code of Washington › Title 39 - Public Contracts and Indebtedness › Chapter 39.52 - Funding Indebtedness in Counties, Cities, and Towns. › 39.52.050 - "Corporate authorities" defined.

RCW 39.52.050
"Corporate authorities" defined.
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 § 38; 1895 c 170 § 6; RRS § 5623.]
NOTES:
Purpose—1984 c 186: See note following RCW 39.46.110.
2023 Revised Code of Washington › Title 39 - Public Contracts and Indebtedness › Chapter 39.53 - Refunding Bond Act. › 39.53.020 - Issuance authorized—Purposes—Saving to public body, criteria.

RCW 39.53.020
Issuance authorized—Purposes—Saving to public body, criteria.
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 § 2; 1977 ex.s. c 262 § 1; 1974 ex.s. c 111 § 2; 1965 ex.s. c 138 § 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.
2023 Revised Code of Washington › Title 39 - Public Contracts and Indebtedness › Chapter 39.53 - Refunding Bond Act. › 39.53.030 - Refunding bonds may be exchanged for bonds to be refunded or sold.

RCW 39.53.030
Refunding bonds may be exchanged for bonds to be refunded or sold.
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 § 3; 1973 1st ex.s. c 25 § 2; 1965 ex.s. c 138 § 4.]
NOTES:
Application—Construction—Severability—1999 c 230: See notes following RCW 39.53.010.
2023 Revised Code of Washington › Title 39 - Public Contracts and Indebtedness › Chapter 39.53 - Refunding Bond Act. › 39.53.040 - What bonds may be refunded—Refunding plans—Redemption of refunding bonds.

RCW 39.53.040
What bonds may be refunded—Refunding plans—Redemption of refunding bonds.
Bonds may be refunded under this chapter or under any other law of this state which authorizes the issuance of refunding bonds. In any refunding plan under this chapter the governing body shall provide irrevocably in the ordinance authorizing the issuance of the advance refunding bonds for the redemption or payment of the bonds to be refunded.
The ordinance authorizing the issuance of refunding bonds under this chapter may contain such provisions for the redemption of the refunding bonds prior to maturity and for payment of a premium upon such redemption as the governing body in its discretion may determine advisable.
[ 1999 c 230 § 4; 1977 ex.s. c 262 § 2; 1973 1st ex.s. c 25 § 3; 1965 ex.s. c 138 § 5.]
NOTES:
Application—Construction—Severability—1999 c 230: See notes following RCW 39.53.010.
2023 Revised Code of Washington › Title 39 - Public Contracts and Indebtedness › Chapter 39.53 - Refunding Bond Act. › 39.53.045 - Bonds payable from special assessments—Not subject to refunding.

RCW 39.53.045
Bonds payable from special assessments—Not subject to refunding.
Bonds payable solely from special assessments or special assessments and a guaranty fund issued on or prior to June 7, 1984, shall not be subject to refunding under this chapter.
[ 1984 c 186 § 69.]
NOTES:
Purpose—1984 c 186: See note following RCW 39.46.110.
2023 Revised Code of Washington › Title 39 - Public Contracts and Indebtedness › Chapter 39.53 - Refunding Bond Act. › 39.53.050 - Refunding bonds, principal amount—Disposition of reserves held to secure the bonds to be refunded.

RCW 39.53.050
Refunding bonds, principal amount—Disposition of reserves held to secure the bonds to be refunded.
The principal amount of refunding bonds may exceed the principal amount of the bonds to be refunded by an amount deemed reasonably required to effect such refunding. The principal amount of the refunding bonds may be less than or the same as the principal amount of the bonds to be refunded so long as provision is duly and sufficiently made for the retirement or redemption of such bonds to be refunded. Any reserves held to secure the bonds to be refunded, or other available money, may be used to accomplish the refunding in accordance with the refunding plan. Reserves not so used shall be pledged as security for the refunding bonds to the extent the reserves, if any, are required. The balance of any such reserves may be used for any lawful purpose.
[ 1999 c 230 § 5; 1983 1st ex.s. c 69 § 1; 1977 ex.s. c 262 § 3; 1974 ex.s. c 111 § 3; 1965 ex.s. c 138 § 6.]
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.
2023 Revised Code of Washington › Title 39 - Public Contracts and Indebtedness › Chapter 39.53 - Refunding Bond Act. › 39.53.060 - Application of proceeds of sale of refunding bonds and other funds—Investment in government obligations—Incidental expenses.

RCW 39.53.060
Application of proceeds of sale of refunding bonds and other funds—Investment in government obligations—Incidental expenses.
Prior to the application of the proceeds derived from the sale of refunding bonds to the purposes for which such bonds have been issued, such proceeds, together with any other funds the governing body may set aside for the payment of the bonds to be refunded, may be invested and reinvested only in government obligations maturing or having guaranteed redemption prices at the option of the holder at such time or times as may be required to provide funds sufficient to pay principal, interest and redemption premiums, if any, in accordance with the refunding plan. To the extent incidental expenses have been capitalized, such bond proceeds may be used to defray such expenses.
[ 1999 c 230 § 6; 1973 1st ex.s. c 25 § 4; 1965 ex.s. c 138 § 7.]
NOTES:
Application—Construction—Severability—1999 c 230: See notes following RCW 39.53.010.
2023 Revised Code of Washington › Title 39 - Public Contracts and Indebtedness › Chapter 39.53 - Refunding Bond Act. › 39.53.070 - Application of proceeds of sale of refunding bonds and other funds—Contracts for safekeeping and application—Use to pay and secure refunding bonds—Pledge of revenues—Duty to provide sufficient money to accomplish refunding.

RCW 39.53.070
Application of proceeds of sale of refunding bonds and other funds—Contracts for safekeeping and application—Use to pay and secure refunding bonds—Pledge of revenues—Duty to provide sufficient money to accomplish refunding.
The governing body may contract with respect to the safekeeping and application of the refunding bond proceeds and other funds included therewith and the income therefrom including the right to appoint a trustee which may be any trust company or state or national bank having powers of a trust company within or without the state of Washington. The governing body may provide in the refunding plan that until such moneys are required to redeem or retire the bonds to be refunded, the refunding bond proceeds and other funds, and the income therefrom shall be used to pay and secure the payment of the principal of and interest on the refunding bonds. The governing body may additionally pledge for the payment of revenue refunding bonds any revenues which might legally be pledged for the payment of revenue bonds of the issuer of the type to be refunded. Provisions must be made by the governing body for moneys sufficient in amount to accomplish the refunding as scheduled.
[ 1999 c 230 § 7; 1973 1st ex.s. c 25 § 5; 1965 ex.s. c 138 § 8.]
NOTES:
Application—Construction—Severability—1999 c 230: See notes following RCW 39.53.010.
2023 Revised Code of Washington › Title 39 - Public Contracts and Indebtedness › Chapter 39.53 - Refunding Bond Act. › 39.53.080 - Pledge of revenues to payment of refunding bonds when amounts sufficient to pay revenue bonds to be refunded are irrevocably set aside.

RCW 39.53.080
Pledge of revenues to payment of refunding bonds when amounts sufficient to pay revenue bonds to be refunded are irrevocably set aside.
When a public body has irrevocably set aside for and pledged to the payment of revenue bonds to be refunded refunding bond proceeds and other moneys in amounts which together with known earned income from the investment thereof are sufficient in amount to pay the principal of and interest and any redemption premiums on such revenue bonds as the same become due and to accomplish the refunding as scheduled, the governing body may provide that the refunding revenue bonds shall be payable from any source which, either at the time of the issuance of the refunding bonds or the revenue bonds to be refunded, might legally be or have been pledged for the payment of the revenue bonds to be refunded to the extent it may legally do so, notwithstanding the pledge of such revenues for the payment of the revenue bonds to be refunded.
[ 1999 c 230 § 8; 1965 ex.s. c 138 § 9.]
NOTES:
Application—Construction—Severability—1999 c 230: See notes following RCW 39.53.010.
2023 Revised Code of Washington › Title 39 - Public Contracts and Indebtedness › Chapter 39.53 - Refunding Bond Act. › 39.53.090 - Annual maturities of general obligation refunding bonds issued to refund voted general obligation bonds.

RCW 39.53.090
Annual maturities of general obligation refunding bonds issued to refund voted general obligation bonds.
The various annual maturities of general obligation refunding bonds issued to refund voted general obligation bonds shall not extend over a longer period of time than the bonds to be refunded. Such maturities may be changed in amount or shortened in term if the estimated respective annual principal and interest requirements of the refunding bonds, computed upon the anticipated effective interest rate the governing body shall in its discretion determine will be borne by such bonds, will not exceed the respective annual principal and interest requirements of the bonds to be refunded, except the issuer may increase the principal amount of annual maturities for the purpose of rounding out maturities to the nearest five thousand dollars.
[ 1999 c 230 § 9; 1965 ex.s. c 138 § 10.]
NOTES:
Application—Construction—Severability—1999 c 230: See notes following RCW 39.53.010.
2023 Revised Code of Washington › Title 39 - Public Contracts and Indebtedness › Chapter 39.53 - Refunding Bond Act. › 39.53.100 - Use of deposit moneys and investments in computing indebtedness.

RCW 39.53.100
Use of deposit moneys and investments in computing indebtedness.
In computing indebtedness for the purpose of any constitutional or statutory debt limitation there shall be deducted from the amount of outstanding indebtedness the amounts of money and investments credited to or on deposit for general obligation bond retirement.
[ 1973 1st ex.s. c 25 § 6; 1965 ex.s. c 138 § 11.]
2023 Revised Code of Washington › Title 39 - Public Contracts and Indebtedness › Chapter 39.53 - Refunding Bond Act. › 39.53.110 - Refunding and other bonds may be issued in combination.

RCW 39.53.110
Refunding and other bonds may be issued in combination.
Refunding bonds and bonds for any other purpose or purposes authorized may be issued separately or issued in combination in one or more series or issues by the same issuer.
[ 1999 c 230 § 10; 1965 ex.s. c 138 § 12.]
NOTES:
Application—Construction—Severability—1999 c 230: See notes following RCW 39.53.010.
2023 Revised Code of Washington › Title 39 - Public Contracts and Indebtedness › Chapter 39.53 - Refunding Bond Act. › 39.53.120 - Refunding bonds to be issued in accordance with laws applicable to type of bonds to be refunded—Transfer of funds to applicable bond retirement account.

RCW 39.53.120
Refunding bonds to be issued in accordance with laws applicable to type of bonds to be refunded—Transfer of funds to applicable bond retirement account.
(1) Except as specifically provided in this chapter, refunding bonds issued under this chapter shall be issued in accordance with the provisions of law applicable to the type of bonds of the issuer to be refunded, at the time of the issuance of either the refunding bonds or the bonds to be refunded.
(2) Any refunding bonds hereafter issued by the state of Washington to refund highway bonds that were issued under a highway bond act prior to June 9, 2022, or to refund refunding bonds issued under the refunding bond act prior to June 9, 2022, to refund highway bonds issued under a highway bond act prior to June 9, 2022, shall be issued in accordance with the provisions of law applicable to highway bonds at the time of the issuance of the refunding bonds.
(3) For all refunding bonds previously or hereafter issued by the state of Washington under this chapter, the state treasurer shall transfer from the designated funds or accounts the amount necessary for the payment of principal of and interest on the refunding bonds to the applicable bond retirement account for such refunding bonds on each date on which the interest or principal and interest payment is due on such refunding bonds unless an earlier transfer date, as determined by the state finance committee, is necessary or appropriate to the financial framework of the refunding bonds.
[ 2022 c 103 § 34; 2005 c 487 § 7; 1999 c 230 § 11; 1965 ex.s. c 138 § 13.]
NOTES:
Intent—2022 c 103: See note following RCW 47.10.908.
Effective date—2005 c 487: See RCW 43.99S.901.
Application—Construction—Severability—1999 c 230: See notes following RCW 39.53.010.
2023 Revised Code of Washington › Title 39 - Public Contracts and Indebtedness › Chapter 39.53 - Refunding Bond Act. › 39.53.130 - Amendment of power contracts pursuant to refunding of certain bond issues.

RCW 39.53.130
Amendment of power contracts pursuant to refunding of certain bond issues.
If bonds are to be issued under this chapter for refunding of any bonds issued specifically to finance any electric power and energy project or facility and there are contracts in existence for the sale of electric power and energy generated by such project or facility wherein the cost of power to a purchaser specifically includes a portion of the debt service on the bonds to be refunded, such power contracts shall be amended to reflect in each year during the remaining terms of such contracts that portion of the savings to be realized from such refunding during each such year equal to the percentage of power output from such project or facility purchased by the purchaser under such power contracts. Nothing in this chapter shall be construed to alter, modify or change any such power contracts without the mutual agreement of the parties thereto.
[ 1965 ex.s. c 138 § 15.]
2023 Revised Code of Washington › Title 39 - Public Contracts and Indebtedness › Chapter 39.53 - Refunding Bond Act. › 39.53.140 - Issuance of general obligation refunding bonds to refund general obligation or revenue bonds.

RCW 39.53.140
Issuance of general obligation refunding bonds to refund general obligation or revenue bonds.
Any public body may issue general obligation refunding bonds to refund any general obligation or revenue bonds of such issuer or its agencies or instrumentalities. The payment of general obligation refunding bonds may be additionally secured by a pledge of the revenues pledged to the payment of the revenue bonds to be refunded.
If the payment of revenue bonds to be refunded by general obligation bonds of the state is secured by (1) fees collected by the state as license fees for motor vehicles, or (2) excise taxes collected by the state on the sale, distribution or use of motor vehicle fuel, or (3) interest on the permanent school fund, then the state shall also pledge to the payment of such refunding bonds the same fees, excise taxes, or interest that were pledged to the payment of the revenue bonds to be refunded.
Any public body may issue revenue refunding bonds to refund any general obligation of such issuer or its agencies or instrumentalities if the bonds to be refunded were issued for purposes for which those revenue refunding bonds could be issued.
[ 1999 c 230 § 12; 1974 ex.s. c 111 § 4; 1973 1st ex.s. c 25 § 7.]
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.
2023 Revised Code of Washington › Title 39 - Public Contracts and Indebtedness › Chapter 39.53 - Refunding Bond Act. › 39.53.910 - Additional authority—Effect as to other laws.

RCW 39.53.910
Additional authority—Effect as to other laws.
The authority of a public body to issue refunding bonds pursuant to this chapter is additional to any existing authority to issue such bonds and nothing in this chapter shall prevent the issuance of such bonds pursuant to any other law, and this chapter shall not be construed to amend any existing law authorizing the issuance of refunding bonds by a public body.
[ 1965 ex.s. c 138 § 14.]
2023 Revised Code of Washington › Title 39 - Public Contracts and Indebtedness › Chapter 39.56 - Warrants. › 39.56.020 - Rate on municipal warrants.

RCW 39.56.020
Rate on municipal warrants.
All county, city, town and school warrants, and all warrants or other evidences of indebtedness, drawn upon or payable from any public funds, shall bear interest at a rate or rates as authorized by the issuing authority.
[ 1970 ex.s. c 56 § 106; 1899 c 80 § 4; RRS § 7302. Prior: 1895 c 136 § 3.]
NOTES:
Purpose—1970 ex.s. c 56: See note following RCW 39.52.020.
Cities and towns, local improvement district warrants, interest rate: RCW 35.45.130.
2023 Revised Code of Washington › Title 39 - Public Contracts and Indebtedness › Chapter 39.56 - Warrants. › 39.56.030 - Issuing officer to fix rate.

RCW 39.56.030
Issuing officer to fix rate.
It shall be the duty of every public officer issuing public warrants to make monthly investigation to ascertain the market value of the current warrants issued by him or her, and he or she shall, so far as practicable, fix the rate of interest on the warrants issued by him or her during the ensuing month so that the par value shall be the market value thereof.
[ 2011 c 336 § 810; 1981 c 156 § 16; 1981 c 10 § 4; 1899 c 80 § 5; RRS § 7303.]
2023 Revised Code of Washington › Title 39 - Public Contracts and Indebtedness › Chapter 39.56 - Warrants. › 39.56.040 - Cancellation of municipal warrants.

RCW 39.56.040
Cancellation of municipal warrants.
Registered or interest bearing warrants of any municipal corporation not presented within one year of the date of their call, or other warrants not presented within one year of their issue, shall be canceled by passage of a resolution of the governing body of the municipal corporation, and upon notice of the passage of such resolution the auditor of the municipal corporation and the treasurer of the municipal corporation shall transfer all records of such warrants so as to leave the funds as if such warrants had never been drawn.
[ 1975 1st ex.s. c 131 § 1.]
2023 Revised Code of Washington › Title 39 - Public Contracts and Indebtedness › Chapter 39.58 - Public Funds—Deposits and Investments—Public Depositaries. › 39.58.020 - Public funds—Protection against loss.

RCW 39.58.020
Public funds—Protection against loss.
All public funds deposited in public depositaries, including investment deposits and accrued interest thereon, shall be protected against loss, as provided in this chapter.
[ 1996 c 256 § 2; 1984 c 177 § 11; 1983 c 66 § 5; 1973 c 126 § 10; 1969 ex.s. c 193 § 2.]
NOTES:
Severability—1983 c 66: See note following RCW 39.58.010.
2023 Revised Code of Washington › Title 39 - Public Contracts and Indebtedness › Chapter 39.58 - Public Funds—Deposits and Investments—Public Depositaries. › 39.58.030 - Public deposit protection commission—State finance committee constitutes—Proceedings.

RCW 39.58.030
Public deposit protection commission—State finance committee constitutes—Proceedings.
The Washington public deposit protection commission shall be the state finance committee. The record of the proceedings of the public deposit protection commission shall be kept in the office of the commission and a duly certified copy thereof, or any part thereof, shall be admissible in evidence in any action or proceedings in any court of this state.
[ 1983 c 66 § 6; 1969 ex.s. c 193 § 3.]
NOTES:
Severability—1983 c 66: See note following RCW 39.58.010.
2023 Revised Code of Washington › Title 39 - Public Contracts and Indebtedness › Chapter 39.58 - Public Funds—Deposits and Investments—Public Depositaries. › 39.58.040 - General powers of commission.

RCW 39.58.040
General powers of commission.
The commission shall have the power and broad administrative discretion:
(1) To make and enforce regulations necessary and proper to the full and complete performance of its functions under this chapter;
(2) To require any public depositary to furnish such information dealing with public deposits and the exact status of its capitalization, collateral, liquidity, and net worth as the commission shall request;
(3) To take such action as it deems best for the protection, collection, compromise or settlement of any claim arising in case of loss;
(4) To fix by rule or resolution, consistent with this chapter, the requirements for initial and continued qualification of financial institutions as public depositaries on the basis of a depositary's financial condition, including its capitalization, collateral, liquidity, and net worth, and fixing other terms and conditions consistent with this chapter, under which public deposits may be received and held;
(5) To make and enforce rules setting forth criteria for the establishment by policy of standards governing matters that are subject to the commission's powers to fix requirements, terms, and conditions under subsection (4) of this section for a public depositary, and, if these standards are not met, providing for additional collateral or other conditional or unconditional requirements or restrictions applicable to the public depositary's right to receive or hold public deposits;
(6) To require additional or different types and amounts of collateral, or to restrict a public depositary's right to receive or hold public deposits if the standards for the financial condition of public depositaries are not met;
(7) To fix the official date on which any loss shall be deemed to have occurred taking into consideration the orders, rules, and regulations of the supervisory authority of a public depositary's primary regulatory authority and federal deposit insurer as they affect the failure or inability of a public depositary to repay public deposits in full;
(8) In case loss occurs in more than one public depositary, to determine the allocation and time of payment of any sums due to public depositors under this chapter; and
(9) To make and enforce sanctions against a public depositary for noncompliance with the provisions of this chapter and rules or policies of the commission.
[ 2009 c 9 § 2; 1996 c 256 § 3; 1986 c 25 § 2; 1984 c 177 § 12; 1983 c 66 § 7; 1975 1st ex.s. c 77 § 2; 1969 ex.s. c 193 § 4.]
NOTES:
Effective date—2009 c 9: See note following RCW 39.58.010.
Severability—1983 c 66: See note following RCW 39.58.010.
2023 Revised Code of Washington › Title 39 - Public Contracts and Indebtedness › Chapter 39.58 - Public Funds—Deposits and Investments—Public Depositaries. › 39.58.060 - Loss in a public depositary—Procedure for payment.

RCW 39.58.060
Loss in a public depositary—Procedure for payment.
When the commission determines that a loss has occurred in a public depositary, it shall as soon as possible make payment to the proper public officers of all funds subject to such loss, pursuant to the following procedures:
(1) For the purposes of determining the sums to be paid, the director of the department of financial institutions or the receiver shall, within twenty days after issuance of a restraining order or taking possession of any public depositary, ascertain the amount of public funds on deposit therein as disclosed by its records and the amount thereof covered by deposit insurance and provide written verification of the amounts thereof to the commission and each public depositor;
(2) Within ten days after receipt of written verification, each public depositor shall furnish to the commission verified statements of its deposits in the public depositary, including the uninsured and uncollateralized status of the public deposits, as disclosed by its records;
(3) Upon receipt of written verification and statements, the commission shall ascertain and fix the amount of the public deposits, net after deduction of any amount received from deposit insurance and held collateral, and, after determining and declaring the apparent net loss, assess the same against all public depositaries, as follows: First, against the public depositary in which the loss occurred, to the extent of the full value of collateral segregated pursuant to this chapter; second, against all other public depositaries pro rata in proportion to the maximum liability of each depositary as it existed on the date of loss;
(4) Assessments made by the commission shall be payable on the second business day following demand, and in case of the failure of any public depositary so to pay, the commission shall take possession of the securities segregated as collateral by the depositary pursuant to this chapter and liquidate the same for the purpose of paying such assessment;
(5) Upon receipt of the assessment payments, the commission shall reimburse the public depositors of the public depositary in which the loss occurred to the extent of the depositary's net deposit liability to them;
(6) Any owner of public deposits receiving assessment proceeds shall provide a receivership certificate to the commission.
[ 2009 c 9 § 5; 1996 c 256 § 5; 1983 c 66 § 9; 1973 c 126 § 12; 1969 ex.s. c 193 § 6.]
NOTES:
Effective date—2009 c 9: See note following RCW 39.58.010.
Severability—1983 c 66: See note following RCW 39.58.010.
2023 Revised Code of Washington › Title 39 - Public Contracts and Indebtedness › Chapter 39.58 - Public Funds—Deposits and Investments—Public Depositaries. › 39.58.070 - Subrogation of commission to depositor's rights—Sums received from distribution of assets, payment.

RCW 39.58.070
Subrogation of commission to depositor's rights—Sums received from distribution of assets, payment.
Upon payment to any public depositor, the commission shall be subrogated to all of such depositor's right, title and interest against the public depositary in which the loss occurred and shall share in any distribution of its assets ratably with other depositors. Any sums received from any distribution shall be paid to the public depositors to the extent of any unpaid net deposit liability and the balance remaining shall be paid to the public depositaries against which assessments were made, pro rata in proportion to the assessments actually paid by each such depositary: PROVIDED, That the public depositary in which the loss occurred shall not share in any such distribution of the balance remaining. If the commission incurs expense in enforcing any such claim, the amount thereof shall be paid as a liquidation expense of the public depositary in which the loss occurred.
[ 1996 c 256 § 7; 1973 c 126 § 13; 1969 ex.s. c 193 § 7.]
2023 Revised Code of Washington › Title 39 - Public Contracts and Indebtedness › Chapter 39.58 - Public Funds—Deposits and Investments—Public Depositaries. › 39.58.085 - Demand accounts in out-of-state and alien banks—Limitations.

RCW 39.58.085
Demand accounts in out-of-state and alien banks—Limitations.
(1)(a) The commission, or the chair upon delegation by the commission, may authorize state and local governmental entities to establish demand accounts in out-of-state and alien banks in an aggregate amount not to exceed one million dollars. No single governmental entity shall be authorized to hold more than fifty thousand dollars in one demand account.
(b) The governmental entities establishing such demand accounts shall be solely responsible for their proper and prudent management and shall bear total responsibility for any losses incurred by such accounts. Accounts established under the provisions of this section shall not be considered insured by the commission.
(c) The state auditor shall annually monitor compliance with this section and the financial status of such demand accounts.
(2) Subsection (1)(a) of this section does not apply to RCW 39.58.080 (2) and (3).
[ 2016 sp.s. c 2 § 2; 2005 c 203 § 2; 1996 c 256 § 9; 1987 c 505 § 21; 1986 c 160 § 2.]
2023 Revised Code of Washington › Title 39 - Public Contracts and Indebtedness › Chapter 39.58 - Public Funds—Deposits and Investments—Public Depositaries. › 39.58.090 - Authority to secure deposits in accordance with chapter—Bonds and securities for deposits dispensed with.

RCW 39.58.090
Authority to secure deposits in accordance with chapter—Bonds and securities for deposits dispensed with.
All institutions located in this state which are permitted by the statutes of this state to hold and receive public funds shall have power to secure such deposits in accordance with this chapter. Except as provided in this chapter, no bond or other security shall be required of or given by any public depositary for any public funds on deposit.
[ 1996 c 256 § 10; 1984 c 177 § 15; 1969 ex.s. c 193 § 9.]
2023 Revised Code of Washington › Title 39 - Public Contracts and Indebtedness › Chapter 39.58 - Public Funds—Deposits and Investments—Public Depositaries. › 39.58.100 - Reports of public depositaries—Certification by director of financial institutions.

RCW 39.58.100
Reports of public depositaries—Certification by director of financial institutions.
(1) On or before each commission report due date, each public depositary shall render to the commission a written report, certified under oath, indicating the total amount of public funds on deposit held by it, the uninsured amount of those funds, the net worth of the depositary, and the amount and nature of eligible collateral then segregated for the benefit of the commission.
(2) The commission may instruct the director of the department of financial institutions to examine and thereafter certify as to the accuracy of any statement to the commission by any state public depositary, or to provide such other examination report information or data as may be required by the commission. The type, content, and frequency of the reports may be determined by the director of the department of financial institutions, consistent with the requirements of the commission as defined by rule.
[ 2009 c 9 § 7; 1996 c 256 § 11; 1984 c 177 § 16; 1983 c 66 § 12; 1969 ex.s. c 193 § 10.]
NOTES:
Effective date—2009 c 9: See note following RCW 39.58.010.
Severability—1983 c 66: See note following RCW 39.58.010.
2023 Revised Code of Washington › Title 39 - Public Contracts and Indebtedness › Chapter 39.58 - Public Funds—Deposits and Investments—Public Depositaries. › 39.58.103 - Notice to commission of reduced net worth.

RCW 39.58.103
Notice to commission of reduced net worth.
Each public depositary shall notify the commission in writing within forty-eight hours, or by close of business of the next business day thereafter, of the happening of an event which causes its net worth to be reduced by an amount greater than ten percent of the amount shown as its net worth on the most recent report submitted pursuant to RCW 39.58.100.
[ 2009 c 9 § 8; 1983 c 66 § 13; 1975 1st ex.s. c 77 § 4.]
NOTES:
Effective date—2009 c 9: See note following RCW 39.58.010.
Severability—1983 c 66: See note following RCW 39.58.010.
2023 Revised Code of Washington › Title 39 - Public Contracts and Indebtedness › Chapter 39.58 - Public Funds—Deposits and Investments—Public Depositaries. › 39.58.105 - Investigation of financial institution applying to become public depositary—Report.

RCW 39.58.105
Investigation of financial institution applying to become public depositary—Report.
(1) The commission may require the state auditor or the director of the department of financial institutions, to the extent of their respective authority under applicable federal and Washington state law, to thoroughly investigate and report to it concerning the condition of any financial institution which makes application to become a public depositary, and may also as often as it deems necessary require the state auditor or the director of the department of financial institutions, to the extent of their respective authority under applicable federal and Washington state law, to make such investigation and report concerning the condition of any financial institution which has been designated as a public depositary. The expense of all such investigations or reports shall be borne by the financial institution examined.
(2) In lieu of any such investigation or report, the commission may rely upon information made available to it or the director of the department of financial institutions by the office of the comptroller of the currency, the national credit union administration, the federal deposit insurance corporation, the federal reserve board, any state financial institutions regulatory agency, or any successor state or federal financial institutions regulatory agency, and any such information or data received by the commission shall be kept and maintained in the same manner and have the same protections as examination reports received by the commission from the director of the department of financial institutions pursuant to RCW 30A.04.075(2)(h), 32.04.220(2)(h), and * 31.12.565(2)(j).
(3) The director of the department of financial institutions shall in addition advise the commission of any action he or she has directed any state public depositary to take which will result in a reduction of greater than ten percent of the net worth of such depositary as shown on the most recent report it submitted pursuant to RCW 39.58.100.
[ 2018 c 237 § 2; 2016 c 152 § 3; 2009 c 9 § 9; 1996 c 256 § 12; 1983 c 66 § 14; 1975 1st ex.s. c 77 § 5.]
NOTES:
*Reviser's note: RCW 31.12.565 was amended by 2022 c 49 § 8, changing subsection (2)(j) to subsection (2)(k).
Effective date—2009 c 9: See note following RCW 39.58.010.
Severability—1983 c 66: See note following RCW 39.58.010.