reglab/statecodes huggingface dataset:
2023 Revised Code of Washington › Title 39 - Public Contracts and Indebtedness › Chapter 39.90 - Validation of Bonds and Financing Proceedings. › 39.90.020 - Validation of bonds, proceedings for issuance, sales, etc.

RCW 39.90.020
Validation of bonds, proceedings for issuance, sales, etc.
All bonds heretofore issued for the purpose of financing or aiding in the financing of any work, undertaking, or project by any public body, including all proceedings for the authorization and issuance of such bonds, and the sale, execution, and delivery thereof, are hereby validated, ratified, approved, and confirmed, notwithstanding any lack of power (other than constitutional) of such public body, or the governing body or commission or officers thereof, to authorize and issue such bonds, or to sell, execute, or deliver the same, and notwithstanding any defects or irregularities (other than constitutional), including the failure to publish notices of elections, in such proceedings, or in such sale, execution or delivery, and notwithstanding that such governing body or commission or officers may not have been elected, appointed or qualified for the offices they purported to hold; and such bonds are and shall be binding, legal, valid, and enforceable obligations of such public body.
[ 1947 c 242 § 2; Rem. Supp. 1947 § 5616-21.]
2023 Revised Code of Washington › Title 39 - Public Contracts and Indebtedness › Chapter 39.90 - Validation of Bonds and Financing Proceedings. › 39.90.030 - Validation of proceedings to finance or aid in financing.

RCW 39.90.030
Validation of proceedings to finance or aid in financing.
All proceedings which have been taken prior to March 19, 1947, for the purpose of financing or aiding in the financing of any work, undertaking, or project by any public body, including all proceedings for the authorization and issuance of bonds and for the sale, execution, and delivery thereof, are hereby validated, ratified, approved, and confirmed, notwithstanding any lack of power (other than constitutional) of such public body, or the governing body or commission or officers thereof, to authorize and issue such bonds, or to sell, execute, or deliver the same, and notwithstanding any defects or irregularities (other than constitutional) in such proceedings.
[ 1947 c 242 § 3; Rem. Supp. 1947 § 5616-22.]
2023 Revised Code of Washington › Title 39 - Public Contracts and Indebtedness › Chapter 39.90 - Validation of Bonds and Financing Proceedings. › 39.90.050 - Revenue bonds—Sale or issuance with greater interest rate than that specified authorized.

RCW 39.90.050
Revenue bonds—Sale or issuance with greater interest rate than that specified authorized.
All revenue bonds, the issuance of which was authorized or ratified at a general or special election held within the issuing jurisdiction prior to July 1, 1970 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 July 1, 1970, 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.
[ 1970 ex.s. c 66 § 6.]
2023 Revised Code of Washington › Title 39 - Public Contracts and Indebtedness › Chapter 39.90 - Validation of Bonds and Financing Proceedings. › 39.90.060 - Validation of debts, contracts and obligations regardless of interest rates.

RCW 39.90.060
Validation of debts, contracts and obligations regardless of interest rates.
All debts, contracts and obligations heretofore made or incurred by or in favor of the state, state agencies, The Evergreen State College, community colleges, and regional and state universities, and the political subdivisions, municipal corporations and quasi municipal corporations of this state, are hereby declared to be legal and valid and of full force and effect from the date thereof, regardless of the interest rate borne by any such debts, contracts and obligations.
[ 1977 ex.s. c 169 § 93; 1970 ex.s. c 66 § 7.]
NOTES:
Severability—Nomenclature—Savings—1977 ex.s. c 169: See notes following RCW 28B.10.016.
2023 Revised Code of Washington › Title 39 - Public Contracts and Indebtedness › Chapter 39.92 - Local Transportation Act. › 39.92.010 - Purpose.

RCW 39.92.010
Purpose.
The legislature finds that there is an increasing need for local and regional transportation improvements as the result of both existing demands and the foreseeable future demands from economic growth and development within the state, including residential, commercial, and industrial development.
The legislature intends with this chapter to enable local governments to develop and adopt programs for the purpose of jointly funding, from public and private sources, transportation improvements necessitated in whole or in part by economic development and growth within their respective jurisdictions. The programs should provide a fair and predictable method for allocating the cost of necessary transportation improvements between the public and private sectors. The programs should include consideration of public transportation as a method of reducing off-site transportation impacts from development. The legislature finds that the private funds authorized to be collected pursuant to this chapter are for the purpose of mitigating the impacts of development and are not taxes. The state shall encourage and give priority to the state funding of local and regional transportation improvements that are funded in part by local, public, and private funds.
The authority provided by this chapter, RCW 35.43.182 through 35.43.188, and 36.88.072 through 36.88.078 for local governments to create and implement local transportation programs is intended to be supplemental, except as expressly provided in RCW 39.92.030(9), 82.02.020, and 36.73.120, to the existing authorities and responsibilities of local governments to regulate development and provide public facilities.
[ 1988 c 179 § 1.]
2023 Revised Code of Washington › Title 39 - Public Contracts and Indebtedness › Chapter 39.92 - Local Transportation Act. › 39.92.020 - Definitions.

RCW 39.92.020
Definitions.
The definitions set forth in this section apply throughout this chapter.
(1) "Developer" means an individual, group of individuals, partnership, corporation, association, municipal corporation, state agency, or other person undertaking development and their successors and assigns.
(2) "Development" means the subdivision or short platting of land or the construction or reconstruction of residential, commercial, industrial, public, or any other building, building space, or land.
(3) "Direct result of the proposed development" means those quantifiable transportation impacts that are caused by vehicles or pedestrians whose trip origin or destination is the proposed development.
(4) "Local government" means all counties, cities, and towns in the state of Washington and transportation benefit districts created pursuant to chapter 36.73 RCW.
(5) "Off-site transportation improvements" means those transportation capital improvements designated in the local plan adopted under this chapter that are authorized to be undertaken by local government and that serve the transportation needs of more than one development.
(6) "Transportation impact fee" means a monetary charge imposed on new development for the purpose of mitigating off-site transportation impacts that are a direct result of the proposed development.
(7) "Fair market value" means the price in terms of money that a property will bring in a competitive and open market under all conditions of a fair sale, the buyer and seller each prudently knowledgeable, and assuming the price is not affected by undue stimulus, measured at the time of the dedication to local government of land or improved transportation facilities.
[ 1988 c 179 § 2.]
2023 Revised Code of Washington › Title 39 - Public Contracts and Indebtedness › Chapter 39.92 - Local Transportation Act. › 39.92.040 - Transportation impact fee.

RCW 39.92.040
Transportation impact fee.
The program shall describe the formula or method for calculating the amount of the transportation impact fees to be imposed on new development within the plan area. The program may require developers to pay a transportation impact fee for off-site transportation improvements not yet constructed and for those jointly-funded improvements constructed since the commencement of the program.
The program shall define the event in the development approval process that triggers a determination of the amount of the transportation impact fees and the event that triggers the obligation to make actual payment of the fees. However, the payment obligation shall not commence before the date the developer has obtained a building permit for the new development or, in the case of residential subdivisions or short plats, at the time of final plat approval, at the developer's option. If the developer of a residential subdivision or short plat elects to pay the fee at the date a building permit has been obtained, the option to pay the transportation impact fee by installments as authorized by this section is deemed to have been waived by the developer. The developer shall be given the option to pay the transportation impact fee in a lump sum, without interest, or by installment with reasonable interest over a period of five years or more as specified by the local government.
The local government shall require security for the obligation to pay the transportation impact fee, in the form of a recorded agreement, deed of trust, letter of credit, or other instrument determined satisfactory by the local government. The developer shall also be given credit against its obligations for the transportation impact fee, for the fair market value of off-site land and/or the cost of constructing off-site transportation improvements dedicated to the local government. If the value of the dedication exceeds the amount of transportation impact fee obligation, the developer is entitled to reimbursement from transportation impact fees attributable to the dedicated improvements and paid by subsequent developers within the plan area.
Payment of the transportation impact fee entitles the developer and its successors and assigns to credit against any other fee, local improvement district assessment, or other monetary imposition made specifically for the designated off-site transportation improvements intended to be covered by the transportation impact fee imposed pursuant to this program. The program shall also define the criteria for establishing periodic fee increases attributable to construction and related cost increases for the improvements designated in the program.
[ 1989 c 296 § 1; 1988 c 179 § 4.]
2023 Revised Code of Washington › Title 39 - Public Contracts and Indebtedness › Chapter 39.92 - Local Transportation Act. › 39.92.050 - Interlocal cooperation—Consistency and assistance.

RCW 39.92.050
Interlocal cooperation—Consistency and assistance.
Local governments are authorized and encouraged to enter into interlocal agreements to jointly develop and adopt with other local governments the transportation programs authorized by this chapter for the purpose of accomplishing regional transportation planning and development. Local governments shall also seek, to the greatest degree practicable, consistency among jurisdictions in the terms and conditions of their programs for the purpose of increasing fairness and predictability on a regional basis. Local governments shall seek comment, in the development of their programs, from other affected local governments, state agencies, and governments authorized to perform public transportation functions. Local governments are also encouraged to enter into interlocal agreements to provide technical assistance to each other, in return for reasonable reimbursement, for the purpose of developing and implementing such transportation programs.
[ 1988 c 179 § 5.]
2023 Revised Code of Washington › Title 39 - Public Contracts and Indebtedness › Chapter 39.92 - Local Transportation Act. › 39.92.900 - Severability—Prospective application—1988 c 179.

RCW 39.92.900
Severability—Prospective application—1988 c 179.
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. This act is intended to be prospective, not retroactive, in its application.
[ 1988 c 179 § 17.]
2023 Revised Code of Washington › Title 39 - Public Contracts and Indebtedness › Chapter 39.92 - Local Transportation Act. › 39.92.901 - Section captions—1988 c 179.

RCW 39.92.901
Section captions—1988 c 179.
Section captions used in this act do not constitute any part of the law.
[ 1988 c 179 § 18.]
2023 Revised Code of Washington › Title 39 - Public Contracts and Indebtedness › Chapter 39.94 - Financing Contracts. › 39.94.010 - Purposes—Construction.

RCW 39.94.010
Purposes—Construction.
The purposes of this chapter are to confirm the authority of the state, its agencies, departments, and instrumentalities, the state board for community and technical colleges, and the state institutions of higher education to enter into contracts for the acquisition of real and personal property which provide for payments over a term of more than one year and to exclude such contracts from the computation of indebtedness under Article VIII, section 1 of the state Constitution. It is further the purpose of this chapter to permit the state, its agencies, departments, and instrumentalities, the state board for community and technical colleges, and the state institutions of higher education to enter into financing contracts which make provision for the issuance of certificates of participation and other financing structures. Financing contracts of the state, whether or not entered into under this chapter, shall be subject to approval by the state finance committee except as provided in this chapter.
This chapter shall be liberally construed to effect its purposes.
[ 2009 c 500 § 6; 1998 c 291 § 2; 1989 c 356 § 1.]
NOTES:
Effective date—2009 c 500: See note following RCW 39.42.070.
Application—1998 c 291: See note following RCW 39.94.050.
2023 Revised Code of Washington › Title 39 - Public Contracts and Indebtedness › Chapter 39.94 - Financing Contracts. › 39.94.020 - Definitions.

RCW 39.94.020
Definitions.
Unless the context clearly requires otherwise, the definitions in this section apply throughout this chapter.
(1) "Credit enhancement" includes insurance, letters of credit, lines of credit, or other similar agreements which enhance the security for the payment of the state's or an other agency's obligations under financing contracts.
(2) "Financing contract" means any contract entered into by the state for itself or on behalf of an other agency which provides for the use and purchase of real or personal property by the state and provides for payment by the state over a term of more than one year, and which provides that title to the subject property may secure performance of the state or transfer to the state or an other agency by the end of the term, upon exercise of an option, for a nominal amount or for a price determined without reference to fair market value. Financing contracts include, but are not limited to, conditional sales contracts, financing leases, lease purchase contracts, or refinancing contracts, but do not include operating or true leases. For purposes of this chapter, the term "financing contract" does not include any nonrecourse financing contract or other obligation payable only from money or other property received from private sources and not payable from any public money or property. The term "financing contract" includes a "master financing contract."
(3) "Master financing contract" means a financing contract which provides for the use and purchase of property by the state, and which may include more than one financing contract and appropriation.
(4) "Other agency" means any commission established under Title 15 RCW, a library or regional library, an educational service district, the superintendent of public instruction, the school directors' association, a health district, a public facilities district, or any county, city, town, school district, or other municipal corporation or quasi-municipal corporation.
(5) "State" means the state, agency, department, or instrumentality of the state, the state board for community and technical colleges, and any state institution of higher education.
(6) "State finance committee" means the state finance committee under chapter 43.33 RCW.
(7) "Trustee" means a bank or trust company, within or without the state, authorized by law to exercise trust powers.
[ 2010 1st sp.s. c 15 § 13; 2010 c 115 § 1; 1998 c 291 § 3; 1990 c 47 § 3; 1989 c 356 § 2.]
NOTES:
Findings—Intent—Construction—2010 1st sp.s. c 15: See notes following RCW 36.100.010.
Authority—2010 c 115: See note following RCW 39.94.030.
Application—1998 c 291: See note following RCW 39.94.050.
2023 Revised Code of Washington › Title 39 - Public Contracts and Indebtedness › Chapter 39.94 - Financing Contracts. › 39.94.050 - Financing program to be self-supporting—Payment of program expenses.

RCW 39.94.050
Financing program to be self-supporting—Payment of program expenses.
(1) It is the intent of the legislature that the financing program authorized by this chapter be self-supporting.
(2) The state treasurer is authorized to levy fees and apply specified investment earnings from time to time in amounts not to exceed sums sufficient to pay program expenses including, but not limited to, costs of issuance, and to create reserves to assure timely payment of financing contracts. The investment earnings available for this purpose represent the earnings on payments received from state and other agencies.
[ 1998 c 291 § 1.]
NOTES:
Application—1998 c 291: "Chapter 291, Laws of 1998 is applicable to an other agency, as defined in RCW 39.94.020, for the financing of equipment on September 1, 1998, and for the financing of real estate on July 1, 2000." [ 1998 c 291 § 6.]
2023 Revised Code of Washington › Title 39 - Public Contracts and Indebtedness › Chapter 39.96 - Payment Agreements. › 39.96.010 - Findings and declaration.

RCW 39.96.010
Findings and declaration.
The legislature finds and declares that the issuance by state and local governments of bonds and other obligations involves exposure to changes in interest rates; that a number of financial instruments are available to lower the net cost of these borrowings, or to reduce the exposure of state and local governments to changes in interest rates; that these reduced costs for state and local governments will benefit taxpayers and ratepayers; and that the legislature desires to provide state and local governments with express statutory authority to take advantage of these instruments. In recognition of the complexity of these financial instruments, the legislature desires that this authority be subject to certain limitations.
[ 2004 c 108 § 1; 2000 c 184 § 1; 1995 c 192 § 1; 1993 c 273 § 1.]
NOTES:
Effective date—2000 c 184: "This act takes effect July 1, 2000." [ 2000 c 184 § 7.]
Effective date—1995 c 192: "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 shall take effect July 1, 1995." [ 1995 c 192 § 3.]
2023 Revised Code of Washington › Title 39 - Public Contracts and Indebtedness › Chapter 39.96 - Payment Agreements. › 39.96.020 - Definitions.

RCW 39.96.020
Definitions.
The definitions in this section apply throughout this chapter unless the context clearly requires otherwise.
(1) "Financial advisor" means a financial services or financial advisory firm:
(a) With recognized knowledge and experience in connection with the negotiation and execution of payment agreements;
(b) That is acting solely as financial advisor to the governmental entity in connection with the execution of the payment agreement and the issuance or incurring of any related obligations, and not as a principal, placement agent, purchaser, underwriter, or other similar party, and that does not control, nor is it controlled by or under common control with, any such party;
(c) That is compensated for its services in connection with the execution of payment agreements, either directly or indirectly, solely by the governmental entity; and
(d) Whose compensation is not based on a percentage of the notional amount of the payment agreement or of the principal amount of any related obligations.
(2) "Governmental entity" means state government or local government.
(3) "Local government" means any city, county, city transportation authority, regional transit authority established under chapter 81.112 RCW, port district, public hospital district, public facilities district, or public utility district, or any joint operating agency formed under RCW 43.52.360, that has or will have outstanding obligations in an aggregate principal amount of at least one hundred million dollars as of the date a payment agreement is executed or is scheduled by its terms to commence or had at least one hundred million dollars in gross revenues during the preceding calendar year.
(4) "Obligations" means bonds, notes, bond anticipation notes, commercial paper, or other obligations for borrowed money, or lease, installment purchase, or other similar financing agreements or certificates of participation in such agreements.
(5) "Payment agreement" means a written agreement which provides for an exchange of payments based on interest rates, or for ceilings or floors on these payments, or an option on these payments, or any combination, entered into on either a current or forward basis.
(6) "State government" means (a) the state of Washington, acting by and through its state finance committee, (b) the Washington health care facilities authority, (c) the Washington higher education facilities authority, (d) the Washington state housing finance commission, or (e) the state finance committee upon adoption of a resolution approving a payment agreement on behalf of any state institution of higher education as defined under RCW 28B.10.016: PROVIDED, That such approval shall not constitute the pledge of the full faith and credit of the state, but a pledge of only those funds specified in the approved agreement.
[ 2005 c 154 § 1; 2004 c 108 § 2; 2003 c 47 § 1; 1993 c 273 § 2.]
2023 Revised Code of Washington › Title 39 - Public Contracts and Indebtedness › Chapter 39.96 - Payment Agreements. › 39.96.030 - Payment agreements authorized—Conditions.

RCW 39.96.030
Payment agreements authorized—Conditions.
(1) Subject to subsections (2) and (3) of this section, any governmental entity may enter into a payment agreement in connection with, or incidental to, the issuance, incurring, or carrying of specific obligations, for the purpose of managing or reducing the governmental entity's exposure to fluctuations or levels of interest rates. No governmental entity may carry on a business of acting as a dealer in payment agreements. Nothing in this chapter shall be construed to provide governmental entities with separate or additional authority to invest funds or moneys relating to or held in connection with any obligations.
(2) No governmental entity may enter into a payment agreement under this chapter unless it first:
(a) Finds and determines, by ordinance or resolution, that the payment agreement, if fully performed by all parties thereto, will (i) reduce the amount or duration of its exposure to changes in interest rates; or (ii) result in a lower net cost of borrowing with respect to the related obligations;
(b) Obtains, on or prior to the date of execution of the payment agreement, a written certification from a financial advisor that (i) the terms and conditions of the payment agreement and any ancillary agreements, including without limitation, the interest rate or rates and any other amounts payable thereunder, are commercially reasonable in light of then existing market conditions; and (ii) the finding and determination contained in the ordinance or resolution required by (a) of this subsection is reasonable.
(3) Prior to selecting the other party to a payment agreement, a governmental entity shall solicit and give due consideration to proposals from at least two entities that meet the criteria set forth in RCW 39.96.040(2). Such solicitation and consideration shall be conducted in such manner as the governmental entity shall determine is reasonable.
[ 2000 c 184 § 2; 1993 c 273 § 3.]
NOTES:
Effective date—2000 c 184: See note following RCW 39.96.010.
2023 Revised Code of Washington › Title 39 - Public Contracts and Indebtedness › Chapter 39.96 - Payment Agreements. › 39.96.040 - Terms and conditions.

RCW 39.96.040
Terms and conditions.
(1) Subject to subsections (2), (3), and (4) of this section, payment agreements entered into by any governmental entity may include those payment, term, security, default, remedy, termination, and other terms and conditions, and may be with those parties, as the governmental entity deems reasonably necessary or desirable.
(2) No governmental entity may enter into a payment agreement under this chapter unless:
(a) The other party to the agreement has a rating from at least two nationally recognized credit rating agencies, as of the date of execution of the agreement, that is within the two highest long-term investment grade rating categories, without regard to subcategories, or the payment obligations of the party under the agreement are unconditionally guaranteed by an entity that then has the required ratings; or
(b)(i) The other party to the agreement has a rating from at least two nationally recognized credit rating agencies, as of the date of execution of the agreement, that is within the three highest long-term investment grade rating categories, without regard to subcategories, or the payment obligations of the party under the agreement are unconditionally guaranteed by an entity that has the required ratings; and
(ii) The payment obligations of the other party under the agreement are collateralized by direct obligations of, or obligations the principal and interest on which are guaranteed by, the United States of America, that (A) are deposited with the governmental entity or an agent of the governmental entity; and (B) maintain a market value of not less than one hundred two percent of the net market value of the payment agreement to the governmental entity, as such net market value may be defined and determined from time to time under the terms of the payment agreement.
(3) No governmental entity may enter into a payment agreement with a party who qualifies under subsection (2)(a) of this section unless the payment agreement provides that, in the event the credit rating of the other party or its guarantor falls below the level required by subsection (2)(a) of this section, such party will comply with the collateralization requirements contained in subsection (2)(b) of this section.
(4) No governmental entity may enter into a payment agreement unless:
(a) The notional amount of the payment agreement does not exceed the principal amount of the obligations with respect to which the payment agreement is made; and
(b) The term of the payment agreement does not exceed the final term of the obligations with respect to which the payment agreement is made.
[ 1993 c 273 § 4.]
2023 Revised Code of Washington › Title 39 - Public Contracts and Indebtedness › Chapter 39.96 - Payment Agreements. › 39.96.050 - Payments—Credit enhancements.

RCW 39.96.050
Payments—Credit enhancements.
(1) Subject to any covenants or agreements applicable to the obligations issued or incurred by the governmental entity, any payments required to be made by the governmental entity under a payment agreement entered into in connection with the issuance, incurring, or carrying of those obligations may be made from money set aside or pledged to pay or secure the payment of those obligations or from any other legally available source.
(2) Any governmental entity may enter into credit enhancement, liquidity, line of credit, or other similar agreements in connection with, or incidental to, the execution of a payment agreement. The credit enhancement, liquidity, line of credit, or other similar agreement may include those payment, term, security, default, remedy, termination, and other terms and conditions, and may be with those parties, as the governmental entity deems reasonably necessary or desirable.
[ 1993 c 273 § 5.]
2023 Revised Code of Washington › Title 39 - Public Contracts and Indebtedness › Chapter 39.96 - Payment Agreements. › 39.96.060 - Calculations regarding payment of obligations—Status of payments.

RCW 39.96.060
Calculations regarding payment of obligations—Status of payments.
(1) Subject to any covenants or agreements applicable to the obligations issued or incurred by the governmental entity, if the governmental entity enters into a payment agreement with respect to those obligations, then it may elect to treat the amounts payable from time to time with respect to those obligations as the amounts payable after giving effect to the payment agreement for the purposes of calculating:
(a) Rates and charges to be imposed by a revenue-producing enterprise if the revenues are pledged or used to pay those obligations;
(b) Any taxes to be levied and collected to pay those obligation[s]; and
(c) Payments or debt service on those obligations for any other purpose.
(2) A payment agreement and any obligation of the governmental entity to make payments under the agreement in future fiscal years shall not constitute debt or indebtedness of the governmental entity for purposes of state constitutional and statutory debt limitation provisions if the obligation to make any payments is contingent upon the performance of the other party or parties to the agreement, and no moneys are paid to the governmental entity under the payment agreement that must be repaid in future fiscal years.
[ 1993 c 273 § 6.]
2023 Revised Code of Washington › Title 39 - Public Contracts and Indebtedness › Chapter 39.96 - Payment Agreements. › 39.96.080 - Authority cumulative.

RCW 39.96.080
Authority cumulative.
The powers conferred by this chapter are in addition to, and not in substitution for, the powers conferred by any existing law, and the limitations imposed by this chapter do not directly or indirectly modify, limit, or affect the powers conferred by any existing law.
[ 1993 c 273 § 8.]
2023 Revised Code of Washington › Title 39 - Public Contracts and Indebtedness › Chapter 39.96 - Payment Agreements. › 39.96.900 - Liberal construction—1993 c 273.

RCW 39.96.900
Liberal construction—1993 c 273.
This chapter shall be liberally construed to effect its purposes.
[ 1993 c 273 § 9.]
2023 Revised Code of Washington › Title 39 - Public Contracts and Indebtedness › Chapter 39.96 - Payment Agreements. › 39.96.903 - Effective date—1993 c 273.

RCW 39.96.903
Effective date—1993 c 273.
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 shall take effect immediately [May 7, 1993].
[ 1993 c 273 § 13.]
2023 Revised Code of Washington › Title 39 - Public Contracts and Indebtedness › Chapter 39.98 - School District Credit Enhancement Program. › 39.98.010 - Finding—School district debt obligation not removed.

RCW 39.98.010
Finding—School district debt obligation not removed.
The legislature finds that implementation of the credit enhancement program provided for in this chapter can provide substantial savings to the taxpayers of the state of Washington with minimal cost or risk to the state government. The guaranty provided by pledging the credit of the state to the payment of voter-approved school district general obligation bonds will encourage lower interest rates, and therefore lower taxes, for such bonds than school districts alone can command, despite the excellent credit history of such obligations. Any such guarantee does not remove the debt obligation of the school district and is not state debt.
[ 1999 c 273 § 1.]
2023 Revised Code of Washington › Title 39 - Public Contracts and Indebtedness › Chapter 39.98 - School District Credit Enhancement Program. › 39.98.020 - Definitions.

RCW 39.98.020
Definitions.
The definitions in this section apply throughout this chapter unless the context clearly requires otherwise.
(1) "Bond" means any voted general obligation bond issued by a school district, holding a certificate issued pursuant to this chapter for such a bond.
(2) "Credit enhancement program" means the school district bond guaranty established by this chapter.
(3) "General obligation bond" means any bond, note, warrant, certificate of indebtedness, or other obligation of a district that constitutes an indebtedness within the meaning of any applicable constitutional or statutory debt limitations.
(4) "Paying agent" means the paying agent selected, from time to time, for a bond issue pursuant to state law.
(5) "Refunding bond" means any general obligation bond issued by a district for the purpose of refunding its outstanding general obligation bonds.
(6) "School district" or "district" means any school district existing now or later under the laws of the state.
[ 1999 c 273 § 2.]
2023 Revised Code of Washington › Title 39 - Public Contracts and Indebtedness › Chapter 39.98 - School District Credit Enhancement Program. › 39.98.030 - Bonds guaranteed by full faith, credit, and taxing power of the state—Reference to chapter on face of bond conclusively establishes guaranty.

RCW 39.98.030
Bonds guaranteed by full faith, credit, and taxing power of the state—Reference to chapter on face of bond conclusively establishes guaranty.
(1)(a) The full faith, credit, and taxing power of the state is pledged to guarantee full and timely payment of the principal of and interest on bonds as such payments become due. However, in the event of any acceleration of the due date of the principal by reason of mandatory redemption or acceleration resulting from default, the payments guaranteed shall be made in the amounts and at the times as payments of principal would have been due had there not been any acceleration.
(b) This guaranty does not extend to the payment of any redemption premium.
(c) Reference to this chapter by its title on the face of any bond conclusively establishes the guaranty provided to that bond under the provisions of this chapter.
(2)(a) The state pledges to and agrees with the owners of any bonds that the state will not alter, impair, or limit the rights vested by the credit enhancement program with respect to the bonds until the bonds, together with applicable interest, are fully paid and discharged. However, this chapter does not preclude an alteration, impairment, or limitation if full provision is made by law for the payment of the bonds.
(b) Each district may refer to this pledge and undertaking by the state in its bonds.
(3) Only validly issued bonds issued after January 1, 2000, may be guaranteed under this chapter.
[ 1999 c 273 § 3.]
2023 Revised Code of Washington › Title 39 - Public Contracts and Indebtedness › Chapter 39.98 - School District Credit Enhancement Program. › 39.98.040 - Certificate issued by state treasurer evidence of guaranty—Limitations on issuance of guaranteed bonds—Fees.

RCW 39.98.040
Certificate issued by state treasurer evidence of guaranty—Limitations on issuance of guaranteed bonds—Fees.
(1)(a) Any district, by resolution of its board of directors, may request that the state treasurer issue a certificate evidencing the state's guaranty, under this chapter, of its bonds.
(b) After reviewing the request, if the state treasurer determines that the district is eligible under rules adopted by the state finance committee, the state treasurer shall promptly issue the certificate as to specific bonds of the district and provide it to the requesting district.
(c)(i) The district receiving the certificate and all other persons may rely on the certificate as evidencing the guaranty for bonds issued within one year from and after the date of the certificate, without making further inquiry during that year.
(ii) The certificate of eligibility is valid for one year even if the state treasurer later determines that the school district is ineligible.
(2) Any district that chooses to forego the benefits of the guaranty provided by this chapter for a particular issue of bonds may do so by not referring to this chapter on the face of its bonds.
(3) Any district that has bonds, the principal of or interest on which has been paid, in whole or in part, by the state under this chapter, may not issue any additional bonds guaranteed by this chapter until:
(a) All payment obligations of the district to the state under the credit enhancement program are satisfied; and
(b) The state treasurer and the state superintendent of public instruction each certify in writing, to be kept on file by the state treasurer and the state superintendent of public instruction, that the district is fiscally solvent.
(4) The state finance committee may establish by rule fees sufficient to cover the costs of administering this chapter.
[ 1999 c 273 § 4.]
2023 Revised Code of Washington › Title 39 - Public Contracts and Indebtedness › Chapter 39.98 - School District Credit Enhancement Program. › 39.98.050 - Debt service payments—Notifications upon nonpayment—Payments by state treasurer—Repayment.

RCW 39.98.050
Debt service payments—Notifications upon nonpayment—Payments by state treasurer—Repayment.
(1)(a) The county treasurer for each district with outstanding, unpaid bonds shall transfer money sufficient for each scheduled debt service payment to its paying agent on or before any principal or interest payment date for the bonds.
(b) A county treasurer who is unable to transfer a scheduled debt service payment to the paying agent on the transfer date shall immediately notify the paying agent and the state treasurer by:
(i) Telephone;
(ii) A writing sent by facsimile or electronic transmission; and
(iii) A writing sent by first-class United States mail.
(2) If sufficient funds are not transferred to the paying agent as required by subsection (1) of this section, the paying agent shall immediately notify the state treasurer of that failure by:
(a) Telephone;
(b) A writing sent by facsimile or electronic transmission; and
(c) A writing sent by first-class United States mail.
(3)(a) If sufficient money to pay the scheduled debt service payment have not been so transferred to the paying agent, the state treasurer shall, forthwith, transfer sufficient money to the paying agent to make the scheduled debt service payment.
(b) The payment by the state treasurer:
(i) Discharges the obligation of the issuing district to its bond owners for the payment, but does not retire any bond that has matured. The terms of that bond remain in effect until the state is repaid; and
(ii) Transfers the rights represented by the general obligation of the district from the bond owners to the state.
(c) The district shall repay to the state the money so transferred as provided in this chapter.
[ 1999 c 273 § 5.]
2023 Revised Code of Washington › Title 39 - Public Contracts and Indebtedness › Chapter 39.98 - School District Credit Enhancement Program. › 39.98.060 - Reimbursement of state-paid debt service payments—Interest and penalties—Legal actions—Revision of collection of taxes to meet obligations.

RCW 39.98.060
Reimbursement of state-paid debt service payments—Interest and penalties—Legal actions—Revision of collection of taxes to meet obligations.
(1) Any district that has issued bonds for which the state has made all or part of a debt service payment shall:
(a) Reimburse all money drawn by the state treasurer on its behalf;
(b) Pay interest to the state on all money paid by the state from the date that money was drawn to the date the state is repaid at a rate to be prescribed by rule by the state finance committee; and
(c) Pay all penalties required by this chapter.
(2)(a) The state treasurer shall establish the reimbursement interest rate after considering the circumstances of any prior draws by the district on the state, market interest and penalty rates, and the cost of funds or opportunity cost of investments, if any, that were required to be borrowed or liquidated by the state to make payment on the bonds.
(b) The state treasurer may, after considering the circumstances giving rise to the failure of the district to make payment on its bonds in a timely manner, impose on the district a penalty of not more than five percent of the amount paid by the state pursuant to its guaranty for each instance in which a payment by the state is made.
(3)(a)(i) If the state treasurer determines that amounts obtained under this chapter will not reimburse the state in full within one year from the state's payment of a district's scheduled debt service payment, the state treasurer may pursue any legal action, including mandamus, against the district to compel it to meet its repayment obligations to the state.
(ii) In pursuing its rights under (a)(i) of this subsection, the state shall have the same substantive and procedural rights as would a holder of the bonds of a district. If and to the extent that the state has made payments to the holders of bonds of a district under RCW 39.98.050 and has not been reimbursed by the district, the state shall be subrogated to the rights of those bond holders.
(iii) The state treasurer may also direct the district and the appropriate county officials to restructure and revise the collection of taxes for the payment of bonds on which the state treasurer has made payments under this chapter and, to the extent permitted by law, may require that the proceeds of such taxes be applied to the district's obligations to the state if all outstanding obligations of the school district payable from such taxes are fully paid or their payment is fully provided for.
(b) The district shall pay the fees, expenses, and costs incurred by the state in recovering amounts paid under the guaranty authorized by this chapter.
[ 1999 c 273 § 6.]
2023 Revised Code of Washington › Title 39 - Public Contracts and Indebtedness › Chapter 39.98 - School District Credit Enhancement Program. › 39.98.070 - Appropriation required.

RCW 39.98.070
Appropriation required.
In order to effect the provisions of Article VIII, section 1(e) of the state Constitution, Senate Joint Resolution No. 8206, the legislature shall make provision for such amounts as may be required to make timely payments under the state school district credit enhancement program under this chapter in each and every biennial appropriations act.
[ 1999 c 273 § 7.]
2023 Revised Code of Washington › Title 39 - Public Contracts and Indebtedness › Chapter 39.98 - School District Credit Enhancement Program. › 39.98.080 - Adoption of rules.

RCW 39.98.080
Adoption of rules.
The state finance committee may adopt, under chapter 34.05 RCW, all rules necessary and appropriate for the implementation and administration of this chapter.
[ 1999 c 273 § 8.]
2023 Revised Code of Washington › Title 39 - Public Contracts and Indebtedness › Chapter 39.98 - School District Credit Enhancement Program. › 39.98.900 - Contingent effective date—1999 c 273.

RCW 39.98.900
Contingent effective date—1999 c 273.
This act takes effect January 1, 2000, if the proposed amendment to Article VIII, section 1 of the state Constitution, guaranteeing the general obligation debt of school districts, 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.
[ 1999 c 273 § 10.]
NOTES:
Reviser's note: 1999 Senate Joint Resolution No. 8206 was approved at the November 1999 general election. See Article VIII, section 1 and Amendment 78 of the state Constitution.
2023 Revised Code of Washington › Title 39 - Public Contracts and Indebtedness › Chapter 39.100 - Hospital Benefit Zones. › 39.100.020 - Conditions for financing public improvements.

RCW 39.100.020
Conditions for financing public improvements.
A local government may finance public improvements using hospital benefit zone financing subject to the following conditions:
(1)(a) The local government adopts an ordinance designating a benefit zone within its boundaries and specifying the public improvements proposed to be financed in whole or in part with the use of hospital benefit zone financing;
(b) A local government may modify the public improvements to be financed in whole or in part with the use of hospital benefit zone financing by amending the ordinance adopted under (a) of this subsection and holding a public hearing consistent with RCW 39.100.030(1)(b); provided that the total cost of the public improvements is not increased;
(2) The public improvements proposed to be financed in whole or in part using hospital benefit zone financing are expected both to encourage private development within the benefit zone and to support the development of a hospital that has received a certificate of need;
(3) Private development that is anticipated to occur within the benefit zone, 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 local government's comprehensive plan and development regulations adopted under chapter 36.70A RCW;
(4) The governing body of the local government finds that the public improvements proposed to be financed in whole or in part using hospital benefit zone financing are reasonably likely to:
(a) Increase private investment within the benefit zone;
(b) Increase employment within the benefit zone; and
(c) Generate, over the period of time that the local sales and use tax will be imposed under RCW 82.14.465, excess state excise taxes that are equal to or greater than the state contributions made under this chapter;
(5) The boundaries of a hospital benefit zone may not overlap any part of the boundaries of another hospital benefit zone or a revenue development area defined in chapter 39.102 RCW; and
(6) The boundaries of a hospital benefit zone may not change once the hospital benefit zone is established and approved by the department.
[ 2011 c 363 § 2; 2007 c 266 § 3; 2006 c 111 § 2.]
NOTES:
Finding—Application—Effective date—2007 c 266: See notes following RCW 39.100.010.